Korean investors show interest to explore opportunities in Ethiopia: Industry Minister

Addis Ababa, June 4, 2024 (FBC) – The Industry Minister, Melaku Alebel, commended the bilateral relations between Ethiopia and the Republic of Korea as a longstanding and historical one.

“The ongoing visit of the High Level Ethiopian Delegation to Republic of Korea is paramount to take this longstanding and historical relations to the next level in economic sphere,” the Minister said.

The Minister disclosed that the Ethiopian delegation has visited activities in key economic sectors in Republic of Korea with a view to take lessons from the country’s achievements in the manufacturing industry he described as worthy of imitation.

“We met high officials of Korea Federation of Textile Industry (KOFOTI) and briefed them on the investment potentials in Ethiopia. And, we invited them to explore the opportunities in our country,” he said.

Agreement has been reached between the two sides to further enhance investment and economic cooperation between Ethiopia and the Republic of Korea.

He mentioned that KOFOTI expressed interest to send a delegation consisting of investors engaged in the textile and related sector to Ethiopia.

We also met with representatives of Korean steel producing companies and invited them to seize huge potentials Ethiopia has in the sector.

The visit also paved the way for Ethiopia and the Republic of Korea to strengthen collaboration in areas of reached, capacity building, market link creation and facilitation of industry – research institutes linkage, Melaku pointed out.

Delegation also conferred with owners of coffee processing companies who showed interest to engage in similar businesses in Ethiopia, he added.

Futher agreements were also reached between the delegation and the Koean side to collaborate in areas including smart city development, according to the Minister.