ADDIS ABABA – A delegation of the Ethiopian Investment Commission (EIC) made an official visit to Pakistan to promote opportunities as the two countries take steps to boost their trade and economic ties.
The Commission said the visit was a part of “its outreach efforts to pitch and attract investors” to the East African nation.
The visit comes after a growing number of Pakistani companies expressed their keen interest to engage in Ethiopia’s manufacturing sector.
Last month, officials of Pakistan’s Arif Habib Group and EIC discussed prospects of investing in the East African nation in Addis Ababa. Officials say the group, with $2.5 billion in net assets and a diverse range of investments, showed a strong interest in fertilizer, cement, and steel manufacturing in Ethiopia.
EIC’s Investors Recruiting Mission
During this week’s visit to Islamabad, the EIC delegation, led by Deputy commissioner Daniel Teresse, met with Pakistani pharmaceutical companies, and chambers of commerce.
They also held discussions with senior officials of trade and industry ministers as well as high officials of the investment promotion agency of Pakistan, as per the EIC.
“This investment promotion event aims to recruit investors from Pakistan and reinforce future business relations for the mutual benefit” of both sides, the Commission said on its official social media page.
Daniel together with Ethiopian ambassador to Pakistan Jemal Beker also attended the inauguration ceremony of Pharma Expo that took place in Lahore city of the Asian country.
Ethiopia-Pakistan Trade Deal
The visit comes days after Ethiopia and Pakistan signed a bilateral trade agreement to enhance the stagnant trade exchanges.
Trade and Regional Integration State Minister Kassahun Gofe and Secretary General for Pakistan’s Ministry of Commerce, Muhammad Faruqi, signed the agreement last week.
The agreement paves the way for the establishment of a joint trade committee and a joint business council in a bid to facilitate frequent and structured business-to-business interaction between the two countries.
Kassahun said Ethiopia would take prompt action to expedite the ratification process of the agreement and fully enforce it, Kassahun said after signing the agreement. “We hope the Government of Pakistan will also do its best to effect this agreement,” he added.
The annual average trade exchange value of the countries in the past five years was about $71.8 million, of which Ethiopia’s export and import constituted $14.3 million and $57.5 million respectively.
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