Israel’s Foreign Minister, Avigdor Liberman, along with the business delegates of 50 companies that escorted him is having discussion with Ethiopian tycoons over possible partnership deal.
During the occasion Tedros Adhanom, Ethiopia’s Minister for Foreign Affairs, commented the two nations have an age long relation yet trade and investment is at a low stage.
According to Tedros Ethiopia’s successive economic growth is luring many multinational companies. He promised for a support to Israeli companies by the Ethiopian government for there is the need to increase the company’s involvement in the economy.
Liberman on his part commented on the two nations tie as not satisfactory. He furthered Ethiopia is one of Israel’s strategic partners in Africa and affirmed he will try his best to make Israeli companies to invest in Ethiopia.
There seems to be an increase in the bilateral trade between the two countries in the past years. The total trade has reached U.S $ 112 Million in 2013 from U.S $ 46 Million in 2004.
According the Ethiopian News Agency, it is Ethiopia that is being favored when it comes to the trade balance. The Agency further noted Israel is the second largest destination for Ethiopia’s sesame export.
Fitsum Arega, Director-General of the Ethiopian Investment Agency, said currently there are 200 Israeli companies that have acquired license and 64 of them have already started operation. The total capital of these 200 companies is 7.1 Billion Birr.
Fitsum also said the Israeli companies engage in agriculture, specifically in sesame, horticulture and floriculture production.
Among the 50 companies that accompanied Liberman one is Arava Power Company. According to
the co-founder of the company, Yosef Abramowitz, feasibility study is being carried away for the purpose of developing energy from geothermal and solar. Abramowitz further noted his company is already operating in Rwanda at the same investment area.
Another company that tagged along with the Foreign Minister was Mekorot Development and Enterprise. According to the Enterprise’s Business Development Vice President, Zvi Pinczowski, his company is interested in engaging in Ethiopia’s water technology. He furthered, his company too is conducting the possibility to partner with Ethiopian businesses working in the area.
It was only three months ago similar business delegates visited Ethiopia for the purpose of identifying business and investment opportunities.
Source: Ethiopian News Agency
