Ethiopia and Hungary Signed MoU

Ethiopia and Hungary concluded a Memorandum of Understanding (MoU) in the aim of boosting their economic cooperation.

The MoU focused on avoidance of double taxation, mutual protection of investment and waiver of diplomatic and service visas.

Speaking on the occasion Tedros Adhandom, Minister for Foreign Affairs, said the 2 countries relation had more than doubled in the past 3 years. He added that Hungarian companies showed interest to invest in Ethiopia.
Ethiopia is constructing different industrial parks suitable for various sectors and Hungarian manufacturers would be interested in the pharmaceutical industrial park, the Minister added.

Hungary’s Foreign Affairs and Trade Minister, Péter Szijjártó, on his part hailed Ethiopia’s economic growth in the recent years. He added the two countries would be benefited if they engage in IT, food processing, manufacturing, agriculture, education, and e-commerce.

He also explained the Hungarian government was keen to bolster trade and investment between the two nations. "I have brought with me 15 businesspersons in order to promote and enhance the economic ties and cooperation of Ethiopia and Hungary," the minister added.

According to Szijjártó the two governments agreed to collaborate in the sectors of pharmaceuticals, agriculture, manufacturing, industry, technology, raw materials, food processing and more.

Source: Ethiopian News Agency