Peace Agreement Will Encourage South Korean Businesspeople to Invest in Ethiopia: Ambassador Seokhee

Addis Ababa /ENA/ December 22/2022 The peace agreement signed between the Government of Ethiopia and TPLF will encourage Korean companies to invest in Ethiopia, South Korean Ambassador Seokhee told ENA.

Ambassador Kang Seokhee said that South Korea and Ethiopia have been enjoying special friendship over the last several decades.

He stated that the embassy will therefore work together with South Korean and Ethiopian businesspeople, and “I hope next year we can make progress in attracting Korean investment to Ethiopia.”

“Korean businesspeople are succeeding in doing business in the textile and garment industry, (as well as) construction; but there are many opportunities in the market in Ethiopia. This year in particular, we see new developments in terms of peace in the northern part of the country. And as this peace process makes progress, we can have a lot of opportunity for Korean companies to look to Ethiopia as a new market,” the ambassador elaborated.

Ethiopia has a great economic potential and when “the situation calms down next year, more and more South Korean companies would be encouraged to come to Ethiopia.”

The ambassador stressed the paramount need to focus on business and regional as well as global issues in order to further strengthen the partnership and friendship between the two countries.

“It is important to continue helping Ethiopia to achieve a sustainable development with new technology and innovation which Korea has strong impact on the world. So, we like to share our development experience with Ethiopia, to move forward with our idea of facilitating the development process of Ethiopia with our technological innovations.”

Ambassador Seokhee said the countries have extensive development program of cooperation project, and added that South Korea will continue to implement the ongoing activities delayed by COVID-19 and the conflict in the north.

According to the ambassador, South Korea “would like to help Ethiopia’s peace and prosperity with the assistance of Korea.”

The annual trade volume between South Korea and Ethiopia stands at just 200 million USD, and investment is also about 40 million USD, he stated. “But I think there are great potentials that South Korean companies can do business here in Ethiopia.”

Next year marks the 60th anniversary of the establishment of Ethiopia and South Korea diplomatic relations.