Turkish Investment in Ethiopia Exceeds US $3 Billion

Turkish investors with over 3 billion USD capital are engaged in various sectors in Ethiopia, the country’s Ambassador to Ethiopia disclosed.

This makes Turkish businesspersons the leading foreign investors in Ethiopia in terms of capital volume, it was learned.

Ambassador Osman Riza Yavuzalp said in an interview with ENA that most of the investors are engaged in textile and construction sectors.

The ambassador said the railway to be built from Awash to Woldiya by the Turkish company Yapi Merkezi will create more than 10,000 jobs.

Other Turkish companies are also keen to invest in Ethiopia, according to the ambassador.

He said huge human resources of the country, peace and stability, conducive policy and broad market alternatives are the factors that have contributed to the increasing number of investors.

In addition to the sectors they are engaged in, the investors have the desire to invest in power generation, food processing and the manufacturing sector, the priority areas of the government, Ambassador Yavuzalp stated.

He further indicated that the investors who have created over 50,000 jobs for more Ethiopians are also playing significant role in transfer of skill and technology.

The ambassador recalled the vivid role the current Ethiopian President Mulatu Teshome played in making Ethiopia the investment destination of Turkish businesspersons.

According to the ambassador, the trade exchange between the two countries has jumped over 400 million USD.

Ethiopia imports machinery, metals, plastic products, drugs and factory products while exporting oilseeds, fruits and vegetables, cereals and textile.

The two countries would work together in climate change, fighting terrorism and other international issues, Ambassador Yavuzalp said.

Source: ENA

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