India’s Leyland Group poises to invest in Ethiopian automotive industry

Addis Ababa, December 19, 2024 (FMC) — Ethiopian Ambassador to India Fesseha Shawel conferred with Mr. Prakash P. Hinduja, Chairman of the Hinduja Group on the investment partnership in Ethiopia, especially on electric vehicle assembly and production.

On the occasion, Ambassador Fesseha briefed the Chairman on the untapped investment opportunities in the EVs Assembly and production of the automotive industry in Ethiopia —one of the fastest growing automobile markets in Africa.

The financial reform and policy changes in the economy are creating new opportunities for foreign investors in Ethiopia, it was indicated.

On his part, Mr. Prakash spoke of the Indian conglomerate Hinduja Group’s plan to invest in the Ethiopian automotive industry in collaboration with the Ethio-Engineeering Group.

Ambassador Fesseha reaffirmed the commitment of the Ethiopian government to the implementation of the Memorandum of Understanding (MoU) signed between Ashok Leyland Limited (Flagship of the Hinduja Group) and the Ethio-Engineering Group.