Dr. Aklilu Hailemichael, State Minister for Foreign Affairs said the visit by the South African delegation promotes Ethiopia’s desire to boost intra-Africa and south-south cooperation.
Addis Ababa (ENA)–A 22 member South African delegation is on business tour to Ethiopia to assess investment opportunities in manufacturing, agro-processing, energy and construction sectors.
The delegation is conducting a business-to-business meeting with 34 local companies engaged in various areas of investment.
Addressing the meeting, Dr. Aklilu Hailemichael, State Minister for Foreign Affairs said the visit by the delegation promotes Ethiopia’s desire to boost intra-Africa and south-south cooperation.
“Ethiopia attracts investors from China, Turkey as well as America and Europe, but we would like to also promote south-south economic cooperation between African countries”, he said.
Ethiopia’s geographic location, its active membership in regional and bilateral trade agreements with the U.S., E.U. and COMESA region, and favorable investment policies make it an attractive investment destination, he added.
Ethiopia’s young and productive work force which accounts for 60 percent of the population is a comparative advantage that the country enjoys, the state minister pointed out.
Solomon Afework, President of the Ethiopian Chamber of Commerce and Sectoral Association on his part said, “This business-to-business program connotes a sounding step in fostering closer business cooperation between Ethiopia and South Africa.”
According to him, the trade relation between both countries has grown both in value and volume from 42 million USD in 2004 to over 100 million USD over the last years.
He also noted that mutual understanding and the strong business friendship will enhance the bilateral relation particularly in manufacturing, agro-processing and construction, among others.
The business delegation was also briefed on incentive packages the country offers to attract investment in textile and manufacturing areas.
Source: ENA
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