July 20, 2022 (ENA) The Minister of Industry, Melaku Alebel participated in the 17th annual Indian Industries-EXIM Bank Conclave on India-Africa Growth Partnership which kicks-off today in New Delhi, India.
The
Minister, in addressing the Special Ministerial Session commended the
commitment of the Indian Government to support Africa to create a
unified and intertwined economy.
The Minister noted that many years of economic and trade relations between Ethiopia and India which currently stood for Indian investments having substantial presence in Ethiopia that account for 5 billion USD of which 3 billion USD is estimated to be on the ground.
He
said Indian companies are in the top three foreign investors in
Ethiopia at present with 650 Indian companies registered making Indian
investors the second-largest foreign employers in Ethiopia, employing
more than 75,000 people.
The
Minister emphasizing the rigorous reform undergoing to create a
private-sector led economy said: “We are implementing a Home-Grown
Economic Reform Agenda and 10 years perspective plan to make Ethiopia a
beacon of prosperity for Africa through macroeconomic reform that
correct forex imbalance, control inflation, improve access to finance
and ensure debt sustainability”.
Moreover,
the Minister explained the structural and sectoral reforms, as well as
favourable regulations and infrastructure that are in place to attract
foreign investment and eventually leading to the realisation of Ethiopia
becoming the manufacturing hub in the region.
Melaku
also spoke about the 22 Industry Parks that specialise on priority
sectors of manufacturing such as textile, leather and agro-processing,
with a special focus for export market, chemical, pharmaceutical,
construction, and engineering with the purpose of substituting import.
The
Minister of External Affairs of the Government of India, S. Jaishankar,
the Minister of Commerce and Industry Piyush Goyal, trade and industry,
ministers of African countries and high level delegates have
participated on the event.
The
CII-EXIM Bank Conclave on India-Africa Partnership is an annual event
organised by Confederation of Indian Industries (CII) and EXIM Bank of
India in collaboration with Ministry of External Affairs and Ministry of
Commerce and Industry of the Government of India with the aim of
building cross-border partnership and advance economic relations between
#Africa and #India.