Ethiopia and Portugal to Expedite Trade and Investment Ties

by Zelalem

press release

Ambassador Antonio Luis Cotrim, Portugal’s Ambassador to Ethiopia, underlined this week (Wednesday, November 26) that the long-standing diplomatic ties between Ethiopia and Portugal need to be accelerated to allow for the steady development of bilateral trade and investment ties.

He said that the economic relations of the two countries were minimal, and the annual trade exchange between them amounted to no more than three million Euros. He stressed that both countries needed to expand business-to-business ties and economic cooperation to a new high for common development and mutual progress.

He added that both countries were now committed to scaling up their efforts to develop a real bilateral economic cooperative partnership. Ambassador Cotrim said that Portuguese investors and business persons were keen to participate in Ethiopia, and one company involved in renewable energy development in Tigray Regional State was serving as a pacemaker for the participation of others. Portugal and Ethiopia have also signed agreements on education, politics, youth and sport, culture and media.

These are aimed at deepening the bonds of government-to-government and business-to-business ties, he said. Ambassador Cotrim said both countries now collaborated on issues of international politics and economy as well as security issues of common interest.

He praised Ethiopia’s contribution to pacifying the Horn region and Africa. Ambassador Cotrim recalled that the cultural and people-to-people relationship of Ethiopia and Portugal went back 500 years. He also pointed out that there would be programs, including a concert and a painting exhibition in December and January, to commemorate this anniversary and to underline and renew this historic people-to-people relationship.

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