Ethiopia, Turkey sign MoUs to boast current trade balance

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Ethiopia and Turkey, during the Ethiopia-Turkey Business and Investment Forum held in Addis Ababa have signed a Memorandums of Understanding (MoU) to enhance cooperation in mining sector, industries and electricity

They are also to cooperate in the promotion of small and medium manufacturing as well as electricity installations.

Ethopian Minister of Industry, Mr. Ahmed Abtew while signing the MoU alongside Turkish Economy Minister, Nihat Zeybekci, said that with the signing of the MoU, the two countries aims at boosting their current $450 million trade balance to $1 billion in less than two years.

The industry minster according to News Agency of Nigeria (NAN) called on Turkish companies to engage in railway construction alongside the other favorable areas of investment in the country.

The number of Turkish firms in Ethiopia reached 150 in 2015, creating 30,000 jobs the Turkish minister said adding significant numbers of other Turkish firms are eyeing to invest in Ethiopia.

According to Zeybekci, the total amount of investment by Turkish firms in Ethiopia is around $2.5 billion with the firms employing the highest number of workers in private sector in Ethiopia.

 

Posted by Juliet Ekwebelam

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