India’s Raymond Ltd, one of India’s largest branded fabric and fashion retailers, has entered into agreement with the Ethiopian Investment Commission to start investing in Ethiopia.
The agreement concluded in Mumbai, India entails a 100 million dollar investment in Hawassa town, in the Southern Nations, Nationalities and Peoples region in Ethiopia.
According to Genet Zewde, Ethiopia’s Ambassador to India, it took seven years to persuade the company to invest in Ethiopia which is a huge success for the country.
As the largest integrated manufacturer of worsted fabric in the world, its engagement in Ethiopia will allure others, she said.
Raymond’s investment in Ethiopia will expand once it enters the project implementation phase.
Ambassador Genet said additional effort is needed to balance the trade exchange between India and Africa which at the moment is in favor of India.
The presence of Prime Minister Hailemariam Dessalegn at the Ethio-India investment forum created an important platform for Indian investors to know more about government support in the sector.
The forum attended by over 30 Ethiopian investors and more than 150 Indian companies helped create better partnership among Ethiopian and Indian companies, Ambassador Genet indicated.
Source: Embassy of Ethiopia in Canada
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