India approves $4.78 bn investment in Ethiopia

The bilateral trade between India and Ethiopia has grown from $ 83 million in 2005-06 to $ 272 million in 2009-10,registering a three-fold increase over the four-year period

India,the largest foreign investor in Ethiopia,has approved investments worth $4.78 billion for various projects in the country of which $1 billion is already on ground,Commerce and Industry Minister Anand Sharma today said. India will explore partnerships in the priority sectors of agriculture,education,health,pharmaceuticals,IT,skills training and infrastructure with Africa,he added.

Sharma,who is leading a 14 member delegation of Indian CEOs on a 4-day visit to Ethiopia for the 2nd Africa-India Forum Summit,also discussed ways to enhance economic engagement by the conclusion of trade cooperation agreements between India and African Regional Economic Communities in a meeting with Ethiopian Prime Minister Meles Zenawi in Addis Ababa.

The bilateral trade between India and Ethiopia has grown from $ 83 million in 2005-06 to $ 272 million in 2009-10,registering a three-fold increase over the four-year period.

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The bilateral trade between Africa and India stood over $46 billion in 2010,and is expected to reach $70 billion by 2015. Africa-India bilateral investments reached $90 billion in 2010,according to an official statement.

Trade,industry and commerce ministers from Chad,Ethiopia,Kenya,Malawi,Mauritania,Namibia,Senegal,South Africa,Senegal and Swaziland attended the meeting and among other things also discussed the progress of the WTO Doha negotiations. The nations acknowledged the common platform shared by India with the African Group on the issue of subsidies to cotton farmers in developed countries.

The two sides expressed their commitment for early conclusion of the negotiations.

We emphasise the development mandate of Doha round of negotiations and call for the speedy conclusion of the round and the establishment of a strong multilateral system based on mutually beneficial and balanced outcomes in agriculture,non-agriculture market access (NAMA),services and rules, the statement said.

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Addis Ababa

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