"As the 19th CII-India Africa Conclave progresses, our Embassy is actively engaged in this platform; eager to highlight the extensive opportunities Ethiopia offers to Indian Investors and further strengthening the economic relationship between Ethiopia and India" mentions Bizunesh Meseret, CDA & DHM, Ethiopian Mission in New Delhi, in her message.
As the 19th edition of the CII-India Africa Conclave unfolds, I extend my heartfelt congratulations to the Confederation of Indian Industry (CII), the Ministry of External Affairs of India, and all other partners for organizing this platform. Since its inception in 2005, the Conclave has played a pivotal role in bridging the gap between India and Africa by serving as a platform where business leaders, policymakers, and investors from both continents gather to discover and capitalize on opportunities and share insights.
Beyond mere dialogue, the Conclave acts as a bridge connecting two dynamic economies, facilitating the exchange of ideas, exploring new opportunities, and drawing together stakeholders from diverse sectors to collaborate on mutual interests.
Ethiopia has emerged as a significant player in the global economy, demonstrating remarkable economic progress over the years. As of 2023, it is the 5th largest economy in Africa, with a GDP of $205.1 billion and a growth rate of approximately 7%, even under conservative estimates. Despite these achievements, the country still holds immense potential for further growth and investment.
Several factors contribute to Ethiopia’s appeal as a prime destination for business and investment. The country is rich in natural resources and has a large, youthful labour force, with 60% of its population between the ages of 15 and 65. Ethiopia also boasts Africa’s second-largest consumer market, driven by a burgeoning middle class within a population exceeding 120 million. Favourable investment policies, combined with substantial infrastructure development where 10% of its GDP is allocated to enhance its attractiveness. Additionally, Ethiopia's strategic location, within an 8-hour flight of three continents, and its low production costs make it a compelling investment hub. Ethiopian Airlines further strengthens this position by providing connectivity to over 134 global destinations, facilitating efficient global export of Ethiopian products.
Ethiopia is committed to establishing itself as a premier business and investment destination. Building on existing opportunities and incentives, the Digital Ethiopia 2025 strategy outlines a unified vision for achieving broader development goals through an inclusive digital economy, with a focus on key sectors such as agriculture, manufacturing, ICT, tourism, and mining.
This development path is further bolstered by Ethiopia’s longstanding and multifaceted relationship with India, a partnership that spans nearly 2,000 years. Over time, this deep-rooted connection has grown to include significant cooperation in trade, investment, education, health, culture, and multilateral initiatives. India’s support for Ethiopia to join BRICS reflects the strength and breadth of this relationship and a shared commitment to mutual progress.
The strong diplomatic relationship between India and Ethiopia is mirrored in their growing economic ties. Currently, over 650 Indian companies operate in Ethiopia, spanning various sectors such as agriculture, agro-processing, textiles, leather, pharmaceuticals, and mining. With investments exceeding USD 5 billion, India stands as Ethiopia’s second-largest foreign investor. This significant investment not only brings capital but also creates jobs, facilitates technology transfer, and promotes sustainable development. Bilateral trade between the two nations has also flourished, reaching USD 2.8 billion in 2022, making India Ethiopia’s second-largest trading partner.
Our Embassy has been proactive in nurturing these bilateral relations. Over the past year, the Embassy, in collaboration with Indian chambers of commerce, organized six business and investment delegations to Ethiopia. These delegations, involving 139 Indian companies, have been instrumental in showcasing Ethiopia’s investment potential and deepening economic ties between the two countries.
As the 19th CII-India Africa Conclave progresses, our Embassy is actively engaged in this platform; eager to highlight the extensive opportunities Ethiopia offers to Indian Investors businesses and further strengthening the economic relationship between Ethiopia and India.
In conclusion, the CII-India Africa Conclave serves as an important venue for advancing the partnership between India and Africa. And I am optimistic that our engagement at this significant event will lay the groundwork for more diverse and strengthened collaborations, elevating the relationship between the two regions to a new level.
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