Addis Ababa — Delegates from more than 80 UAE anchor companies are taking part in the Ethiopia-UAE business forum in Addis Ababa to explore available investment opportunities.
UAE companies are choosing Ethiopia for investment as their country puts the Horn African nation among the top destinations for UAE investment.
Undersecretary for Foreign Trade at UAE Ministry of Economy, Abdulla Ahmed Al Saleh told journalists that Ethiopia is one of the four most important countries for UAE investment in Africa.
There are several UAE companies that are investing in Ethiopia for years; he stated, and added “we would like to increase the level of investment.”
“We have other companies to do business more in Ethiopia in different sector, especially in agriculture, real estate development, hospitality, industrial sector,” the Undersecretary said.
A forum and exhibition will open on March 21, 2019, which Abdulla Saleh said will provide the opportunity for UAE and Ethiopia business people.
The trade relation between the two countries has been growing. The total trade turnover has increased from 809 million USD in 2012 to 850 million USD currently.
However, Undersecretary stated the need to enhance the trade relation by highly engaging the business community of the two countries.
“We would like to increase for the next few years to double this number and it is easy to do that by introducing the business communities to each other.”
He said Ethiopia’s population – more than 100 million – is a huge market opportunity for investors from UAE to come and establish manufacturing companies.
Permanent Secretary of Economic Affairs at Foreign Affairs, Ambassador Dewano Kedir said that the forum is pursuant to the decision of leaders of both countries to strengthen bilateral ties.
“Many UAE investors are flowing to Ethiopia as they have put the country at the top of their investment choice due to many criteria,” he added.
Stating that there are over 50 UAE companies in Ethiopia to date, Ambassador Dewano said “the government will provide all the necessary support companies”.
Source: All Africa