$2 Bln Investments between Egypt and Ethiopia

Ayman Issa, President of the Egyptian Ethiopian Business Council, said that the volume of existing investments between Egypt and Ethiopia reached two billion dollars, while the volume of trade exchange to $ 350 million. Issa said - in a statement to the Middle East News Agency - that economic and trade relations between the two countries witnessed a boost during the last two years due to the efforts of the Minister of International Cooperation, Dr. Faiza Abul-Naga, and the efforts of the Egyptian embassy in Ethiopia, headed by Ambassador “Mohamed Fathy Idris” and the Ethiopian embassy in Cairo, led by Ambassador “Mahmoud Dreier” and the Ministries of Trade and Industry also the Chambers of commerce in both countries.

He added that he is supposed to exceed the balance of trade, the size of the balance of investment, and there is a big demand of Egyptian companies to invest in Ethiopia, but there are still some obstacles that prevent this issue. It is noteworthy that “Issa” is currently visiting Addis Ababa to attend the exhibition Addis International Trade participation of 35 Egyptian companies, as well as to participate in the meeting of the Egyptian Council for Foreign Affairs with the Ethiopian Institute of International Peace and Development.

The focus of discussions during the exhibition on the various issues of interest to Egypt, Ethiopia, and ways of strengthening them, as well as to participate in the meetings of the Egyptian Council for Foreign Affairs with the Institute of African Studies will start tomorrow. And around the industrial city of Egypt to be established in Ethiopia, said Ayman Issa, Business Council, the Egyptian Ethiopian had been agreement in principle with the Ethiopian authorities to be set up during the visit of a delegation from the Association of Businessmen and Investors Badr City "to the state of “Tigray” Ethiopian, explaining that the governor of the state offers the land of the project at nearly free of charge in order to point to welcome the Egyptians investors, " Badr Investors Association” is seeking to attract anyone who is interested in the Ethiopian market of the private sector and Egyptian investors in general to engage in this national project, and I think it will have a significant impact on economic relations between the two countries."

“Issa” expected that the final signature on this project will be done soon after some studies , pointing to that "the Badr Investors Association is working to provide a comprehensive study to the Ethiopian side to get the final approval and I think that this study will be completed within six months.

The governor of “Tigray” Ethiopian state” Abay Waldo” decided on 11 January, the allocation of one million square meters for a period extends to 99 years to establish the first industrial Egyptian city integrated in Ethiopia, and that during his meeting with a delegation of Egyptian businessmen comprising 17 members of the "Businessmen's Association and the investors of Badr City".