DCCI plans to set up trade representative office in Addis Ababa, signs MoU with AU
WAM Dubai, May 20th, 2012 (WAM)--xxxx. Areas. Abdul Rahman Saif Al Ghurair, Chairman, Dubai Chamber, highlighted the outcome of the trade mission which he said is the largest in the history of Dubai Chamber, and showed instant benefits as some of the delegates agreed to start investment projects in Ethiopia's agriculture and infrastructure sectors.
Al Ghurair also added that the meetings the members had during the three days of the trade mission also enabled them to come out with clear ideas about investment opportunities in Ethiopia, especially in the field of agriculture and food sectors as the UAE imports 80 per cent of its food supplies from abroad.
The Chairman of Dubai Chamber called on the UAE investors to invest in agricultural land in Ethiopia and process and export their products to Dubai and beyond to the regional markets, which will fetch them great profits, while fulfilling the needs of the country's food security.
During the UAE-Ethiopia Business Forum held on the second day of the visit, Tadesse Haile, Ethiopian State Minister of Industry, said the trade mission's visit is an opportunity to work together in the areas of mutual cooperation since Ethiopia has very interesting business opportunities in agriculture, infrastructure, manufacturing and tourism in addition to the availability of cheap labour force and raw material, which make Ethiopia an ideal choice for overseas investors.
The Minister of Industry stated that the Ethiopian economy has recorded a growth of 11% during the last eight years whereas the country's exports increased by 25% during the same period as the agricultural sector is expecting a growth of 11.2% and manufacturing sector 21.1% by 2015.
He added that Ethiopia is currently reviewing a number of laws and regulations which, once implemented, will be a major factor in attracting foreign direct investment to his county as he lauded the visit of the Dubai delegation which he said will open a new page in the bilateral ties of the two countries, he said.
For his part, Dr. Yousif Al Sabri, UAE Ambassador to Ethiopia said that the visit played an important role in building bridges of cooperation between the two countries, adding that the UAE has strengthened its ranking as a trade and investment partner from 18 to 9 in the past two years as an important trade and investment partner for Ethiopia.
The envoy also revealed his plans for organising a UAE-Ethiopia Trade Exhibition in Ethiopia by the end of the year, which he said will showcase the investment opportunities for UAE businesses in the country.
Dr. Al Sabri lauded the efforts of Ethiopia to facilitate the trade mission and that of Dubai Chamber for its initiative of reaching out to promising markets of the world which he said came at the right time and would go a long way in building better relations between the two countries.
The delegation also met Erastus Mwencha, Deputy Chairperson of the African Union Commission, who praised Dubai's reputation as the main trading and logistics centre in the region, stating that the signing of the MoU shows the two sides' willingness to take the relations to the next level.
Mwencha expressed the Union's desire to make inroads into the region through Dubai and called upon UAE businesses to invest in infrastructure, energy and railways in the African Continent which he said has to boost its agricultural production through the use of latest technology, referring to Dubai companies that can play a vital role to help export the food products to the rest of the world.
Meles Zenawi, the Ethiopian Prime Minister, who received the Dubai delegation praised the strong relations enjoyed by the two countries and called upon the Dubai delegation to benefit from the important investment opportunities available in the sectors of agriculture, infrastructure, trade, energy, logistics, tourism and telecom stating that he saw the opening of a representative office by Dubai Chamber as a positive step in advancing trade inflow between the two countries.
Wishing all the success to the trade mission, the Ethiopian Prime Minister also praised Dubai's economic model and expressed his country's willingness to benefit from Dubai's experience and expertise in the fields of tourism and hospitality.
Meanwhile, Al Ghurair briefed the Prime Minister about the objectives of the trade mission and how Dubai businesses can play a vital role in the development of the key sectors, especially in telecom, hospitality and infrastructure, which he said will lead to cementing trade ties between the two countries.