Ethiopia Woos Indian Investors

April 23rd, 2010 | by addis portal |

MADURAI – African nation Ethiopia has urged Indian industrialists to invest in various sectors in the country, which offers several facilities including skilled workers at lower labor cost and attractive incentives.

Inviting Indian investors, Ethiopian Minister Counselor for Economics and Business Mehreterab Mulugeta said they could fetch excellent resources and domestic raw material base besides guaranteed safety and security and above all skilled workers in the African country.

Mulugeta was Madurai participate in an interaction with the members of the Confederation of Indian Industries (CII) on Thursday night.

“There are many factors including labor cost which make my country special. Labor cost in Ethiopia was 0.25 USD per hour against 0.75 USD in India, “ he said.

Ethiopia had 74.3 million hectares of land suitable for growing various crops including cereals, pulses, oil seeds, coffee, spices, cotton and other grains, he said.

Farming and processing facilities are the other areas in which one could invest, he said.

Apart from agriculture, tannery and leather goods also has good scope as Ethiopia has the largest number of domestic animals in Africa. Mineral prospecting and development industry also indicate good signals.

“A foreign investor should have a minimum requirement of one lakh dollars in cash or kind. But if the investment is done with domestic partner then he could manage with $60000,” Mulugeta said.

Absence of export tax and the provision to lease land up to a period of 99 years are added features which make Ethiopia a land of investors, he said.           (PTI

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