Ethiopia grants facilitations for UAE investments, AU commends UAE contributions to development of continent

UPI 

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WAM ADDIS ABABA, 21th March, 2014 (WAM)–The Federal Republic of Ethiopia has welcomed the role of UAE investments in supporting Ethiopia’s development plans, pledging to provide more facilitations to encourage setting up of a trade and investment partnership between the private sectors in both countries in service of interests of the two friendly peoples.

Erastus Mwencha Deputy Chairperson of African Union Commission said during a meeting here Wednesday evening with Sultan bin Saeed Al Mansouri, Minister of Economy, praised the contributions of UAE to the development of peoples of Africa, being the third largest investor in Africa, according to the recent annual report issued by The United Nations Conference on Trade and Development (UNCTAD) on the foreign investment.

Ethiopian Finance and Economic Development Minister Ato Sufian Ahmed told Emirates News Agency (WAM) in a statement after meeting with Al Mansouri that “his country sees the visit of UAE high profile government and trade delegation to Ethiopia as an evident of interest of the two countries to explore opportunities for setting up joint projects that would double $1 billion trade volume exchange between the two countries.” He thanked the UAE for its interest in the Ethiopian market and development projects in sectors of industry, agriculture, food manufacturing, tourism, renewable energy and mining, noting that his country would open more avenues to UAE products in Ethiopia and neighbouring countries.

Ahmed said his country sought to benefit from successful experience of the UAE in areas of infrastructure and enacting of laws to attract foreign investments and facilitate trade exchange.

Al Mansouri concluded yesterday the-three day visit to Ethiopia, heading the UAE delegation. It included Abdullah bin Ahmed Al Saleh, Under-Secretary of the Ministry of Economy- Foreign Trade Sector and 55 officials representing public and private sectors. The delegation will conclude its visit today.

He told WAM that the UAE is committed to developing of the trade, economic and investment relations with Ethiopia, noting that “Ethiopia is on a right development track. The UAE will extend a hand to cooperate with the Ethiopian government in this respect.” Al Mansouri stressed during the meeting with Ethiopian minister the importance of signing Avoiding of Double Taxation and Protection of Investment Agreements to enhance flow of UAE investments to the Ethiopian market. He referred to the need of encouraging trade and investment cooperation between small and medium enterprises of both countries.

The UAE minister also met with Ethiopian Prime Minister Hailemariam Desalegn, Ethiopian Foreign Minister Adhanom Tedros, Ethiopian Minister of Industry Ahmed Abitew and a number of Ethiopian ministers.

Al Mansouri inaugurated Emirati- Ethiopian Business Forum organised by the Ministry of Economy in cooperation with UAE Embassy in Addis Ababa and the Department of Economic Development- Abu Dhabi to demonstrate joint cooperation opportunities. The event was attended by the UAE trade delegation, senior officials and Ethiopian businesspersons.

WAM/Majok


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