November 20, 2017
World Market

Agriculture

Agriculture

Africa and India reaffirm their commitment to cooperate for increasing agricultural output and achieving the Millennium Development Goal of halving the proportion of people who suffer from hunger and malnutrition by 2015. They emphasize the importance of harnessing the latest scientific research for raising productivity and for the conservation of land and the environment in order to ensure food security for their people and to bring down the currently rising cost of food prices so as to make food affordable for all. In this respect, they agree to collaborate in the implementation of the Comprehensive Africa Agricultural Development Programme (CAADP).

Indian Start-up firm to cultivate cotton and soya in Ethiopia

Coimbatore based start-up venture Sara Cotton Fibres Private Ltd plans to cultivate cotton and soya in 25,000 acres in Ethiopia. The start-up firm has leased 25,000 acres land for 25 years in Ethiopia. Sara Cotton has raised $6.4 million through debt and equity to fund its Ethiopian farm plans from various sources including $4.5 million from the Development Bank of Ethiopia. Chennai based Kalpathi Group is a strategic investor with 58 percent stake in Sara cotton. Demand for cotton is expected to grow to 20 million bales in the coming years. The Ethiopian government has recently announced cotton as a priority sector. Sara Cotton will also be setting up ginning facility in Ethiopia and bring the ginned cotton to India. The Ethiopian government has also offered tax holidays, duty free machinery imports and duty free import of spares to boost the investments.