HomeAfricaEthiopia, South Korea compare notes on rural and industrial development

Ethiopia, South Korea compare notes on rural and industrial development

Ethiopia is keen to learn from South Korea’s successes in human resource development, modernisation of rural areas, progress in manufacturing and the transformation from an agriculturally-based economy into a mature industrial economy, the East African country’s Foreign Affairs Minister, Dr. Tedros Adhanom, said Thursday.

Tedros told the opening session of a four-day Ethio-Korea Business Forum in Seoul that trade cooperation between the two countries was showing a positive trend, with some Korean companies already investing in Ethiopia’s leather and textiles sectors while others were moving into automotive production.

The minister is leading a 160-strong Ethiopian delegation to the Forum, which is intended to showcase untapped investment, trade and tourism potentials between the private sectors of the two countries.

Sources close to the delegation told PANA here that the Ethiopian team includes ministers and state ministers as well as other senior government officials and members of state and private sector institutions and businesses.

According to Dr. Tedros, the event would create “an excellent opportunity for Ethiopian academic and research institutions to learn more from their Korean counterparts”.

“Ethiopia has an excellent investment climate for foreign investors,” he said, suggesting that South Korean firms could benefit by investing in heavy machinery assembly, automotive production, mineral exploration, agro-processing, textile and garment manufacturing as well as leather products.

“These sectors offer immense opportunities for Korean investment in Ethiopia and would also help in technology transfer,” Dr. Tedros said, noting that Ethiopia’s Ministry of Industry has set up an exclusive industrial zone for Korean investors at Bole-Lemi.

“In recent years,” he said, “there has been increased demand in the South Korean market for Ethiopia’s high value agricultural products including coffee, sesame seeds, flowers, textiles, leather and livestock.”

“We believe the recently established Korean Business Centre, the Korea Trade Agency’s branch office in Addis Ababa, can play a significant role in improving business interaction,” he added.

The Forum is jointly organised by a number of institutions from both countries to exchange views on strengthening overall links in investment, trade and diplomatic relations.

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