Review of India's Business Opportunity in Ethiopia

8/12/2019 Review of India's Business Opportunity in Ethiopia

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Review of Indias Business Opportunity inEthiopia

Utkarsh Modi Chandrayee Manna

MBA (IB) Candidate MBA (IB) Candidate

IIFT Delhi, 2013-15 IIFT Delhi, 2013-15


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Review of Indias Business Opportunity in Ethiopia

Abstract

Even as the last decade saw the global economy suffer from a prolonged crisis, a number of

African countries have seen significant growth. Ethiopia stands out among them. With

double-digit growth for the last decade, Ethiopia is in the midst of a sustained growth surge

that is becoming increasingly broad based, building on major improvements in educational

attainment, improved health outcomes, and infrastructure capacity in terms of access to

power, transportation and telecommunications. A significant contributor to this success has

been the improved trade relationships with the new geopolitical giants including the BRICs

nations Brazil, Russia, India and China. This report focuses on the investmentopportunities in Ethiopia from Indias perspective and provides an overview of the current

state of the Ethiopian economy, major exports and imports and sectors attracting

investment. Indias bilateral economic relations with Eth iopia are discussed in depth and the

possible barriers to trade and investment are analysed with focus on the World Banks

Doing Business Report on Ethiopia. The report aims to provide an overview of the business

opportunities in Ethiopia, the factors influencing them and how the information can be

utilized to promote future cooperation between India and Ethiopia.

Keywords: Ethiopia, India, Bilateral Trade Relations, Business Opportunities, World Bank,

Investment


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1. Brief History: Political, Social and Economic Background along with India's

Diplomatic Relation

Economic Background

Ethiopia is the second-most populous country in Sub-Saharan Africa with a population ofabout 91.7 million. The countrys per capita income of US$410 (GNI per capita) is

substantially lower than the regional average which is at $1345. The economy has

experienced strong and broad based growth over the past decade, averaging 10.6% per year

in 2004/05 - 2011/12 compared to the regional average of 5.4%. The recent period of rapid

growth, initially led by agriculture, has become more broad-based, with mining, services,

and manufacturing sectors generating an increasing share of output. The basis for

accelerated industrialization is being laid by increased educational attainment, improved

health outcomes, and quantum increases in infrastructure capacity in terms of access to

power, transportation, and telecommunications.1

Social Background

Ethiopia has achieved the Millennium Development Goals (MDGs) for child mortality and is

on track for achieving them in gender parity in education, HIV/AIDS, and malaria. Good

progress has been achieved in universal primary education, reducing poverty, in both urban

and rural areas. While 38.7% of Ethiopians lived in extreme poverty in 2004-2005, five years

later this was 29.6%, which is a decrease of 9.1 percentage points as measured by the

national poverty line, of less than US$0.6 per day. Using the Growth and Transformation

Plan (GTP), the target is to reduce the percentage of people living below extreme poverty to22.2% by 2014-2015.

2

Political Background

In August 2012, following the death of Prime Minister Meles Zenawi who had led the

government since 1991, the appointment of his successor Hailemariam Dessalegn marked a

historical moment in the countrys politics. For the first time in its modern history, Ethiopia

undertook a peaceful and constitutional transition of power.3The current ruling party, the

Ethiopian Peoples Revolutionary Democratic Front (EPRDF) has governed Ethiopia since

1991. Since taking power, the EPRDF has led an ambitious reform effort to initiate a

transition to a more democratic system of governance and decentralize authority.

Indias Diplomatic Relations with Ethiopia

India and Ethiopia first established diplomatic relations in 1948. Modern economic and

diplomatic relations between Ethiopia and India began with a trade agreement in 1997. The

agreement established a Joint Trade Committee (JTC) to meet on a biennial basis.

Alternating between Addis Ababa and New Delhi, the JTC has met five times to assess past

ventures and examine possibilities for future economic engagement.4Cooperation betweenEthiopia and India has also been encouraged by the launching of the India-Africa Forum.5

1African Review of Economics and Finance2,3World Bank Country OverviewEthiopia4A subtle Engagement: India and AfricaConsultancy Africa Intelligence5Ministry of Foreign Affairs Ethiopia http://www.mfa.gov.et


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2. Current State of the Economy

Trend and Projection of Macroeconomic Variables

GDP

The various GDP values for 2012 and the projected values for 2013 can be summarized in

the table below and the graph gives the GDP growth over the last 5 years, in Billion USD.

