Global Arab Network | Egypt, Ethiopia fostering joint investments in industrial opportunities

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Egypt, Ethiopia fostering joint investments in industrial opportunities

Global Arab Network - - Ahmed Rashid

Tuesday, 31 May 2011 00:39

Egypt, Ethiopia fostering joint investments in industrial opportunities

Global Arab Network – Egypt’s Minister of Industry and Foreign Trade Samir el-Sayyad discussed with his Ethiopian counterpart Tadesse Halie means of fostering industrial cooperation and joint investments in the coming phase.

Talks focused on extending invitations to businessmen from both sides to exchange visits and get acquainted with trade and investment opportunities in both countries.

The meeting comes in line with efforts by the Egyptian government to expand economic relations with African states.

Sayyad asserted that the talks with his Ethiopian counterpart will launch a new phase in economic relations with Ethiopia, with focus on removing all impediments facing the increase of joint cooperation and widening the scope of cooperation in the various economic sectors.

Egypt will help the Ethiopian side to set up steel and pharmaceutical industries and construction products in the coming phase, he added.

Egypt will also offer Ethiopia the necessary assistance in the fields of technical and industrial training as well as the development of small-scale industries, exhibitions and technological centers, he said.

The Ethiopian minister, for his part, voiced his country's keenness on beefing up economic cooperation between the two countries, especially in trade and industrial domains.

Ethiopia has witnessed a big leap in industry over the past period. Industrial growth rates of Ethiopia reached 10 percent during 2010, and is planned to reach 20 percent over the coming five years, said the minister.

Egyptian-Ethiopian investment symposium

Prime Minister Essam Sharaf inaugurates Sunday evening a symposium on opportunities of investment and trade cooperation between Egypt and Ethiopia, organized by the Egyptian-Ethiopian Business Council in Cairo.

The two-day event will tackle opportunities of investment and cooperation between the two countries and the role played by businessmen, major companies and banks in opening new vistas for joint cooperation between the two nations.

The symposium will be attended by a number of Egyptian and Ethiopian officials and representatives of the Egyptian business community and chambers of commerce in both Egypt and Ethiopia, head of the Egyptian-Ethiopian Business Council Ayman Eissa said Saturday.(SIS)

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