PM Abiy's Visit to Turkey Lays Foundation for Enhancing Investment: Commission

Addis Ababa August 20/2021 (ENA) The visit of Prime Minister Abiy Ahmed to Turkey lays a strong foundation for elevating investment relationship between the two countries, according to Ethiopian Investment Commission.

Senior Advisor to the Ethiopian Investment Commissioner, Ewnetu Hailu said the discussion  between the leaders will have pivotal role in enhancing foreign direct investment.

The investment relationship between the two countries is promising and has shown continuous growth over the years, he added.

Turkish business in Ethiopia is one of the largest investments with 245 companies operating in the country.

According to the senior advisor, the Prime Minister’s visit will play crucial role in improving  the already growing Turkish investment in Ethiopia.

“The visit this week has big implication for our investment relation. Investors need coverage or loyalty from governments to invest in any country because investment is long term. So, they need promising ties between their countries and the country they want to invest in. In this regard, the visit will give hope for the investors to invest more,” he elaborated.

The growing diplomatic relationship between the two countries by itself will have vital role in attracting new Turkish investment to Ethiopia.

“The discussion between the leaders encourages new Turkish investment,” Ewnetu said, adding that the visit was crucial in attracting Turkish investors to look into new investment opportunities in Ethiopia.”

The senior advisor revealed that the Ethiopian Investment Commission is working to promote investment opportunities in Ethiopia and help Turkish investors expand their investment areas.

He noted that most of Turkish investors are attracted to textile and manufacturing sectors. However, the commission is encouraging them to look into other investment opportunities.

Ewnetu stated that the commission has adopted new strategy and established a directorate with 20 experts that support investors to expand their areas of investment.

“Our experts are working very closely with the investors. They encourage and give advice on areas that the investors choose to engage in. This is creating motivation among the investors to expand the areas of their investment.” he pointed out.

The total investment volume of Turkey in Ethiopia has surpassed 2 billion USD and created over 40,000 permanent and 30,00 temporary jobs.