Variable Current Values (2012)6

Projected Values (2013)7

GDP 43.13 billion USD 55.68 billion USD

GDP Growth Rate 8.5% 8.5%

GDP per Capita 255.69 USD 269.39 USD

GDP per Capita PPP 981.43 USD 1034.01 USD

Table 2.1: GDP values of 2012 and projected values for 2013 (Source: Trading EconomicsEthiopia)

Figure 2.1: Graph showing the GDP growth in Billion USD over the last 5 years (Source: World Bank

Country OverviewEthiopia)

Inflation8

As on 30th October 2013, the inflation rate in Ethiopia was recorded as 8.50 percent and the

projected value for inflation for the month of November is 4.36%. The inflation rate in

Ethiopia is based on the Consumer Price Index and it is reported by the Central Statistical

Agency of Ethiopia on a monthly basis. Inflation Rate in Ethiopia averaged 20.60 percent

from 2006 until 2013, reaching an all time high of 64.20 percent in July of 2008 and a record

low of -4.10 percent in September of 2009.

The annual inflation rate as given by World Bank has gone down from 33.2% in 2011 to

22.8% in 2012.

Unemployment9

The unemployment rate in Ethiopia decreased from 18 percent in 2011 to 17.50 percent in

2012. Unemployment rate in Ethiopia is reported by the Central Statistical Agency, Ethiopia.

The average of the unemployment rate for Ethiopia from 1999 to 2012 was 20.7 percent. An

all time high of 26.4 percent was reached in December 1999 and a record low of 17.5

percent in December 2012. The projected value for unemployment in 2013 is 16.80 percent.

One issue in Ethiopia is that the youth unemployment rate stands quite high with the valuebeing 24.9

10percent in 2011.

0

20

40

60

2008 2009 2010 2011 2012

GDP Growth over the last 5 years (In Billion USD)

GDP

6World Bank Country OverviewEthiopia7,8,9Trading Economics - Ethiopia10CIA World Fact Book


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Global Export and Import

Exports11

The value of total exports from Ethiopia in 2012 was 4.066 billion USD. The five major

exports by value and the major export partners by value are given below.

Product Label

Exported Value (USD

thousands)

Share in World

Exports (%)

Ranking in World

Exports

Coffee, tea and spices 1,220,977 2.6% 15

Edible vegetables and certain

roots and tubers

770,409 1.4% 18

Live trees, plants, bulbs, roots,

cut flowers etc

604,487 2.9% 9

Oil seed, oleagic fruits, grain,

seed, fruit, etc

534,033 0.6% 22

Live Animals 324,291 1.6% 19

Table 2.2:Total Exports from Ethiopia in 2012 (Source: Trademaps)

Country

Exported

Value (USD

thousands)

Share in

Ethiopia's

exports (%)

Share of partner

countries in world

imports (%)

Major Export

Somalia 524,106 12.9 0 Edible vegetables and

certain roots and tubers

Netherlands 502,249 12.4 2.7 Live trees, plants, bulbs,

roots, cut flowers etc

Germany 458,921 11.3 6.4 Coffee, tea and spices

China 347,604 8.5 9.9 Oil seed, oleagic fruits,

grain, seed, fruit, etc

Saudi

Arabia

260,955 6.4 0.7 Coffee, tea and spices

Table 2.3: Top 5 Exports from Ethiopia in 2012 (Source: Trademaps)

Imports12

The value of total imports to Ethiopia in 2012 was 12.744 billion USD. The five major imports

by value and the major import partners by value are given below.

Product LabelImported Value (USD

thousands)Share in World

Imports (%)Ranking in World

Imports

Mineral fuels, oils,

distillation products, etc

2,504,664 0.1 83

Machinery, nuclear

reactors, boilers, etc

1,668,985 0.1 81

Vehicles other than railway,

tramway

1,410,565 0.1 76

Electrical, electronic

equipment

975,773 0 88

Iron and steel 742,655 0.2 67

Table 2.4: Total Imports to Ethiopia in 2012 (Source: Trademaps)

11,12 Trademaps


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Country

Imported Value

(USD

thousands)

Share in

Ethiopia's

imports (%)

Share of partner

countries in

world exports (%)

Major Import

China 2,718,183 21.3 11.3 Machinery, nuclear


Saudi

Arabia

1,689,723 13.3 2 Mineral fuels, oils,


India 1,115,456 8.8 1.6 Machinery, nuclear


Kuwait 734,970 5.8 0.6 Mineral fuels, oils,


Italy 634,653 5 2.8 Machinery, nuclear


Table 2.5: Top 5 Imports to Ethiopia in 2012 (Source: Trademaps)

