Pakistani investors laid a foundation to invest in Ethiopia in pharmaceutical, packaging, and industrial park development sectors by signing a memorandum of understanding with the Ethiopian Investment Commission (EIC) today.
The investors aim to enter Kilinto and Bole Lemi Industrial Parks to plant pharmaceutical and packaging factories. The EIC also disclosed that there was a plan to avail a capital of USD 100 million to build an industrial park named Pakistan-Ethiopia Friendship Industrial Park.
A Pakistani investment delegation consisting of 80 investors engaged in agriculture, manufacturing, minerals, technology, health care, and other sectors are on a business visit in Ethiopia.
Business ties between Ethiopia and Pakistan have been growing in the past years. As an indication of the increased engagement between the two countries, Ethiopia established its Embassy in Pakistan in 2022. Ethiopia and Pakistan have also agreed to strengthen their relationships in several sectors.
Ethiopia exports cereals, tea leaves, spices, and textiles to Pakistan while importing sugar products, rice, packaging bag, and medical supplies from Pakistan. The current annual trade value between Pakistan and Ethiopia is estimated to be between USD 7 million and USD 8 million. The countries have set a target to increase this trade value to USD 300 million per year.
Source: EIC and 2Merkato Archives
Image source: EIC