3rd Ethio-Indian Joint Trade Committee meeting opens

Addis Ababa, July 1 (ENA) The government of Ethiopia is keen to see expanded and strengthened economic and trade cooperation with India, says the Minister of State for Trade and Industry.

Speaking at the opening here on Monday of the 3rd Ethio-Indian Joint Trade Committee Meeting, Fantaye Biftu said the Ethiopian government has been making concerted efforts to improve the investment climate in Ethiopia, and to attract foreign direct investment.

Ethiopia has concluded bilateral investment treaties with a number of countries, he said, adding Ethiopia and India have many common attributes and opportunities to share in the political, economic and social sectors.

India's new initiative designed to strengthen the economic relation with Africa with a new theme "Focus for Africa" is welcomed by the Ethiopian government, he said.

He expressed hope that this new initiative will impact on the existing Ethio-Indian cooperation by enhancing trade and investment cooperation between the two countries.

The 3rd joint meeting is expected to assess ways and means of strengthening cooperation as a continuation of the previous meetings in the areas, among others, of trade, investment, taxation, science and technology, agriculture, water resources, small and medium enterprises and come up with concrete proposals, he indicated.

The Indian Minister of State for Commerce and Industry, Rajiv Pratap Rudy on his part said Ethiopia is one of the thrust countries for enhancement of bilateral cooperation of India's Focus for Africa policy.

The Ethio-Indian bilateral trade that stood at 70.4 million US Dollars in 2000/2001 has increased to over 98 million US Dollars during the first ten months of 2001/2002, he said.

During this period, while Indian exports have reached 81.3 million USD as against 66.5 USD in 2000/2001, the Ethiopian exports increased from 3.9 million USD to 17.5 million USD, he indicated.

He said, pulses and raw cotton have been added to the "Ethiopian export basket", which earlier consisted of raw hides and skins and leather products.

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