Ethiopia: Ethio-Canada Business Summit Opens in Toronto

Ethiopia: Ethio-Canada Business
Summit Opens in Toronto

Alongside the first Canada-Africa 2014 Business Summit, the Ethio-Canada Business and Investment Summit also opened on Monday in Toronto. This four-day meeting is co-organized by Wafa Marketing and Promotion PLC, the Ethiopian Embassy in Canada and Ethiopian Chamber of Commerce and Sectoral Associations in collaboration with the Canadian Embassy in Ethiopia, Ethiopia's Ministry of Mines, TFO Canada, and CCAfrica.

It is specifically showcasing the value of doing business in Ethiopia. It also aims at bringing together the two business communities to build more comprehensive and closer bilateral ties based on mutual benefit and common prosperity, deepen business-to-business ties through success stories from business persons and industry experts. The summit in addition briefs Canadian investors on Ethiopia's current and future economic trajectory, investment landscape and opportunities. Ambassador Taye Atske-Selassie, Director- General of American Affairs in Ethiopia's Foreign Ministry, opening the meeting, called for the continued growth of the bilateral ties of the two nations.

Ambassador Birtukan Ayano welcomed the role of Ethiopia as a Country of Focus within the auspices of the Canada-Africa Business Summit. She said: "Ethiopia is poised to become a new frontier for FDI in Africa," adding that this Summit would encourage and help Canadian investors to participate in Ethiopia's rapid and sustainable economic growth and tap into the tremendous investment potential of the nation. She stressed Ethiopia has a lot to offer Canadian development partners including a vibrant and trainable labor force, easily accessible and cheap utility services and a decade of double digit economic growth.

Permanent Representative to the AU, Ambassador David Usher said that this Summit could be seen as a reflection of the need for a growing cooperative economic partnership. He also noted Ethiopia's fast growing economy underlined the need to renew the strategic partnership of the two countries. The current economic growth in Ethiopia, he said, was already generating an increasing business interest from Canadian companies. Zemedneh Nigatu, Managing Partner of Ernst and Young, presented reasons of investing and doing business in Ethiopia with the theme "Investing in Emerging Ethiopia."

He detailed ten reasons including Ethiopia's growing economy and macro-economic stability, demographic advantages, rapid urbanization, its role as a manufacturing hub of Africa, massive infrastructure development, and energy infrastructure development, untapped agricultural resources, tourism, and favorable operating business environment. The Ethio-Canada Business and Investment Summit is also showcasing panel discussions, question and answer sessions, and deliberations on Ethiopia as a Country of Focus within the Canada-Africa Business Summit.

Source: Ministry of Foreign Affairs