6 December 2018

Ethiopia: Ethio-South Korea Textile and Apparel Investment Forum Hosted in Addis

Addis Ababa — A forum aimed at enhancing textile and apparel investment ties between Ethiopia and South Korea kicked off in Addis Ababa today.

The forum is aimed at further strengthen mutual beneficiary cooperation between the two countries and significant platform in creating business opportunities.

Opening the Forum, State Minister of Foreign Affairs Aklilu Hailemichael said that the environment of Ethiopia is getting favorable for investment as it is one of the top destinations.

"Currently South Korean investors are showing excellent performance in several sectors," he said, adding that there are about 76 licensed investment companies of food 61 are fully Korean and 15 Ethiopian Korean joint ventures.

He emphasized that Ethiopia will continue to do all the necessary activities to ensure the two countries relation continue to strengthen and the cooperation broaden.

Korea's Ambassador to Ethiopia Hoon-min Lim said that the bilateral relationship and cooperation between the two countries need to further develop and strengthened beyond the existing level to figure out ways of encouraging more active private sector exchange and cooperation.

He pointed out that the potential of the Ethiopian textile industry and the economic reforms undergoing to strengthen its economy by opening up and introducing competition is well known.

"We expect that Korea's capital, technology and experience combined with the potential of Ethiopia will produce a model for win-win cooperation that will benefit both countries," the ambassador noted.

It was learned that Ethiopian textile and apparel industry has grown at an average rate of 51 percent in the past 6 years.

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