The Egyptian-Ethiopian Business Council (EEBC) plans to boost the volume of trade exchange between the two countries to reach US$1 billion yearly.
In this respect, Ahmed Zayed – Head of Economic Relations Committee at EEBC – told Amwal Al Ghad that the volume of Egypt-Ethiopia trade exchange currently does not reflect the two countries’ economic potentials in the light of their membership in the Common Market for Eastern and Southern Africa (COMESA).
Egypt’s membership in COMESA gives Egyptian exports a competitive edge in African markets, he noted. In addition, the Egyptian official referred to a number of Ethiopian products needed by Egypt such as live cattle, meat, coffee, as well as oil seeds, notably sesame and legumes.
During the first half of 2014, the volume of trade exchange between Egypt and Ethiopia recorded around US$89 million; (US$68 million as Egyptian exports and US$21 million as Ethiopian exports), he added. In 2013, the volume of trade exchange between the two countries did not exceed US$215 million.
Moreover, Zayed elaborated that the Egypt seizes 1% only of Ethiopia’s total import markets, which stood at US$7.2 billion during first half of the current year.
On the other hand, the top Ethiopian import markets are Saudi Arabia, India, USA, and Japan.
The EEBC Egyptian official further said the Ethiopia is one of the fastest-growing economies in the world, providing clear evidence that Ethiopia is a promising market filled with multiple investment opportunities for Egypt.