Vikash Mittarsain President IBG & Honrary Consul of Mali with H.E. Demeke Atnafu ? Consul General of Ethiopia

ETHIOPIA INVITES INDIAN BUSINESS COMMUNITY TO BE A PART OF GROWTH

Offers numerous initiatives to woo Indian entrepreneurs 

Indian Business Group Chamber of Commerce and Industry (IBG) organized Ethiopian interaction workshop in Mumbai. Ethiopian consulate in Mumbai participated in prestigious event which was entitled Trade and investment opportunities in Ethiopia. The event was held at Soda Bottle Opener Wala BKC, Mumbai on June 12, 2019. The event was attended by more than 150 industrialists, business leaders and consultants.

His Excellency Demeke Atnafu Ambulo - Consular General of Ethiopia in Mumbai gave detailed presentation in the presence of esteemed attendees. He elaborately dealt with untapped enormous investment opportunities existing in Ethiopia. The priority ectors includes such as textile and garments, leather and leather products, pharmaceuticals, agro processing, paper and paper products, mining, IT metal and engineering.

The audiences at IBG event were deeply engrossed in his comprehensive detailed presentation. CG further explained government incentive support to priority areas including income tax exemption, customs duty exemption and loss carry forward etc. He also mentioned about export incentives, remittance of profit, dividends, principals and interest payment on external loans, provision of sheds at very nominal prices on Industrial parks as well as non-fiscal incentives including one stop shop to name a few.

On India and Ethiopia business - economic relationship CG Demeke highlighted ?With the further opening of economy, Indian investment in Ethiopia is witnessing upsurge growth. Indian investor?s are third largest foreign investors in Ethiopia. He appraised their participation and extended profound gratitude and appreciation for making inroads in various sectors including manufacturing?. He further highlighted their meaningful and productive participation in textile and garment sectors, as second largest investors in the sector. More than 14 prominent companies set up manufacturing unit in Ethiopia and more are gearing up to set up soon.

With regards to bilateral import and export trade, CG explained that ?The volume of trade in Ethiopia is over a billion USD. Iron and steel, pharmaceuticals and machineries are among the major export items of India to Ethiopia?. CG urged Indian suppliers of above products, particularly in pharma business to make the product in Ethiopia by setting up a manufacturing unit, to benefit more from the rewarding incentive packages.

Vikash Mittarsain, President of IBG and Honorary Consul of Republic of Mali, unveiled his plan to organize business delegation to Ethiopia. While making remark on the ancient civilization and the age old history of Ethiopia, referred to history of Queen Sheba and King Solomon as well as Emperor Haile Selassie. He emphasized that the commonalities existing between our two countries in history, culture, tradition, civilization as well shared value of democracy as factor to enhance bilateral ties further and encouraged members to explore ample investment opportunities existing in Ethiopia especially in textile and garment sectors.

 

Author : Sitaram Mewati

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