By Desta Gebre-Hiwot
Ethiopia attaches great importance to increasing cooperation between Ethiopia and Arab counties.
The 1st Arab-Ethiopian Conference for Industrial Export and Investment aimed at boosting trade relations between Arab countries and Africa in general and Ethiopia in particular highlighted that Ethiopia's economic growth and commitment to investment is becoming a centre for Afro-Arab trade and investment partnership.
Speaking at the conference held at UNECA Conference Centre yesterday, Industry Minister Ahmed Abitew said that Ethiopia attaches great importance to increasing cooperation between Ethiopia and Arab counties. Giving special attention to the manufacturing sector the government is committing huge budget and effort to enhance infrastructural development, he said, adding it is also determined to create conducive environment for private investment. Incentives are put in place to promote flow of direct investment. Ethiopia has preferential access to foreign market place, hence investing in the country is lucrative, Ahmed added.
As to Ahmed, with its rapid economic growth and the government's determination to boost trade, Ethiopia is ready to work with Arab states in the area of trade and investment ties.
Secretary General of the Arab Union Abdelmoniem Mahmoud on his part said that consecutive exhibitions can open market opportunities for Arab states and Ethiopia. The Arab Union is desirous of advancing mutual Arab-Ethiopia cooperation and for this Ethiopia is an important reliable partner.
He added that the Union will organize exhibitions and conferences to strengthen ties. The importance of Afro-Arab partnership strategies will also facilitate financial resources for Africa.
Representatives of Arab Bank for Economic Development of Africa also said that the Bank has a plan to finance the private sector in sub-Saharan countries for five years. The Bank has also financed many projects and would provide assistance to infrastructural development.
Deputy Executive Secretary United Nations Economic Commission for Africa Dr. Abdalla Hamdok said the conference is timely and relevant where African economy continues to grow and started to diversify. But, some sectors such as agriculture remained traditional. In this regard, Arab and Ethiopia partnership could be initiating increased investment flow to Africa thereby modernizing the traditional sectors.
He also underlined the need to improve the quality of growth and to cultivate conducive environment for the private sector. The manufacturing sector needs to be reformed to bring structural transformation, industrial development and value addition products. As part of achieving qualified manufacturing sector, integrated trade and investment partnership between Arab and African is worthwhile, he added.
African Union Commission Representative also noted that the long-standing AU-Arab League cooperation has been cemented through time. Africa is diversifying its trade and investment areas. Ethiopia appeared to be the centre of Afro-Arab partnership owing to its rapid economic development.
Source: AllAfrica
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