PM Modi Assures Ethiopia Of Closer Bilateral Trade & Investment Ties

(MENAFN- IANS) Addis Ababa, Dec 17 (IANS) Prime Minister Narendra Modi, in his discussions with his Ethiopian counterpart Dr Abiy Ahmed on Wednesday, conveyed India's willingness to step up collaboration in the fields of Digital Public Infrastructure, mining, critical minerals and clean energy, as well as food security and agriculture.

The two leaders also reviewed progress in the areas of trade and investment, innovation and technology, education and capacity building.

Prime Minister Modi stated that Indian companies, as trusted partners, have invested over $5 billion in the Ethiopian economy, especially in essential sectors of manufacturing and pharmaceuticals, creating over 75,000 local jobs.

In 2024 alone, 11 Indian companies have invested in Ethiopia in various sectors, including agriculture, automobile, iron and steel, ICT, etc. Indian investments in the textile sector have been at the forefront with regard to FDI. India is also considered one of the top investors in the pharma sector.

India–Ethiopia total trade stood at $ 550.19 million in FY 2024–25. Indian exports are $476.81 million and imports $73.38 million, making the relationship strongly export-driven.

Ethiopia is a beneficiary under the Duty-Free Tariff Preference (DFTP) scheme for LDCs. Both countries are keen to strengthen bilateral trade and technical cooperation.

The two countries also signed eight MoUs, including upgrading ties to 'Strategic Partnership', customs cooperation, establishing a data centre at the Ethiopian Foreign Ministry, UN Peacekeeping training cooperation, debt restructuring under G20, more ICCR scholarships and AI short courses for Ethiopians.

The two Prime Ministers reaffirmed their commitment to working together to voice the concerns of the Global South. They discussed cooperation in the multilateral arena, including the United Nations.

They called for greater cooperation on issues such as climate change, renewable energy and disaster risk reduction and in this context welcomed the role of international organisations such as the International Big Cat Alliance, the Coalition for Disaster Resilient Infrastructure, the Global Biofuel Alliance, and the International Solar Alliance (ISA).

Prime Minister Modi noted that India looked forward to working with Ethiopia as BRICS partners under its presidency and for the proposed India-Africa Forum Summit.

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