India, Ethiopia deal will benefit SMEs: PM

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SME Times News Bureau | 26 May, 2011
The signing of India-Ethiopia agreement in the area of Small and Medium Enterprise (SME) will benefit both the sides, said Prime Minister, Dr Manmohan Singh in a statement to the media in Addis Ababa, Ethiopia on Wednesday.

The CMD, NSIC, Dr. H.P. Kumar and the DG, FEMSEDA, Ethiopia, Meskelchalla have signed the agreement on SME sector, in the presence of the Prime Minister, Dr. Manmohan Singh and the Ethiopian Prime Minister, Meles Zenawi, in Addis Ababa, Ethiopia on Wednesday.

Following the delegation level talks with Ethiopian leaders, PM told the media, "We have concluded agreements in the area of small and medium enterprises, which will bring benefits to business communities on both sides".

"We have decided to enhance our cooperation in a number of areas. They include sectors such as science & technology, agricultural research, education and information technology," Dr Singh added.

Expressing his gratitude to be the first Indian Prime Minister to visit Ethiopia, Dr Singh said, "A short while ago we concluded very productive discussions on our bilateral relations with Ethiopia. We are very satisfied with the progress in our relations in recent years. Our talks today have laid a solid foundation for closer political understanding and deepening of our economic exchanges in the coming years."

He struck an optimistic note about the expansion of India-Africa economic ties. India's bilateral trade is currently estimated to be USD 46 billion and has now set an ambitious target of USD 70 billion by 2015.

"India has tried to assist in Ethiopia's development through capacity building support and offers of lines of credit of more than USD 700 million during the last five years. We will further enhance scholarships, training programmes and slots under the Indian Technical and Economic Cooperation Programme for Ethiopia. I conveyed to the Prime Minister our decision to extend an additional line of credit of USD 300 million for a regional integration project as committed to the African Union for a new Ethiopia-Djibouti railway," PM added.

"The government and people of India have enough faith in the societies, systems and governments of Africa to overcome temporary difficulties," Manmohan Singh replied when an African journalist asked him what made India invest in Africa despite political instability in parts of the continent.

"They have the necessary will and resources to overcome them," the Indian leader stated.

A wave of Afro-optimism has swept India Inc., with almost every major Indian corporate house making economic forays into different African countries.