The Ethiopian Investment Commission (EIC) and the European Union (EU) business forum to Ethiopia have signed an agreement in a bid to enhance the business and investment ties between Ethiopia and the EU.
While noting that Ethiopia and the EU have been key partners in trade and investment, Head of the EU Delegation to Ethiopia Ambassador Chantal Hebberecht said Ethiopia’s export to the EU member states has now reached 40%, where the cumulative trade exceeded three billion Euros in the previous year. The Ambassador added that the Ethio-EU business forum would be instrumental to work out ways to deal with the challenges in the value chain. She said, “We should develop our public economic diplomacy. There are common issues like taxation, quota free trade and visa issues which need urgent discussions and consultations. I hope the coming forum will pave smooth way which can enable to promote our business and investment ties.” She further said the EU delegation and the business forum have come up with the right business platform, adding that this will attract more European investors to Ethiopia.
Acknowledging that Ethiopia and the EU have been working together on a range of issues, particularly in areas of poverty reduction, job creation, trade and investment, Ethiopian Investment Commission Director General Fitsum Arega noted that the current platform would help much in the exchange of best practices, and transfer of technology. Taking note that Ethiopia has prioritized the manufacturing sector, the Director General further said Ethiopia eyes to penetrate more into the European markets, to which he added that his country looks forward to receiving further EU support.