India, Ethiopia sign investment promotion pact

Economic Times

India, Ethiopia sign investment promotion pact

PTI

THURSDAY, JULY 05, 2007

ADDIS ABABA: Seeking to "rediscover" their relationship, India and Ethiopia on Thursday signed an agreement to promote bilateral investments and decided to increase coordination on critical global issues like UN reforms.

Addis Ababa backed New Delhi’s claim for a permanent seat in the expanded Security Council as a "legitimate" demand as India sought Ethiopia’s cooperation to ensure "marrying" of positions of 53-nation African Union and G-4 (Group of four that includes India) on the UN reforms issue.

After wide-ranging discussions between External Affairs Minister Pranab Mukherjee and his counterpart Seyoum Mesfin, the two sides emphasised the need for enhancing cooperation in a variety of areas.

"We decided to cooperate with each other in various international fora and as far as possible to have the common approach on international issues including the current trade negotiations, economic cooperation, climate change," Mukherjee said at a joint press conference after the talks.

The two sides signed five pacts, including the Bilateral Investment Promotion and Protection Agreement (BIPPA).

"This will facilitate the Indian public and private sector companies to invest more in Ethiopia," Mesfin said.

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source: Economic Times