Major Sectors attracting Investment

Mining: Ethiopias green stone belts offer one of the finest areas for gold mineralization in

the world. Gold is Ethiopia's main mineral export, with export values rising more than 100

fold from USD 5 million in 2001 to USD 602 million in 201213

. At present, Ethiopia has a

single large-scale gold mine which is Lega Dembi. But, this is set to change soon as the

government is providing new mining licenses. Gold exploration activities are also underway

in various parts of the country. A UK company, Stratex, had struck a commercial gold

deposit in the Afar region. Other mining companies currently prospecting for gold in

Ethiopia include: the Brazilian mining giant, Vale, in Konso woreda in south western

Ethiopia, ASCOM Mining Plc in western greenstone belt and Aberdeen International Inc in

northern greenstone belt.

The country apart from this also has good deposits of tantalum, platinum, nickel, potash and

soda ash. Included in the construction and industrial minerals are marble, granite,

limestone, clay, gypsum, gemstone, iron ore, coal, copper, silica, diatomite, bentonite, etc.

Fossil energy resources of oil and natural gas are found in the four major sedimentary basins

of Ethiopia. Legislative incentives to mining companies include security of tenure, a 2 8%14

production royalty, exemption from customs duty and taxes on mining equipment,

guarantees in respect of the right to sell minerals locally or abroad and the availability of

dispute resolution procedures, such arbitration.

Manufacturing: There are many opportunities for labour intensive and resource based

industries because of the availability cheap & trainable labour. Opportunities in the

manufacturing sectors offer benefits to prospective investors in food and beverage, leather,

electronic, building materials and non-metallic mineral and metallic industrial sub-sectors.

The government has been setting up institutes like the Leather & Leather Products

Technology Institute (LLPTI) and Textile Industry Development Institute to strengthen the

manufacturing sector. The contribution of manufacturing to Ethiopias GDP in 2011 has

13,14UK Trade and Investment

15 The World Bank, African Development Indicators


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been 3.6 percent and the annual growth has been 8.2 percent.15

Tourism: Tourism in Ethiopia is picking up slowly. The visitors would find mesmerizing

landscapes and awe-inspiring historical sites and monuments. The available tourism

potential creates great opportunities for private investment in hotels, lodges and

restaurants. The number of international tourist arrivals in 2011 was 523,000 and the value

of receipts from international tourism was 34.4 percent of the total exports. The receipts

were valued at 1.998 billion USD.16

Forestry & Apiculture: An estimated 2.5 million hectares of natural forest remains in 58

designated National Forest Priority Areas (NFPA) in Ethiopia.16Opportunities for investment

in integrated commercial production of structural timber, pulp-wood, match wood and fuel

wood is growing. The production of rubber and natural gum in Ethiopia also offers

opportunities for private investment. With 3.3 million beehives16

, Ethiopia is the leading

honey and bee wax producing and exporting nation in Africa.

16The World Bank, African Development Indicators

17Focus Africa (http://focusafrica.gov.in/)
http://focusafrica.gov.in/http://focusafrica.gov.in/http://focusafrica.gov.in/http://focusafrica.gov.in/


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3. Indias Bilateral Economic Relation with Ethiopia

Indias Export and Import with Ethiopia

India is the third most important source of imports for Ethiopia, contributing 7.5%18

of all of

Ethiopias imports. The value of Indias exports to Ethiopia stand at .643 billion USD whileIndias imports from Ethiopia stand at 0.03 billion USD. The balance of trade quite evidently

is tilted in Indias favour. There are talks of a free trade or a preferential trade agreement

which can increase the scale of bilateral trade if enforced.

Major Products exported and imported by India

Indias total exports in 2012 stood at 289.564 billion USD and imports stood at 488.976

billion USD. It has an overall ranking of 18 and a share of 1.6 percent in World Exports. In

World Imports it is a rank of 11 and a share of 2.7 percent respectively.19

Product LabelExported Value (USD

thousands)Share in World

Exports (%)Ranking in World

Exports

Mineral fuels, oils, distillation

products, etc

54,380,880 1.6 23

Pearls, precious stones,

metals, coins, etc

43,089,690 6.8 4

Organic chemicals 12,549,688 2.9 13

Vehicles other than railway,

tramway

12,199,645 1 22

Machinery, nuclear reactors,

boilers, etc

11,070,052 0.5 28

Table 3.1:Top 5 Exports by India in 2012 (Source: Trademaps)

