India, Ethiopia sign agreements on trade, communication
India and Ethiopia have signed agreements on trade, communication and media to boost bilateral ties. The agreements were signed after wide ranging talks between President Ram Nath Kovind and his Ethiopian counterpart Mulatu Teshome at Addis Ababa in Ethiopia.
The agreement was signed during President Ram Nath Kovind’s second leg of his maiden visit abroad to Djibouti and Ethiopia
- Trade Agreement
- Agreement in field of Information, Communication and Media.
Bilateral partnership between India and Ethiopia rests on civilizational ties and cultural bonds. Historical linkages between both countries go back about 2,000 years of recorded history. India is amongst top trade, investment and development partner of Ethiopia.
India’s is third most important trading partner for Ethiopia. India’s exports to Ethiopia in 2012 amounted to US $ 890 million i.e. 11% of all of Ethiopia’s imports. It mainly comprised primary and semifinished iron and steel products, drugs and pharmaceuticals, machinery and instruments, metal, plastic chemicals, transport equipments, electrical materials etc. India’s annual imports from Ethiopia have stagnated in range of US $ 30million. These mainly consist of cotton, pulses and spices.
Ethiopia continues to be largest recipient of India’s concessional Lines of Credit in Africa, with commitment of over one billion dollar. India is second largest foreign investor in Ethiopia with approved investment of US $ 4.78 billion. About 40% of Indian investment is in field of commercial agriculture. India is actively playing important role of capacity building in Ethiopia in field of ITEC, education, Science and Technology and Defence etc