India’s Raymond Ltd Company has concluded an agreement with the Ethiopian Investment Commission to invest in Ethiopia, according to Ethiopian News Agency (ENA).
The agreement, which was inked in Mumbai, India, involves a 100 million USD investment in Hawassa town, Southern Nations, Nationalities and Peoples Regional State of Ethiopia.
Genet Zewde, Ethiopia’s Ambassador to India, said it took us seven years to bring Raymond to invest in Ethiopia, adding, as the largest integrated manufacturer of worsted fabric globally, its engagement in Ethiopia will attract others, she said.
After it enters the project implementation phase, Raymond will expand its investment in Ethiopia, ENA’s reporter in India reported.
Ethiopian Prime Minister Hailemariam Desalegn informed Indian investors about the government support in the sector at the Ethio-India investment Forum.
The Forum, which was attended by 30 Ethiopian investors and 150 Indian companies, have created better partnership among Ethiopian and Indian companies, Ambassador Genet stated.
Source: Ethiopian News Agency