Ethiopia, Algeria to set up Business Council to Boost Partnership

An Ethio-Algeria Business Council will be set up in early 2017 in order to boost economic exchanges and partnership in various areas, said representative of the Algerian Chamber of Commerce and Industry (CACI), Hadef Abderrahmane.

The creation of the Council is provided for by a memorandum of understanding (MoU) that will be signed during the visit of Algerian businessmen to Ethiopia, at the initiative of CACI, in the first quarter of 2017, said Hadef at a seminar on Ethiopian market.

“We seek to enhance the economic cooperation up to the level of the political and diplomatic relations linking our two countries,” added CACI representative, who is also the head of Titteri Chamber of Commerce and Industry (Medea).

“The trade volume between the two countries is very low, it does not exceed 2 million US dollars,” he said.

During the visit, the Algerian delegation will examine investment and business opportunities in several sectors, including food-processing, building material and engineering industries, as well as energy.

For his part, Ethiopian Ambassador to Algeria, Soloman Abbe, invited Algerian businessmen to invest in Ethiopia in view of the different incentives and tax facilities in the country, adding that “the Ethiopian economy has recorded an average growth rate of 10.2% over the past twelve years.”

Ethiopia has huge potential in leather, textile and pharmaceutical industries, he said.

He also invited Algerian operators to seize investment opportunities in the field of agriculture in Ethiopia, which is a leading producer and export of coffee and sugar.

This post first appeared HERE

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