Ethiopia Africa’s top investment destination for Turkey: official


(ADDIS ABABA) –The Turkish ambassador to
Ethiopia had disclosed that Ethiopia remains the biggest
recipient of Turkish direct investment in Africa.

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The newly-appointed Turkish envoy, Fatih Ulusoy, said
the horn of Africa’s nation had so far attracted $2.5
billon of the total $6 billon Turkish direct foreign
investments in Africa.
Ethiopia and Turkey also
have strong commercial
relationship with their trade volume seeing substantial
growth every year.
According to the diplomat, Ethiopia is currently
Turkey’s fourth largest trade partner among African
countries.
Last year, the two countries reached an agreement to
boost their annual trade volume to half a billion USD
after Ethiopia’s Prime Minister Haile Mariam Desalegn
and Turkey’s President Recep Tayyip Erdogan discussed
bilateral as well as multilateral issues in Addis Ababa.
Both countries also signed a cooperation protocol in the
areas of science and technology.
“Flag carries of the two countries, Ethiopian Airlines and
Turkish Airways, fly daily to Istanbul and Addis Ababa
thus facilitating their trade relations,” Ulusoy told
reporters.
The ambassador further said that his government is
committed to further consolidate the current economic
partnership with Ethiopia and successive dialogues are
underway with government of Ethiopia to attract more
Turkish investment.
Currently, Turkish investors in Ethiopia are engaged in
textile, as well as in construction sectors. The two
countries are working together in the energy sector with
Turkish companies engaged in installing electric
transmission lines and supplying transformers.
Turkey is also supporting Ethiopia’s infrastructural
development projects including railway.
Last year, Turkey officially announced that it would
provide $300 million loan for the Awash-Woldiya
railway project. Many others are also on a process to
invest in power generation, food processing and the
manufacturing sector.
According to Ethiopian government huge human
resources, investor friendly atmosphere, broad market
alternatives as well as conducive policy and stable
atmosphere are factors that are attracting foreign
investors.
Sudan Tribune has also learnt that Turkish companies
have created more than 33,000 job opportunities in
Ethiopia.
There are also activities on going to establish an all
Turkish industrial zone in Ethiopia.
The ambassador commended Ethiopia for the role it is
playing to ensure peace and security in Somalia and in
the volatile east African region at large.
He pledged his country would work together with
Ethiopia to ensure peace and stability in the Horn of
Africa and to fight the emerging threat of terrorism in
the region.
Ulusoy said both Ethiopia and Turkey host a large
number of refugees and expressed his government’s
commitment to cooperate with Ethiopia to improve the
condition of the refugees.
Turkish business groups that have invested in Ethiopia
have also the desire to support the current drought
victims in the country, according to the ambassador.
In terms of diplomatic ties, the ambassador said
“Ethiopia and Turkey have enjoyed a long-lasting relation
in that Addis Ababa hosted the oldest Turkish embassy
in Sub-Saharan Africa”.
Ethiopia is Africa’s fastest growing economic with an
average annual growth of 10.5%.
The country has embarked massive infrastructure projects
including power plants that would make a significant
stride in terms of its ambitious plan to become a middle
income country in 2025.
(ST)