In a bid to enhance trade ties with India, Ethiopia has opened a new Indo Ethiopian Chamber Of Commerce and Industry in Mumbai.
The Chamber will promote exports and industry investment for Indian exporters in Ethiopia.
Currently, India is the third important source of imports for Ethiopia contributing 10 per cent of all of Ethiopia’s imports.
The Indo Ethiopian Chamber of Commerce and Industry will support the corporates which are willing to exports and invest in that country.
Of the 187 operative Line of Credit worth $20 billion from India’s Exim Bank, about $6 billion through 133 credit line id earmarked for 48 African countries.
Inaugurating the Chamber, Tizita Mulugeta, Ambassador of the Federal Democratic Republic of Ethiopia in India said India is one of the top trading partners of Ethiopia and going forward the chamber will strengthen the ties with leading Indian Business Groups. Ethiopia is among the fastest growing economy in Africa and there are tremendous opportunities available in multiple industries which can benefit both the countries, he said.
Mukund Mehta, Director, Indo Ethiopian Chamber Of Commerce and Industry and Managing Director, Killitch Drugs India said the company is one of the leading Drug manufacturers and exporter to African countries.
“We are about to start our manufacturing units in Ethiopia to address the local market demand and there are huge opportunities for the Indian industries in Africa,” he said.
The Chamber would help Indian companies to understand Ethiopian market demand and help business community to get familiar with Ethiopia and Africa, he added.