Prime Minister Abiy’s latest destination in his quest to revitalize Ethiopia’s foreign relations and development ties was the Republic of South Korea. Abiy, who arrived in Seoul, South Korea, on Sunday for a two days state visit, met with President Moon Jae-in in a bilateral meeting.
President Moon-Jae appreciated the efforts being made by Prime Minister Abiy which he expressed the world is taking note of. The two reached consensus on elevating Ethio-South Korea relations to a strategic partnership.
The two leaders presided over the signing of five agreements including MOU on the establishment of a joint ministerial commission, and loan agreement for the establishment of center of excellence for Adama Science and Technology university project.
The visit of Prime Minister Abiy is historic as the two countries have established age-long ties and Ethiopia is undergoing a political and economic reform that calls for the support of partners.
Most importantly, the government of Prime Minister Abiy is undertaking a massive economic reform which opens a colossal opportunity for multinational and international companies to invest in Ethiopia.
Being one of the fastest economies in the world for more than a decade, Ethiopia has a plan to liberalize its economy. In addition, the establishment of industrial parks and the presence of suitable investment policies and abundant labor and resources have made Ethiopia a preferred investment destination.
In this regard, during his trip, the Premier held bilateral discussions with the leaders of giant South Korean companies. In discussions with the Executive Vice President of Samsung, Won-Kyong Kim, Abiy invited the multinational conglomerate to invest in Ethiopia and create a positive impact in the country and the region. Kim on his part expressed his respect for the economic reform policies currently underway and interest in exploring the capacity for investing.
Continuing his engagement, PM Abiy met with Hyundai leadership to discuss the potential expansion of investments in Ethiopia. He also met with steel making giant POSCO and explored the possibility of setting up steel works in Ethiopia to meet the current domestic demand in construction, as well as to enable jobs creation.
Another area of cooperation for the two countries is finance. In this regard, Prime Minister Abiy met with the President of the EXIM Bank of the Republic of Korea and discussed ongoing and potential new support to Ethiopia. The EXIM Bank support for currently ongoing projects exceeds 600 million USD while recent support of USD 300 million has been signed under the Korea-Ethiopia Economic Development Cooperation Fund for the 2019-2020 period.
Ethiopia and South Korea relations date to the 1950s when Emperor Haileselassie I sent battalions of his Imperial Body Guard to join the UN forces during the Korean War. Prime Minister Abiy Ahmed commenced the official state visit in Seoul, South Korea by laying a wreath at the Seoul National Cemetery reserved for Korean veterans.
That is why the Premier noted the historic relations between the two countries when he called upon South Korean businesses to join Ethiopia’s journey to prosperity in his opening remarks at the Ethiopia Korea Business Forum organized by the Ethiopian Embassy to South Korea.
Korea is a model for the world in accomplishing a successful economic and democratic transition within a very short period of time. With this background, the Premier’s engagement with Korea’s top political and business leaders will definitely open a new chapter in the two sisterly country’s relationship. Rekindling the tie will also synergize Ethiopia’s development ambitions by emulating Korea’s successful experience.
The Ethiopian Herald August 29/2019
