Addis Ababa — A forums aimed at enhancing ties between Ethiopia and South Korea in the textile and apparel investment was held Addis Ababa.
The forum is aimed at furthering mutual beneficiary cooperation in the area and serve as a platform in displaying the potential business opportunities in Ethiopia.
Opening the Forum, State Minister of Foreign Affairs Aklilu Hailemichael said that the investment environment of Ethiopia is getting more favorable, making it one of the top destinations.
Many South Korean investors are making use of this opportunity by investing in the country, he said.
"Currently South Korean investors are showing excellent performance in several sectors," he said.
The Minister said that 76 South Korean companies are investing in the country, of which 61 are fully owned by Koreans while 15 are joint ventures with Ethiopians.
He said that the government of Ethiopia will do all the necessary activities to attract more Korean investment and enhance the ties between the two countries.
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 in order to encourage more active private sector exchange and cooperation.
He said that the economic reforms undergoing to strengthen Ethiopia's economy by opening up areas along with the potential of its textile industry will help to attract more investment.
"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 said.
It was learnt that Ethiopian textile and apparel industry has been growing at an average rate of 51 percent over the past 6 years.