Federal Democratic Republic of Ethiopia has come up as the fast growing non oil dependent African country. Government efforts have but the economy on a growth speed of 10% from 2003 to 2008. Currently it is at 7 %.Major contribution comes from agriculture (45% of GDP) which also employee over 80% of the population. Ethiopia also has the greatest water reserve in Africa, with 14 Major rivers flowing but only 2.5% of the total supply is used for power production & irrigation.
Duty free imports of capital goods and the zero duty on agriculture exports offered by Ethiopia as encouraged many Indian companies to invest in Ethiopia. For example group of potato growing famers from Punjab are looking forward for cultivate over 50000 hectares of land with cash crops. Karuturi Global Ltd, one of the world’s top agribusiness company has acquired nearly 765,000 hectares of land in Ethiopia. Other than this Bharti group also has acquired about 36000 hectares of land.
This has a mix feeling in the Ethiopia people also believe that this policy is a method of looting the country fertile land by government & this will also create an ecological imbalance. Time will tell that how this will be of mutual benefit for India & Ethiopia
Unitedworld Executive.
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