Product Label

Imported Value (USD

thousands)

Share in World

Imports (%)

Ranking in

World Imports

Mineral fuels, oils, distillation

products, etc

185,696,088 5.5 5

Pearls, precious stones,

metals, coins, etc

81,575,919 15.7 2

Machinery, nuclear reactors,

boilers, etc

36,226,292 1.7 16

Electrical, electronic

equipment

29,649,046 1.3 18

Organic chemicals 15,243,285 3.3 10

Table: 3.2: Top 5 Imports by India in 2012 (Source: Trademaps)

Share of such exports and imports in Ethiopia

Indias exports to Ethiopia can be represented in the table below. Its value stands at 0.643

billion USD and forms a share of 0.2 percent of Indias total exports.19

18 FICCI's report on Ethiopia19 Trademap


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Product Label

Exported Value (USD

thousands)

Share in Indias

Exports (%)

Machinery, nuclear reactors, boilers,

etc

119,952 1.1

Iron and steel 77,584 1

Pharmaceutical products 69,318 0.7Articles of iron or steel 56,182 0.7

Electrical, electronic equipment 39,973 0.4

Table 3.3: Ethiopias share in Indias Exports(Source: Trademaps)

Indias imports from Ethiopia can be represented in the table below. Its value stands at 0.03

billion USD and is insignificant as a percentage of Indias total imports.20

Product Label

Imported Value (USD

thousands)

Share in Indias

Imports (%)

Edible vegetables and certain roots

and tubers

18,553 0.8

Raw hides and skins (other than

furskins) and leather

3,200 0.6

Cotton 2,138 0.3

Machinery, nuclear reactors, boilers,

etc

1,248 0

Oil seed, oleagic fruits, grain, seed,

fruit, etc

1,039 11.7

Table 3.4: Ethiopias share in Indias Imports (Source: Trademaps)

Major Indian companies invested and doing business in EthiopiaIndian companies have been playing a prominent role in the area of investment. Currently

some 42721

Indian companies have investment licenses. The Indian Ambassador Bhagwant

Bishnoi said the volume of Indian investments in Ethiopia was expected to grow by $1 billion

every year. Indian investment in Ethiopia was about $400 million some five years ago. Now

it has reached almost $5 billion. A few of the major Indian Companies in Ethiopia are:

1. Karuturi Global (KGL), based in Bangalore, has undertaken development of 100,000hectares (247,105 acres) of land in the western region of Gambella to grow and

process sugar, rice, palm oil and cereals.

2. Emami Biotech Ltd had invested Rs 400 crore in Ethiopia in 2009. 223. Cadila Pharmaceuticals established a Joint Venture Company in Ethiopia with a local

partner and put up a state of art manufacturing plant there for the manufacture of

capsules, tablets, injectables, liquid, etc. The Joint Venture Company is named Cadila

Pharmaceuticals (Ethiopia) PLC, wherein Cadila Pharmaceuticals Ltd. holds 60%

equity and the local partner holds 40% equity.23

4. KEC International, a part of the RPG group is also invested in Ethiopia and itconsistently gets high value orders from the Ethiopian Electric Power Corporation.

20 Trademaps21Ministry of Foreign Affairs, Ethiopia22www.emamibiotech.com23

www.cadilapharma.com


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Other major Indian companies doing business in Ethiopia are Tata Group, TCIL, Ruchi

Soya Industries, Sainik Potash, Shapoorji Pallonji, Kannan Devan Hills Planation, Anmol

Group.

Major upcoming investment by India

Indian mining firm May Flower Mining Enterprise Ltd is to invest $11624million in the Delbi

Mining S.C.'s coal mine in south-western Ethiopia. May Flower will own 70 percent of

company shares, while Delbi will retain 30 percent. India will advance $30025

million for the

rehabilitation of the Ethio-Djibouti railway line according to statement by Indian Prime

Minister, Dr. Manmohan Singh.


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4. Doing Business in Ethiopia and Barriers to Trade and Investment

The World Banks Doing Business Report for a country provides an aggregate ranking on

the ease of doing business based on indicator sets that measure and benchmark

regulations applying to businesses through their life cycle. Economies are ranked from

1 to 189 by the ease of doing business index. For each economy the index iscalculated as the ranking on the simple average of its percentile rankings on each of 10

points : starting a business, dealing with construction permits, getting electricity,

registering property, getting credit, protecting investors, paying taxes, trading across

borders, enforcing contracts and resolving insolvency.

