Turkey is willing to further strengthen its commercial relation with Ethiopia, considering the huge potential the country has, head of Turkish business delegation, which is in Ethiopia to assess potentials said.
During a business to business meeting held in Addis, head of the delegation Ali OZiNoNoU said that Turkey needs to further strengthen its commercial relation with Ethiopia.
The 40 member delegation led by Board member of Turkish Exporters Assembly discussed with local investors.
The business delegations drawn from pharmaceutical companies expressed their interest to engage in Ethiopia in manufacturing of pharmaceutical products and energy development, according to him.
“We have total investment of 2.3 billion USD in Ethiopia as Turkish investment, yet we do not think this is sufficient. We are aware of Ethiopia’s potential” he said.
“We believe that we will increase this investment of 2.3 billion USD to 10 billion USD with the upcoming period,” OZiNoNoU said.
“Our foreign trade with Ethiopia has increased by five percent in 2016 up to 440 million USD. Still this number does not reflect our exact potential” he noted.
“Our target in foreign trade is one billion USD with the coming five years,” he pointed out.
Ethiopia comes second in Turkish contract businesses in Africa and the first in contract amount, indicating the growing interest by Turkish companies, OZiNoNoU said.
“We are not here only to increase our own exports; we would like Ethiopia’s export to Turkey increase as well. We would like to establish strong economic bound between the two countries,” he said.
Solomon Afework, President of the Ethiopian Chamber of Commerce and Sectoral Association (ECCSA), organizer of the event, said Turkish trade and investment is growing rapidly in Ethiopia due to Ethiopia`s fast economic growth.
Significant progress was registered during the past years in trade and investment.
He mentioned the growth of Ethiopia’s export to Turkey to 70million US dollar in 2015 from around 17 million USD in 2004, increasing by about 200%.
“We can see that the import –export capacity of Ethiopia and Turkey is growing with Ethiopia exporting sesame seeds, dried kidney beans, including white pea beans, shelled, pickled skins of sheep or lamp and importing iron/ steel bars and rods, hot rolled transformer, textile spinning machines from turkey.”
He also said, “Turkey-Ethiopian Business to business meeting and the side line events can best be taken as good opportunity to further reinforcing the trade and investment.”