Ethiopia has been hosting various trade fairs, exhibitions and Business-to-Business (B2B) networking events in the past years. Doing so has contributed a lot in attracting multinational companies to engage in diversified investment endeavors.
Besides, organizing such events has become a major platform to move forward with the industrialization ambitions of the country in cooperation with renowned international companies specialized in different areas.
Ethiopian Investment Commission Deputy Commissioner Temesgen Tilahun told The Ethiopian Herald that Ethiopia can benefit more from international trade and investment by marketing its untapped potential in terms of natural resources, large population, and strategic location, among others.
Thus, organizing such opportunities to interconnect local-international manufa-cturers is fundamental to encourage the role of investment in the country’s economic development endeavors.
Recently, selected Ethiopian businesspe-rsons and manufacturers held a matchmaking event with their Qatari business counterparts to explore ways of working in partnership. The matchmaking event has helped the businesspersons from both sides to make good business deals. The matchmaking event was organized with the Qatar Development Bank (QDB).
According to Temesgen, the government’s current reform agenda is focusing on fast-tracking and transforming the country’s economic development journey among others by enhancing the involvement of both domestic and foreign private sector investment in the manufacturing sector.
Currently, Ethiopia operates 13 public Industrial Parks (IPs) of which eight are fully operational and the rest are under construction while other eight IPs are being developed by private firms. The government has also put in place concrete plans to develop 30 IPs by the end of 2020.
In addition, the government provides investment incentives ranging from 10 to 15 income tax exemptions to duty-free import of capital goods to enterprises that establish themselves inside industrial parks. Following these, the trade and investment incentives witness the availability of excellent investment opportunities for Qatar companies to invest in agriculture and agro-processing, manufacturing, apparel, leather, pharmaceuticals, ICT, tourism, mining, real-estate, among others. Thus, Ethiopia and Qatar will be able to translate the signed trade and investment cooperation agreements into action.
The outcome of such B2B sessions is putting areas that accommodate the mutual interest of the two governments and companies based on a win-win benefit. The entrance of numerous Qatari companies to attend this conference showcases their interest in furthering areas of investment and mutual integration with counterparts in Ethiopia, he stressed.
Ethiopian Chamber of Commerce and Sectoral Association President Melaku Ezezew underscored the necessity of expanding B2B, trade fair and other trade and investment cooperation between local and multinational companies.
Ethiopia is at the crossroads of the Middle-East and Europe with a very ideal geographic location to do business. The country is also the gateway to Africa and making rapid strides to emerge as one of the leading commercial interests in East Africa. Not only has this, the country’s good diplomatic relations with all countries in all aspects, including Qatar, enhanced opportunities for cooperation on various economic issues, investment, social and cultural areas for mutual benefit.
Ethiopia exports agricultural commodities such as fruit and vegetables, flower, live animals, meat, and roses (flower) to Qatar. While it imports urea, polyethylene, and polypropylene in primary forms, polymers of ethylene and petroleum oils and oils obtained from bituminous.
In the globalized world economy, the need to work jointly is not an option rather essential and obligatory. Therefore, the meeting has multifaceted advantages in strengthening the long-standing trade relations existed between the two sides and creating new joint business opportunities. It is instrumental in establishing a new and sustainable business partnership for the two countries’ common interests and benefits, he said.
Qatar Development Bank Executive Director of Export Development and Promotion Hamad Salem Mejegheer said that the matchmaking event facilitates ways to create various B2B networking opportunities among traders and manufacturers of the two countries. Such events also increase opportunities for business relationships, he added.
He also said that Ethiopia is one of the continuously growing East African destinations of international exports and foreign investments.
“We are honored at Qatar Development Bank to organize this initiative, and we are certain that it will be of great benefit for both Qatari and Ethiopian businesses alike”, he said.
The Ethiopian Herald February 6/2020
BY TEWODROS KASSA