Analysis of World Bank's 'Doing Business' Report on Ethiopia

According to Doing Business Report 2014 released by the World Bank, Ethiopia is ranked at

number 125 as compared to 124 for the year 2013. It is in stark contrast to some of the

comparable economies like Rwanda which are ranked much higher in the list. A comparisonof Ethiopia and other economies on the ease of doing business is given:-

Figure 4.1: How Ethiopia and comparator Economies rank on ease of doing business


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How Does Ethiopia score on the different parameters? The Ease of Doing Business Ranking

is arrived at by taking an average of the rankings for Ethiopia on 10 different parameters as

shown. Enforcing contracts and dealing with construction permits are ranked favourably

higher as compared to other touchpoints like protecting Investors.

Figure 4.2: How Ethiopia ranks on Doing Business Topics

A summary of Doing Business Indicators for Ethiopia :

*The statistics have been taken from the World Bank Doing Business Report 2014 for Ethiopia; the

Full report can be found atwww.doingbusiness.org/reports/

Figure 4.3 : Summary of Doing Business Indicators for Ethiopia
http://www.doingbusiness.org/reports/http://www.doingbusiness.org/reports/http://www.doingbusiness.org/reports/http://www.doingbusiness.org/reports/


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Tariff, Non-Tariff and other trade barriers including trade facilitation issues

Ethiopia stands at 166 in the ranking of 189 countries on the ease of trading across borders

parameter in the Doing Business Report 2014. As per data collected by Doing Business,

exporting a standard container of goods requires 7 documents, takes 44 days and costs

$2180. Importing the same container of goods requires 10 documents, takes 44 days andcosts $2760.26 However, over the years Ethiopia has made trading easier by addressing

internal bureaucratic inefficiencies.

According to the WTO, Ethiopias average applied tariff rate was 17.3 percent in 2010.

Although generally, revenue generation, not protection of local industry, appears to be the

primary justification of Ethiopias tariffs, high tariffs are applied to protect certain local

industries, including the textile and leather industries.27

Goods imported from COMESA

members* are granted a 10 percent tariff preference.

A cereals export ban imposed in 2009 due to supply shortages remains in effect. An export

ban was imposed on cotton in November 2010 and another ban on raw and semi-processed

hides and skins took effect at the end of 2011; both bans are aimed to shore up domestic

supply and strengthen the export of value-added products.

An importer must apply for an import permit and obtain a letter of credit for the total value

of the imports before an order can be placed. Even then, import permits are not always

granted.28

Ethiopia currently maintains four requirements and potential restrictions for

payments and transfers of international transactions, which include: (1) a tax certification

requirement for repatriation of dividend and other investment income; (2) regulationscovering the repayment of legal external loans and foreign partner credits; (3) rules for

issuance of import permits by commercial banks; and (4) a requirement to obtain a

clearance certificate from the National Bank of Ethiopia (central bank) to obtain import

permits.

Challenges in Investment and barriers faced by Indians

Investments in Ethiopia are encouraged by the Government policies. However, investing in

Ethiopia does need to consider the fact that the government's big spending carries risks,

including high inflation and heavy state borrowing that has shrunk the credit available to

private firms. The tariff and non-tariff barriers as discussed above can be lowered to

promote more investment from Indian firms. Also ease in granting of import permits for

domestic firms importing from India can help in driving higher volumes of trade between

the two countries which is almost $5 billion right now.

26Doing Business Report 2014

27,28 http://www.ustr.gov/sites/default/files/Ethiopia_0.pdf

* COMESACommon Market for Eastern and Southern Africa (http://www.comesa.int/)


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5. People to People Exchange and Conclusion

Efforts taken by Indian Embassy, Chambers of Commerce and Indian Community

The people to people exchange between the two countries is largely limited to the Indian

community in Ethiopia, Ethiopian students studying in India, and Indian businessmen. Given

the lack of tourism infrastructure in Ethiopia, there is little tourist traffic from India to

Ethiopia. The number of visas issued by the Embassy annually is in the range of 2600.

However with increasing investment coming from India the number is expected to increase

substantially.

An agreement to establish a Joint Business Council with FICCI and ASSOCHAM on the Indian

side and the Ethiopian Chamber of Commerce on the other was signed in June 1997. The

first meeting was held in Addis Ababa in 1998. A trade agreement, signed by the two

countries in 2007 provides for the establishment of a Joint Trade Committee (JTC) the first

meeting of which was held in Addis Ababa in February, 1998.The Indian Ministry of External

Affairs chose Ethiopia in 2007 as the pilot site for its Pan-Africa e-Network Project, a venture

with the African Union to link African nations with each other and to India.

