Invest in Ethiopia, says Ambassador

Indian companies should look at Ethiopia for investment in areas like infrastructure development and education says Ethiopian Ambassador to India.

Indian companies should look at Ethiopia for investment in areas like infrastructure development, education and technical training, pharmaceuticals and leather and leather processing, the Ethiopian Ambassador in India, Teketel Forssido, said here today.

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Ethiopia was now offering tax holidays ranging from one year to five years depending on the project, besides issuing business licences, work permits and investment licences under 'one stop shop service', he said.

'The bureaucratic red-tape has been cut and there is no labour unrest in Ethiopia', the ambassador said, while inviting Indian businessmen to invest in his country, one among the 54 in the African continent.

Pointing out that his country had 'many things and concessions' to offer to foreign investors, Forssido said the good relations existing between India and Ethiopia should be utilised for the economic betterment of his country, with just 70 million people or the size of Andhra Pradesh in India.

'Only economic ties can bring the people of the two countries together', the Ambassador said.

The Ambassador was speaking on 'business opportunities in Ethiopia', at a function organised by six city chambers of commerce.