30 November 2017

Ethiopia, South Korea Hold Discussion On Boosting Investment Ties

President Dr. Mulatu Teshome held discussions with business delegates comprising higher officials from 25 South Korean companies to boost Korean investment in Ethiopia at the National Palace yesterday.

According to Dr Aklilu Hailemichael, State Minister of Foreign Affairs, South Korea is highly interested to work jointly with Ethiopia.

Aklilu also said that Ethiopia has been engaged in the development of industrial parks to attract more anchor global companies and become a manufacturing hub in Africa providing ample employment opportunities for citizens.

As to him, the top performing companies are from Busan and they are willing to invest in Ethiopia.

Dr. Aklilu reminded that South Korean companies are engaged in Adama industrial park on 200 hectares of land and are set to export high quality products to the international market.

Meanwhile the business delegates have also discussed investment opportunities and future prospects in Ethiopia with Industry State Minister.

Speaking on the occasion, State Minister Dr. Alemu Sime said the bilateral relations between the two countries have been growing in economic, political and cultural areas.

Alemu also said the investment policy of Ethiopia encourages companies that have interests in developing their own industrial parks as they would be benefited from a fifteen years of tax holidays.

"Ethiopia is keen to attain Korean economic and social development experiences. The manufacturing sector is taken as a key element in our national Growth and Transformation Plan (GTP). Thus, I also assure you that you have chosen the right time to come, explore and discuss investment opportunities in Ethiopia." he noted.

Consul General of The FDR of Ethiopia in Susan and Gyeongnam, Sang Jin Kim, on his part said the South Korean companies are interested to invest in sectors such as Agro-Business, Real-Estate and the construction of industrial parks that all are becoming the engines of the country's economic transformation.

He also noted that knowing about Ethiopia's investment climate is a good opportunity for the delegates and they would promote the friendly environment to other Korean investors.

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