Financial Express (India)
19 October 2006
India to sign Bipa with Ethiopia
So far, 184 Indian cos have been given nod for investing in the African country
New Delhi, Oct 18 — India will sign an investment protection pact with Ethiopia as part of measures to increase the flow of capital as well as trade between the two countries, a senior government official said on Wednesday.
“India will soon sign a bilateral investment protection agreement (Bipa) with Ethiopia. We are also keen to expand the trade basket,” Anup Pujari, joint secretary in ministry of finance, said at a CII seminar here.
Pujari said the country was eager to enhance cooperation with the African nation in non-traditional areas such as information technology and IT-enable services.
Ethiopian trade minister Girma Biru invited Indian investments and said so far 184 Indian companies had received approval for investing in his country.
Tax holidays of up to five years, exemption from import duties, government guarantee against nationalisation, duty incentives and foreign exchange remittances are among the major benefits given to investors, he said.
Biru said Indian companies were investing in various sectors such as pharmaceuticals, healthcare, agriculture, floriculture, engineering, plastics, consultancy, education, leisure and leisure products, hotels and automobiles.