The Ethiopia-South Korea Business Forum was held in Addis Ababa yesterday. Attended by over ninety Ethiopian and South Korean company representatives, the forum aimed to attract more foreign direct investment (FDI) and strengthening business-to-business relations between the two countries.
The Forum was jointly organized by the Ethiopian Embassy in Seoul, Korea-Africa Foundation, Korea Federation of Textile Industries, Ethio-South Korea Business Association, the Ethiopian Chamber of commerce and Sectoral Associations, Addis Ababa Chamber of Commerce and South Korean Embassy in Ethiopia.
Aklilu Hailemichael (Ph.D.), State Minister of Foreign Affairs of Ethiopia, in his opening remarks, noted the longstanding bilateral relations between Ethiopia and South Korea. He also called attention to the emphasis the Ethiopian government has given to attracting FDI and its commitment to assist foreign companies to become fruitful in their investment in Ethiopia. Dr. Aklilu extended an invitation to South Korean companies and their Ethiopian counterparts to invest especially in the sectors of agriculture, agro-processing, tourism, mining, and ICT.
Lim Hoon-Min, South Korean Ambassador to Ethiopia, for his part, cited the historical tie between the two countries that dates back to the "unforgettable" contribution of the Ethiopian Defence Forces who fought as part of the United Nations Command during the Korean War, cemented recently when Ethiopian Prime Minister Abiy Ahmed visited South Korea last August.
Expediting the implementation of the pending Investment Expansion and Protection agreement between the two countries would be indispensable in attracting foreign investors, Ambassador Hoon-Min remarked.
The balance of trade between Ethiopia and South Korea has reached $1.8 billion in 2018, albeit a trade deficit in Ethiopia's side, according to Melaku Ezezew, President of the Ethiopian Chamber of Commerce and Sectoral Associations. Ethiopia exports coffee, oilseed crops and cereals to South Korea, importing medicine, machinery and electronic equipment.
Mr. Melaku said the two countries should create new investment and trade opportunities to scale up business ties and further bolster their relations.
Source: FBC
