Ethiopia needs more investment from UAE: MoT
Addis Ababa, 18 March 2014 (WIC) – UAE-Ethiopian business forum aimed at enhancing trade and investment relations between Ethiopia and UAE was opened here in Addis Ababa, Ethiopia.
Representatives of 25 UAE companies and around 50 delegates from key sectors, including Sultan Al Mansouri, UAE Minister of Economy and higher Ethiopian government officials are in attendance of the two-day forum.
Minister of Industry, Ahmed Abitew said while opening the forum that trade and investment relations between Ethiopia and UAE have been registering a steady growth during the past years.
Some 28 companies with a companied capital of 800 million birr are currently engaged in agriculture, manufacturing, real estate and pharmaceuticals, among others. Moreover, 24 companies with 4.6 billion birr are under construction.
However, he said, Ethiopia needs more investment from UAE.
“Ethiopia is a country endowed with untapped and immense investment opportunities. If utilized properly, this would be to the interest and benefit of our two countries,” he noted.
According to Ahmed, the trade volume between both countries has also increased by over 50 per cent since 2005, though the balance is hugely in favor of UAE.
Ethiopia’s major export to AUE is goat meat covering 52 per cent. Other exports include cereals 19 per cent, livestock 10 per cent, vegetables 3 per cent, coffee beans and cut flowers each having 2 per cent.
Eng. Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, on his part said his country is keen to further boost its relations in both political and economic fields.
He added the trade and investment relations between the two sisterly countries need to continue progressing.
The relations between the UAE and Ethiopia dates back to the era of the late Sheik Zayed bin Sultan Al Nahyan and the late Ethiopian Prime Minister Meles Zenawi.
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