Ethiopia, Korea Interested in Boosting Trade, Investment Relations

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ENA November 29/2019 Ethiopia and Korea are interested in scaling up their strong bilateral relations in trade and investment, according to Ministry of Foreign Affairs.

Ethio-Korea business forum was held in the presence of dozens of Korean businessperson and hundreds of Ethiopians in Addis Ababa today.

During the occasion, Foreign Affairs State Minister Aklilu Hailemichael said Ethiopia attaches great importance to its partnership with South Korea in mainly investment, trade and technology transfer.

According to him, the country has got abundant natural resources with competitive package of incentives to investors who want to engage especially in textile, leather, agro-processing and pharmaceuticals.

It has also a clear industrialization policy that aims to achieve economic growth through agricultural modernization.

If Korean investors are interested to engage in textile, apparel, renewable energy, information and communication technology as well as pharmaceuticals, the government will support them to benefit more, Aklilu stated.

Korea’s Ambassador to Ethiopia, Lim Hoon-Min said on his part the two countries have enjoyed excellent relationship, and this will be further strengthened in areas of trade and investment.

Anchor Korean investors have shown highest preferences to invest in Ethiopia, the ambassador, said, adding that the sweeping reforms under the leadership of Prime Minister Abiy would be encouraging and Korean investors see the situation positively.

Ethiopia is profitable due to its strategic location, Hoon-Min noted.

Korea exports medicine, electronics and vehicle to Ethiopia while Ethiopia exports coffee, oilseeds and sesame.