India-Ethiopia: Agreements signed on visa facilitation & leather technology
India and Ethiopia have signed two agreements on February 20, 2021. These agreements are related to visa facilitation and leather technology.
Highlights
- These agreements were signed in the presence of Demeke Mekonnen Hassen, the Deputy Prime Minister and Foreign Minister of Ethiopia and External Affairs Minister S Jaishankar.
- The deputy prime minister of Ethiopia is on a 4-day visit to India.
- Both the countries had useful and productive discussions on several of bilateral and regional issues.
- The ministers also agreed to expand the bilateral agenda with respect to the economy, defence, S&T, digital and cultural cooperation.
India-Ethiopia Relation
The bilateral relation between India and Ethiopia has its foundation in the civilizational ties and cultural bonds. The relation between both the countries dates back to about 2,000 years of history.
Trade Relation
India is amongst top development, trade and investment partner in Ethiopia. India is also the third most important trading partner for Ethiopia. India’s exports to 11% of all the imports in Ethiopia which mainly comprises primary and semi-finished iron and steel products. India also exports drugs & pharmaceuticals, machinery & instruments, plastic chemicals, metal, transport equipment and electrical materials. While, India imports cotton, pulses and spices that annually amounts to US $ 30 million. In 2018-19, the bilateral trade between both the countries stood at USD 1.28 billion. Out of this, Indian exports to Ethiopia stood at USD 1.23 billion and imports stood at USD 55.01 million.
Other cooperation
Further, Ethiopia is one of the largest recipients of concessional Lines of Credit by India among all the African countries. India is also the second largest foreign investor in the country. Around 40% of the Indian investment is done in the field of agriculture. India also plays a major role in the field of education, Science & Technology and Defence.
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Month: Current Affairs - February, 2021