Embassy promotes Ethiopian pharmaceuticals investment opportunities

Addis Ababa, January 25, 2021 (FBC) -The Ethiopian Embassy in Algiers, in collaboration with key Ethiopian and Algerian stakeholders, hosted today a virtual Ethiopian pharmaceuticals investment opportunities promotion event.

A total of 44 individuals participated in the meeting, of which 25 were Algerian Pharmaceutical Companies, and the rest, Ethiopian and Algerian government officials and regulatory organizations.

In his opening remarks, Ethiopia’s Ambassador to Algeria, Nebiat Getachew, noted that the investment promotion event creates a good opportunity for Algerian pharmaceutical companies to have a clear understanding of the Ethiopian market that will be the basis for future engagement.

He underscored that the main objective of the program is to create a platform where Algerian pharmaceutical manufacturing companies can explore the potentials investment opportunities of the sector in Ethiopia.

Ambassador Nebiat noted the importance of sharing the experiences of the Pharmaceutical industry of Algeria as pertinent for the growth of this sector in Ethiopia.

H.E Dr. Chihab Walid, Adviser to the Minister of pharmaceutical industry of Algeria, said that Since June 2020, a full-fledged ministerial department has been dedicated to this sector with the main mission of developing and implementing a coherent pharmaceutical policy.

He presented the experience, growth, and success of Algeria in the Pharmaceutical manufacturing Sector.

He also mentioned the desire of Algeria to enter the African market in general and Ethiopia in particular and, the need to create a cooperation framework to enable Algerian exporters and manufacturers to benefit from the huge investment opportunities and market available in Ethiopia in the area.

Abdella Kasso, Director of the Ethiopian Food and Drug Administration (EFDA), on his part, elaborated on the establishment of an electronic regulatory system in licensing, importing, registering, and verifying that eases the process to provide efficient services.

The EFDA showcased its highly streamlined application and approval timeline that it has put in place.

Explanations were also given on opportunity areas in the production of essential drugs, production of raw materials. and medical supplies.

The Ethiopian Investment Commission, represented by Addisu Biazen, a high-level expert, presented various investment opportunities and incentives to invest in the pharmaceutical sector.

He mentioned that the pharmaceuticals sector is one of the key priority areas of investment in Ethiopia and the government has developed a national strategy and action plan for pharmaceuticals manufacturing to encourage exports in addition to substituting imports.

The availability of an industrial park particularly dedicated for the pharmaceutical sector investors, more than 110 million population market, and Ethiopia’s strategic location to the market of Africa and the Middle East and its membership in the COMESA, EBA, and AGOA markets are some of the attractive conditions to invest in Ethiopia, Adisu mentioned.

Biniam Ezra from The Ethiopian Chamber of Commerce presented to the respective business communities available commercial opportunities of Ethiopia.

He also noted the potential for joint venture opportunities for the business communities of both countries.

Algerian pharmaceutical companies have expressed their interest in continued engagement with their counterparts in Ethiopia.