Ethiopia, Algeria urged to unleash strategic location for economic ties

Addis Ababa, May 15, 2017 (FBC) - Ethiopia and Algeria need to expand their existing relations into trade and economic ties by using their strategic locations, according to Ministry of Foreign Affairs (MoFA).

In his key note address to the first Ethiopia-Algeria Business Forum that was held in Addis Ababa today, MoFA State Minister Dr. Aklilu Hailemichael said Ethiopia and Algeria have strategic locations that help promote their common interests in the international market.

“Algeria has a strategic importance in the international trade as a main gate to and from Europe, which Ethiopia needs to use; while Ethiopia has also a strategic location in terms of access to the Middle East and Asian countries”, the State Minister observed.

According to him, both countries can use these advantages to promote their common interests in the international trade system.

Algeria has rich potential in agro-processing, milk and poultry food and minerals, while Ethiopia has rich potential of agricultural exports such as coffee, pulses, fruits and vegetables, milk products and live animals, among others.

The State Minister noted that the Ethiopian government “is massively driving to develop industrial zones that facilitate and support domestic and foreign investors which enhance export trade in particular”.

The government also invites foreign companies to engage in agro-processing, leather and leather products, manufacturing, and textile and garment industries, he added.

The favorable business environment and the attractive incentive packages of the country are among the attractions to investment in Ethiopia today.

President of Chamber of Commerce and Industry of Biskra State in Algeria, Khozbi Abdelmadjid said the forum will create further favorable conditions that enhance trade relation between the two countries.

The opening of Ethiopian Embassy in Algeria recently also plays a key role to boost the nations’ inclusive relation in general and trade and investment in particular, he elaborated.

“We wish the two countries to be the main gates of each others’ trade and investment routes”, the President stated.

Ethiopia’s total export trade commodities to Algeria, mainly agricultural commodities from the year 2011-2015 was 8.4 million US dollars ; while Ethiopia imported 1.5 million US dollars from Algeria during the stated period.

Source: ENA

Posted by Amare Asrat