Turkish companies’ interest in Ethiopia growing

Addis Ababa, March 16, 2017 (FBC) - Turkish companies’ interest in investing in Ethiopia in various areas is increasing steadily, according to the country's Ambassador to Ethiopia.

President Mulatu Teshome held discussion with Turkish business delegation here on Wednesday.

After the discussion, Ambassador Fatih Ulusoy said companies are interested to engage in the areas of construction materials, textile and garment as well as energy.

The Ambassador added, Turkey’s presence has always been very strong in the textile field and there are still many companies from Turkey that interested in moving their investments to Ethiopia.

“Every week, we have different groups of business men from Turkey who are very keen on investing in the country”, he said.

Turkey has more than six billion US dollars investments in Sub-Saharan Africa, of which 2.5 billion US dollars is in Ethiopia.

“So, this is a very clear sign of the investment climate of Ethiopian government presence and we continue to work with the government in this regard, to attract more business and investment from Turkey” he said.

According to the ambassador, the trade volume between the two countries which stands at 440 million US dollars per year doesn’t reflect their potential.

During the visit of President Mulatu Teshome to Turkey, the two countries agreed to increase their mutual trade volume to one billion US dollars, he indicated.

President Mulatu on his part said that Ethiopia and Turkey have historical relationship and Turkish companies have become successful in Ethiopia.

He added that there are many investment opportunities in Ethiopia in which Turkish companies can exploit.

Regarding trade ties, the president said there is untapped potential that Turkish companies could utilize. He mentioned the opportunity that the growing urbanization creates in Ethiopia.

With the development of more industrial parks in the country, the President said that it is easy to do business in Ethiopia.

Source: ENA

Posted by Amare Asrat