EIC, SCCI Agree to Establish Consortium of Companies in Ethiopia

Thu May 30 2024
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ADDIS ABABA: The Ethiopian Investment Commission (EIC) and the Sialkot Chamber of Commerce & Industry (SCCI) have signed a Memorandum of Understanding (MOU) to facilitate the establishment of a consortium of companies in Ethiopia that are related to Sports Goods, Sports Wear, Leather Products, Surgical Instruments, Gloves, and Workwear.

The MOU was signed by Abdul Ghafoor Malik, President of the Sialkot Chamber, and Hanna Arayaselassie, Ethiopian Investment Commissioner.

Ambassador of Ethiopia to Pakistan, Jemal Beker Abdula, and Ambassador of Pakistan in Ethiopia, Atif Sharif Mian, witnessed the signing ceremony.

This significant agreement lays the groundwork for enhanced bilateral trading cooperation between the business communities of Pakistan and Ethiopia through joint ventures. The signing ceremony marked a pivotal step in fostering stronger economic ties and exploring new investment opportunities between the two nations.

Speaking on the occasion, Hanna Arayaselassie, Ethiopian Investment Commissioner said Ethiopia offered a conducive environment for the investors as its government was committed to attracting foreign direct investment.

She assured the Sialkot Chamber President that the Government of Ethiopia provided full protection to foreign investment, and also facilitated foreign investors in all possible ways.

Malik expressed his enthusiasm about the collaboration, stating, “This MOU represents a crucial step towards a deeper economic partnership between Pakistan and Ethiopia. Ethiopia’s robust economic growth, strategic location, and favourable investment climate make it an attractive market for Pakistani businesses.

“The Ethiopian market is not only rich in natural resources but also offers a burgeoning labour force and a growing consumer market, making it an increasingly attractive hub for trade and investment,” Malik added.

The Sialkot Chamber delegation’s stay in Ethiopia has been marked by a series of productive engagements aimed at exploring various investment avenues and strengthening economic ties.

The delegation has participated in numerous meetings with key stakeholders, including the Ethiopian Ministry of Mines, where they experienced the Ethiopian Mineral Gallery and gained valuable insights into the country’s rich mineral resources and mining sector.

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