Ethiopia and Turkey Agree to Boost Trade and Investment Ties

by Zelalem

Tayitu 14th Tayitu 14th

The high-level Turkish delegation led by President Recep Tayyip Erdogan conferred with Prime Minister Hailemariam at the National Palace on Thursday (January 22). The discussions focused on bilateral, regional and global issues of common interest. The two sides agreed work closely to expand trade links from the current US$400 million to half a billion dollars a year.

Prime Minister Hailemariam welcomed the growing trade between the two countries and urged Turkish investors take invest in labor intensive areas such as textile production, garments and footwear. He also explained the vast potential for energy generation in Ethiopia, in hydropower, geothermal and solar energy. He assured the delegation of Ethiopia’s readiness to work with the Government of Turkey in providing guarantees for power purchase agreements.

He said the President’s visit offered an opportune moment to attract further Turkish investment in Ethiopia; and the two sides agreed to work exclusively through Foreign and Economic Board of Turkey and avoid using other parallel institutions to organize investment. In regional matters, President Erdogan appreciated Ethiopia’s role in stabilizing the region; and Prime Minister Hailemariam commended Turkey’s role in the reconstruction of Somalia. He indicated Ethiopia’s wish to work closely with Turkey. The two sides agreed to work within the framework of IGAD.

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