The traditional Indian community in Ethiopia is from Gujarat. They came to this country in

the latter years of the 19th century. During imperial times, there were also tens of

thousands of Indian teachers in schools all over Ethiopia, even in the most remote parts. It is

now around 6,000the majority being the new investors and their employees.

Activism against private land leases, or land grabs as they are often called, has spawned an

intriguing new civil society relationship between Ethiopia and India. In February 2013, the

Oakland Institute organised the Indian-Ethiopian Civil Society Summit on Land Investments

in Delhi. One of the first events of its kind, the summit brought together civil society

organisations, scholars and members of the public from both countries to discuss the role of

Indian companies operating in Ethiopia.

Cooperation in Education and skill development sector

Ethiopia looks to India for cooperation in capacity building. The Ministry of External Affairs

provides consultancy to the Ethiopian Revenue and Customs Authority for implementation

of WTO customs valuation. The Indian Technical and Economic Cooperation Program (ITEC)

Programme for Ethiopia was started in 1969. There has been a steady increase and the

number of slots offered by India for 2012-13 was 160. The Ethiopian Government selects

nominees for the ITEC programme and the trainees benefit considerably from the training.

Separately, experts from the Centre for WTO Studies in India have held workshops for

senior Ethiopian officials to enhance capacities for WTO accession negotiations. There have

also been exchanges between the Indian Foreign Service Institute and the counterpart

Ethiopian institutions.

The Educational Exchange Programme between India and Ethiopia was signed in July 2007

and provides for the establishment of a Joint Working Group (JWG). The Indian Council for


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Cultural Relations (ICCR) provides 50 scholarships to Ethiopian students for University

studies in India every year. There is full utilization of these scholarships.

Conclusion derived from all above information for future cooperation between India and

Ethiopia

With diplomatic relations going back to 1948, India and Ethiopia are expected to see

considerable growth in their business relations in future. With the GDP growing at a sizable

percentage, and with a positive outlook for further growth, Ethiopia is inviting investment

from other countries. India is already the second largest foreign investor in Ethiopia and is

reaping benefits. With the mining, manufacturing, tourism, forestry and apiculture sectors

looking at bright futures, it is the right time for India to invest in Ethiopia. There is already a

good bilateral trade relationship between the two nations, and a number of top Indian

companies are invested and doing business there. According to the Doing Business report by

the World Bank, Ethiopia ranks at 125. This is better than the regional average of 142 of theSub-Saharan region. Ethiopia has also been taking measures to make trading easier by

addressing internal bureaucratic inefficiencies. But, there are still risks, including high

inflation and heavy state borrowing that has shrunk the credit available to private firms due

to high government spending. If the tariff and non-tariff barriers were lowered, more

investment by Indian firms could be promoted. Activism about land grabs have brought

about a new level of civil relationship between the two nations. Since there are a large

number of investment opportunities opening up in Ethiopia, and it looks to India for

capacity building, there is a substantial scope for improved future cooperation between

India and Ethiopia.


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Bibliography

African Review of Economics and Finance World Bank Country OverviewEthiopia A subtle Engagement: India and AfricaConsultancy Africa Intelligence Ministry of

Foreign Affairs Ethiopia http://www.mfa.gov.et

World Bank Country OverviewEthiopia Trading Economics - Ethiopia

CIA World Fact Book

Trademaps UK Trade and Investment The World Bank, African Development Indicators Focus Africa (http://focusafrica.gov.in/) FICCI's report on Ethiopia

www.emamibiotech.com www.cadilapharma.com www.doingbusiness.org/reports/ http://www.ustr.gov/sites/default/files/Ethiopia_0.pdf COMESACommon Market for Eastern and Southern Africa

(http://www.comesa.int/)
http://focusafrica.gov.in/http://focusafrica.gov.in/http://focusafrica.gov.in/http://www.doingbusiness.org/reports/http://www.doingbusiness.org/reports/http://www.ustr.gov/sites/default/files/Ethiopia_0.pdfhttp://www.ustr.gov/sites/default/files/Ethiopia_0.pdfhttp://www.ustr.gov/sites/default/files/Ethiopia_0.pdfhttp://www.doingbusiness.org/reports/http://focusafrica.gov.in/

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