EIC, Sialkot Chamber agree to establish consortium of companies in Ethiopia

Addis Ababa, May 30, 2024 (FBC) – The Ethiopian Investment Commission (EIC) and the Sialkot Chamber of Commerce & Industry have signed a landmark Memorandum of Understanding (MOU) to establish consortium of companies in Ethiopia that are related to Sports Goods, Sports Wear, Leather Products, Surgical Instruments, Gloves, and Workwear.

The MOU was signed by Ms. Hanna Arayasellasie, Ethiopian Investment Commissioner and Mr. Abdul Ghafoor Malik, President of the Sialkot Chamber, the information we received from the Ethiopian Embassy in Islamabad indicates.

Jemal Beker Abdula, Ambassador Extraordinary and Plenipotentiary of the Federal Democratic Republic of Ethiopia to Islamic Republic of Pakistan, and Atif Sharif Mian, Ambassador of the Islamic Republic of Pakistan in Ethiopia witnessed the signing ceremony.

This significant agreement lays the groundwork for enhanced bilateral trading cooperation between the business communities of Pakistan and Ethiopia through joint ventures. The signing ceremony marked a pivotal step in fostering stronger economic ties and exploring new investment opportunities between the two nations.

Speaking on the occasion, Ms. Hanna Arayaselassie said Ethiopia offered a conducive environment for the investors as its government was committed to attract the foreign direct investment.

She assured the Sialkot Chamber President that the Government of Ethiopia provided full protection to foreign investment, and also facilitated foreign investors in all-possible ways.

Mr. Malik expressed his enthusiasm about the collaboration, stating, “This MoU represents a crucial step towards a deeper economic partnership between Pakistan and Ethiopia. Ethiopia’s robust economic growth, strategic location, and favorable investment climate make it an attractive market for Pakistani businesses.

“The Ethiopian market is not only rich in natural resources but also offers a burgeoning labor force and a growing consumer market, making it an increasingly attractive hub for trade and investment,” Mr. Malik added.

The Sialkot Chamber delegation’s stay in Ethiopia has been marked by a series of productive engagements aimed at exploring various investment avenues and strengthening economic ties.

The delegation has participated in numerous meetings with key stakeholders, including the Ethiopian Ministry of Mines, where they experienced the Ethiopian Mineral Gallery and gained valuable insights into the country’s rich mineral resources and mining sector.