President Ram Nath Kovind invites Ethiopian and African business to India
ADDIS ABABA: India's ties with Ethiopia is symbolic of its engagement with Africa, President Ram Nath Kovind said as he invited business stake-holders from the region to partner with India and benefit from them.
Addressing the India-Ethiopia Business Dialogue, organised to commemorate the 12th Anniversary of the India Business Forum here yesterday, the president said Ethiopia and India have been trading with each other for centuries.
"Trade relations between Ethiopia and India flourished during the ancient Axumite Empire from the 1st century AD," he said, noting that the economic ties now covers trade, private investment, concessional loans for infrastructure projects and development assistance, largely for capacity building.
President Kovind said that India's relationship with Ethiopia is symbolic of its engagement with the African continent, of which Addis Ababa is such a vital hub.
He recalled that at the Third India Africa Forum Summit in New Delhi in 2015, India had announced the offer of concessional credit of USD 10bn over the next five years to Africa.
"We have also committed to a grant assistance of USD 600 million that will include an India-Africa Development Fund of USD 100 million and an India-Africa Health Fund of USD 10 million. The Asia-Africa Growth Corridor is another initiative brimming with potential," the president added.