Ethiopia Seeks Doubling Egyptian Investments To $4 bln

The Ethiopian government shows its willingness to double the volume of the Egyptian investments in Ethiopia, as well as to increase the number of the Egyptian firms in the Ethiopian market so as to hit $ 4 billion within the coming five years, said Ayman Eissa, Head of the Egyptian-Ethiopian Business Council; pointing to numerous important ventures that the Egyptian firms can carry out in the fields of drilling and irrigation.

Eissa elucidated that the political and economic relations between Egypt and Ethiopia are being improved in the wake of the 25 January Revolution, particularly after the late Ethiopian Premier’s visit to Egypt, and the visit of President Morsi to Ethiopia to attend the African Summit.

The Council’s Chairman voiced his hope the Egypt could overcome the current crisis; calling on all the political parts to bear in consideration the condition of the Egyptian economy, and the juncture that Egypt is approaching to enter into amid amounting the chaos, security turmoil and growing protests….etc

The volume of the Egyptian investments in Ethiopia outstrips $ 2 billion, in several sectors such as energy, and infrastructure through The Arab Contractors Company, besides over ventures in various fields.

Eissa has mentioned that the volume of trade exchange between the two countries is $ 350 million in the general trade of balance which tends to favor Egypt with surplus $50 million in 2012. Nevertheless, the volume of the Egyptian market to Ethiopia has amounted to $ 200 million, while the Ethiopian exports to the Egyptian market hit $ 150 million.