A high level Egyptian business delegation led by H.E Mrs. Fayza Aboulnaga, Minister of International Cooperation of the Arab Republic of Egypt met and discussed with Ethiopian business community here in Addis Ababa at the Chamber’s hall.
H.E. Ato Girma Birru, Minister of Trade and Industry said on the occasion that there exists ample investment opportunities for Egyptian investors to explore. He further noted that the visit of the Egyptian business delegation would further enhance the economic and trade cooperation of the two countries.
“The trade relations between Ethiopia and Egypt would enhance people to people, historic and cultural ties apart from strengthening their economic and political relationships,” Ato Girma added.
Ato Girma made this remarks while addressing a gathering of both Ethiopian and Egyptian business people who met on October 20, 2009 at the Ethiopian Chamber of Commerce and Sectoral Association’s Hall.
According to Ato Girma, the total trade turn over between the two countries has been growing on average by 20%.Total trade turn over which was about $41 million in 2004 has shown marked improvement and reached $96 million in 2008. Ethiopia’s export is much less as compared to its import tilting the trade balance in favor of Egypt.
In his welcoming speech Ato Eyesusswork Zafu, President of the Ethiopian and the Addis Ababa Chambers of Commerce and Sectoral Associations, said that the occasion would serve, for the business communities of both countries, as a true eye-opener to explore various opportunities that exist in Ethiopia and Egypt.
According to Ato Eyesusswork, ”the business relation of the two business communities marks a new era in the relations between peoples of the two countries that are inextricably linked so much so that working together is the logical imperatives we can ill afford to ignore.”
H.E Mrs.Fayza Aboulnaga, Minister of International Cooperation of the Arab Republic of Egypt and head of the delegation on her part said Egypt has a keen interest to develop business relationship with Ethiopia especially in the area of agriculture, animal production, construction, transport, tourism, medicine, engineering and chemical industries.
Mr. Amin Abaza, Minister of Agriculture and Land Reform said his government has made a 5% tax reduction on meat imported to Egypt.
A memorandum of understanding (MOU) was signed between the Ethiopian Investment Agency and the Egyptian Investment Authority to strengthen technical cooperation and encourage investment in both countries. Ato Abi Woldemeskel, Director General of the Ethiopian Investment Agency, and his Egyptian counterpart signed the memorandum of understanding.
Members of the business communities of the two countries held a one to one business discussion in their respective sector and area of interest to form business relation.
The visiting Egyptian Delegation comprises representatives from a number of ministries including the ministry of trade and industry, investment, electricity and energy, health, agriculture and land reform as well as representatives from Egyptian Banks.
The business delegation includes prominent business persons engaged in such areas as information technology, import/export of oil seeds, engineering goods, manufacturing of office furniture, paper and paer products, cement and other construction materials.