Ethiopia, US Envision to Cement Economic Ties – AllAfrica.com

by Zelalem

The Ministry of Foreign Affairs said that the government of Ethiopia is investing heavily on physical infrastructure, railroads, major power projects and telecommunication with a view to attracting potential investors for mutual benefit.

Addressing a two-day business-to-business networking between the U.S and African businesses yesterday, Ministry Americas Affairs Director General Ambassador Tebeje Berhe said that Ethiopia is a country that has shown trajectory sustained growth, registered double digit growth for the last 12 consecutive years.

The Ethiopian Chamber of Commerce and Sectoral Association in collaboration with the Corporate Council on Africa and the East Africa Trade and Investment Hub organized the meeting to create opportunities to the private sector and enable them share experience on the overall global trading.

He said : “There are many things that US investors need to make in trade and investment to industrialize this country and bring transformation to our economy.”

Ambassador Tebeje said that American businesses would gain benefit from the large educated youth who are skilled and ready to do the job. They can also benefit from the investment incentive offered for foreign investors, he added.

As they have the know-how, the capital and the managerial skills, US investors would play a very important role in doing business in Ethiopia along with transferring knowledge to local workers, he said.

Association Secretary General Endalkachew Sime said that in line with the country’s development policies and strategies, the two countries had maintained effective co-operation in security matters in the horn of Africa. They are revitalizing their partnership and stepping ahead into a progressive form of diplomatic and economic relations for mutual benefit, he added.

According to him, apart from the political sphere, American businesses are showing interest to strengthen the long-standing ties with the Ethiopian partners through building investment and trade within Africa and especially in Ethiopia.

He also said that this high level business-to-business meeting has immense contribution to bring better economic ties between the business community of the two countries. “It would create the opportunity to meet innovative American companies and enable to take their enriched experiences in agriculture, ICT, manufacturing and finance.”

East Africa Trade and Investment Hub Investment and ICT Director Kanini Mutooni said that the Hub encourages countries to integrate trade facilitation concerns into the national economic agenda and include private sector participation in national export diversification strategies.

Initiated by President Obama in 2013, the Hub aimed at using development, promoting trade and investment in the continent. “Our mandate is to create job, promote investment, help each other trading with the African continent through inter regional trade,” she said.

US Embassy Political and Economic Affairs Deputy Counselor Philip M. Cummings said that there is untapped opportunities in infrastructure, agriculture and energy sectors. “This is the next step in deepening the two countries’ relations and Ethiopia is on the map for American investment,” he added.

According to him, a great success in US businesses is the engagement of US company, PVH, running in Hawassa Textile Industrial Park, and bringing quality environmental and social standards to the region.

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