Pakistani Investors Expected to Invest over 1 Billion USD in Ethiopia's Manufacturing Sector, Says Ambassador Jemal

Addis Ababa March 11/2023 (ENA) The investment of Pakistani business persons, who have been exploring investment options in Ethiopia last week, could be one billion US dollars in the manufacturing sector, Ethiopia's ambassador to Pakistan said.

More that 80 Pakistani investors, have been exploring business and investment opportunities in Ethiopia during the past six days.

Ambassador Jemal Beker told ENA that the business delegation found Ethiopia rich with immense natural resources and untapped potential which make the country a prime location for Foreign Direct Investment.

Subsequent to their visit, the business persons appear likely to invest 1 billion USD in major prioritized manufacturing areas.

“The investment opportunities and priority areas of the Ethiopian government have been explained for the investors by various bodies, including Deputy Prime Minister and Foreign Minister Demeke Mekonen. And the Pakistani investors have been eager to engage in agro-processing, pharmaceuticals, chemicals, textile, ICT, mining, technology and other areas.”

Some of the investment firms will also invest in packaging, which is the backbone of the manufacturing industry.

 

According to the ambassador, Ethiopia and Pakistan will sign Memorandums of Understanding (MoUs) in areas of investment, trade, and establishment of industrial zone.

“Strong linkage is being established between Ethiopia and Pakistan in many spheres, particularly in business and investment. The current business and investment assessment of these investors is part of the flourishing ties of the countries. Some of the investors have been establishing joint ventures and making networks among them,” he elaborated.

Although Pakistan and Ethiopia have a longstanding relationship established in 1958, the level of engagement was not at the desired level. 

After the reform in Ethiopia, however, Ambassador Jemal noted that the people-to-people, government-to-government and business-to-business relations have been gaining momentum and bearing fresh fruits in various sectors.

He explained that the diplomatic paradigm is based on how to holistically view and ensure Ethiopia’s national interest in the fast changing global dynamism by diversifying partners in a way you can collaborate, support and advance mutual interests.

With this perspective, the ambassador said Ethiopia opened its mission in Pakistan just six month ago and the two countries are collaborating in many ways at the international and regional levels.

“We (Ethiopia and Pakistan) have outlined and prioritized areas of focus, including political engagement. Ethiopia has got a good intention to work closely with Pakistan to ensure political issues at global and regional levels. One of the issues of cooperation is collective security. The same is true for Pakistan which follows this approach. Therefore, our current relationship can be seen as a marriage of convenience.”

Ambassador Jemal appreciated Pakistan for its solidarity with Ethiopia at the international stage  during very testing times, following the conflict in the northern part of Ethiopia.

He further disclosed that Ethiopian Airlines will resume a new flight to Karachi, Pakistan, in   May 2023.

The flight would catalyze economic diplomacy between Ethiopia and Pakistan and its surroundings through attracting giant investors and bringing an influx of tourists, he stated.