By Abebe Wolde- Giorgis
Ethiopia has become a number one investment destination in Sub -Saharan Africa.
The Turkish Ambassador to Ethiopia and the Permanent Representative to the African Union Osman R.Yavuzalp so remarked here yesterday in an exclusive interview with The Ethiopian Herald.
Ambassador R.Yavuzalp said that following the conducive business climate created in Ethiopia, the inflow of Turkish investment is growing from time to time. In the course of the past few years it has shot up to 3 billion US Dollar and with that, jobs could be created for thirty thousand Ethiopians.
According to the Ambassador, currently Turkish companies here in Ethiopia are engaged in the most labour intensive business such as horticulture, textile and garment which have the capacity to absorb more employees. To facilitate bilateral business and trade, several trade-fairs have been staged here in Ethiopia and Turkey.
The Ambassador further said that, because of the consolidation of bilateral ties, every week Turkish business delegates come to Ethiopia and exchange ideas with Ethiopian counterparts and some of the investors resorted to implement a joint venture business.
The other thing which facilitates business and trade between the two countries is the airline interconnection, and currently the Turkish Airlines fly from Istanbul to Addis Ababa and vice-versa with passengers and goods transported. The business and trade volume is also increasing.
Asked whether Turkish investors make business through Foreign Direct Investment (FDI) or through getting loan from Ethiopian banks, the Ambassador said that, some businessmen take loans from banks but others secure loans from FDI.
The 400 kilo meter Kombolcha-Awash Railway Project can be a case in point in this regard, and the project is financed by the Turkish Exim Bank and by the western banks.
Regarding the feasibility of the project, the Ambassador noted that though the rail way is going to be constructed in the mountainous and rugged terrain, the project is feasible and promises high value for business in the local as well as in the global arena. The Turkish company utilizes one of the most cutting-edge technologies for constructing tunnels and bridges in the project.
Asked whether the Turkish textile industries get sufficient raw materials from domestic market such as cotton, the Ambassador responded that, "Ethiopia has good climate and topography to grow sufficient cotton and most of the time the raw material is locally available but sometimes due to bureaucratic hurdles, like some other countries, the textile industries face scarcity of raw materials and in that case , they might be forced to import from abroad."
Before the opening of the interview, the Ambassador had extended his condolences to Ethiopian victims of terrorism urging that it must be arrested at all costs.
Source: AllAfrica
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