Ethiopia Calls for More South Korean Investment

ENA, November  22/2019Ethiopia has called for more South Korean investment in the manufacturing industry saying its potential in the sector would create a win-win situation.

State Minister of Foreign Affairs Aklilu Hailemichael said that Ethiopia's huge potential in the sector including the well-developed industrial parks would bring a win-win situation if South Korean businesses invest in Ethiopia.

In a meeting with his Republic of Korean counterpart Yun Kang-Hyeon on Thursday, Aklilu said there is huge opportunity for South Korean companies to build successful businesses in Ethiopia.

Aklilu called on Korean companies to invest in Ethiopia referring the potential and favorable business opportunities the country embraces particularly in the manufacturing sector.

The joint business form which was held in Addis Ababa this week has created an opportunity to further promote the trade ties between the two countries, Aklilu said.

Deputy Minister for Economic Affairs at the Ministry of South Korean Foreign Ministry Yun Kanghyeon, said that Korean companies are interested in investing in Ethiopia in health, textiles and development of industrial parks.

Recalling that discussion aimed to strengthen the bilateral ties was conducted during the recent visit of PM Abiy Ahmed to South Korea, the Deputy Minister emphasized the need to establish a system to monitor implementation of that the countries reached consensus.

The Deputy Minister urged the need to implement agreement on avoidance of double taxation that could bolster economic ties.

He also urged the need to sign agreement for investment protection to improve flow of South Korean investment to Ethiopia.

The Deputy Minister affirmed that his country is ready to support companies that operate in Ethiopia.