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Ethiopia to draw funds from India & China for industrialization
29
Nov '10
Prime Minister of Ethiopia, Meles Zenawi, recently said that Ethiopia, with an intention to industrialize its highly agro-based economy, is looking forward to draw more investments from firms in India, China and Turkey.

Though being one of the poorest countries of the world, Ethiopia stated that it registered double-digit growth rates consecutively for six years, which has enabled it to grow into Africa's most rapidly developing non-oil producing nation.

Meles stated that, the country's industry is expected to grow at a higher pace than agriculture, in the coming five years. Further that, the country is likely to uphold a strategy of export-driven industrialization, while drawing investments would remain its main focus.

The Premier said that, the country's government would aim at the Chinese, Indian and Turkish companies interested in Ethiopia's emerging textile and leather sector.

He remarked that, the country is expecting to draw more funds from Turkey, but for textile industry it is expecting more funds to flow from India, while several Chinese and few European firms have showed their interest to invest in the country's leather sector.

Also, the country came out with its new five-year plan in August which envisaged a "base-case" situation having 11 percent average yearly growth and a "high-case” situation having a growth of 14.9 percent over the period.

Fibre2fashion News Desk-India

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