17 June 2014

Ethiopia: Israeli Business Delegation Meets Ethiopian Counterpart

The Israeli business delegation that accompanies the Foreign Minister Avigdor Liberman has started discussions with Ethiopian business persons on possible partnership.

Speaking on the occasion, Ethiopian Foreign Minister Dr. Tedros Adhanom said in spite of the age-long relation, the trade and investment tie between the two countries is low.

A number of multinational companies are being attracted to Ethiopia because of the successive economic growth of the country over the past decade, he said.

The government will extend support for Israeli companies with the desire to increase their involvement in the economy, he said.

For his part Minister Liberman said the economic cooperation between the two countries has not been improving as desired.

Ethiopia is among the strategic partners of Israel in Africa, he said, and affirmed that he will exert maximum effort to lobby on Israeli companies to be able them engage in Ethiopia.

The annual trade relation between the two countries has reached 112 million USD in 2013 from 46 million USD in 2004.

Sixty four of the total 200 licensed Israeli companies with an aggregate capital of 7.1 billion Birr to do business in Ethiopia have so far started operation, according to Fitsum Arega Director-General of the Ethiopian Investment Agency.

The companies are engaged in agriculture, particularly in sesame, horticulture and floriculture production, he said.

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