Ethiopia, European Business Forum sign MoU to foster cooperation

Addis Ababa, April 7, 2022 (FBC) –The Ministry of Finance and European Business Forum in Ethiopia (EUBFE) have signed a Memorandum of Understanding (MoU) to foster cooperation.

Semereta Sewasew, State Minister of Finance and Ben Depraetere, Chairperson of the Board of EUBFE signed the MoU at the launch of the Business Climate Report – 2021 event that was held on April 6, 2022, at Hayat Regency Hotel.

During the event, Semereta said the government of Ethiopia is keen to continue perusing lines of open dialogues to strengthen its longstanding partnership.

She emphasized that the partnership should focus on developing investment and the private sector as a key pillar of cooperation.

In addition, she said the reform efforts have helped to build its infrastructure, including its logistics sector, develop its human capital, improve its regulatory framework and continue to build institutes that can support the work of the private sector.

Roland Kobia, Head of Delegation of the European Union to Ethiopia, said that European investment in Ethiopia has remained steady even during difficult periods.

Kobia also expressed his hope that the European Business Forum provides various opportunities for the private sector to address its challenges through a more constructive and open dialogue with the government of Ethiopia.

He also reminded the audience that the Everything but Arms (EBA), which is an initiative of the EU under which all imports to the EU from the Least Developed Countries are duty-free, is an opportunity that is being used by several companies based in Ethiopia.

He also emphasized that it is important for Ethiopia to achieve peace and predictability for the private sector to thrive.

The MoU is said to foster cooperation between Ministry of Finance and the private sector in general, and create mechanisms to disseminate best practices and facilitate close consultation to promote mutually beneficial objectives and collaboration between the two parties.

EUBFE is the European Foreign Investors Association in Ethiopia, which is active in the country since 2012, according to the Ministry of Finance.

The primary goal of the Forum is to provide a platform to address challenges and work toward promoting Ethiopia as an attractive business destination for EU investors and companies.