Investment by Indian companies inEthiopia may more than double to $10 billion by 2015, helpingthe Horn of Africa nation end its dependence of food aid,Ethiopian Prime Minister Meles Zenawi said.
About 400 Indian firms have invested $4.7 billion, whiletrade between the two nations stands at $660 million and shouldrise to $1 billion in 2015, Meles told a press conference todaywith Indian Prime Minister Manmohan Singh.
“I’m convinced these are conservative figures,” Melessaid in Addis Ababa, the capital.
Indian companies are investing in textiles, mining,leather, agriculture, agro-processing and infrastructure,according to Meles. Projects include Bangalore-based KaruturiGlobal Ltd. (KARG)’s development of 100,000 hectares (247,105 acres) ofland in the western region of Gambella to grow and processsugar, rice, palm oil and cereals.
(POT)
May 25, 2011
Chief Pulse Comment by William J Doyle
If [the producers] don't agree, then we have no intention of buying potash," Mr. Awasthi said.
Bill Doyle, the chief executive of Potash Corp of Saskatchewan Inc., said he doubted there would be a long term potash boycott from India.