Indian investment to Ethiopia reaches 5 billion USD

Ethiopian PM Meles Zenawi and Indian PM Dr. Manmohan Singh
During his visit to India Prime Minister Meles held talks with Dr. Manmohan Singh. (File photo)
During his visit to India Prime Minister Meles held talks with Dr. Manmohan Singh. (File photo)

Addis Ababa, July 16, 2010 (ENA) – Indian investment to Ethiopia has reached five billion USD now, the Ministry of Trade and Industry said.

Addressing a 24-member Indian investor’s team which is here on a business trip, Trade and Industry State Minister, Tadesse Haile said Indian Investment in Ethiopia was only 300 million USD five years ago but it reached five billion this year.

He said more and more Indian investors are investing in Ethiopia.

Agriculture, manufacturing, real estate, construction and education are among the investment areas in which the Indian investors are investing.

He said the bilateral cooperation between the two countries which was limited to the education sector alone some years ago has now been expanded to investment, capacity building and finance sectors.

Tadesse said the Indian government has provided the largest loan amounting to 660 million US dollars to Ethiopia for undertaking development projects.