EIC, SCCI Agree To Establish Consortium Of Companies In Ethiopia

The Ethiopian Investment Commission (EIC) and Sialkot Chamber of Commerce and Industry (SCCI) on Thursday signed a landmark Memorandum of Understanding (MoU) to facilitate establishment of a consortium of companies in Ethiopia that are related to sports goods, sports wear, leather products, surgical instruments, gloves and workwear

ISLAMABAD, (UrduPoint / Pakistan Point News - 30th May, 2024) The Ethiopian Investment Commission (EIC) and Sialkot Chamber of Commerce and Industry (SCCI) on Thursday signed a landmark Memorandum of Understanding (MoU) to facilitate establishment of a consortium of companies in Ethiopia that are related to sports goods, sports wear, leather products, surgical instruments, gloves and workwear.

The MoU was signed by Abdul Ghafoor Malik, President SCCI and Hanna Arayaselassie, Ethiopian Investment Commissioner. Jemal Beker Abdula, Ambassador Extraordinary and Plenipotentiary of Ethiopia to Pakistan and Atif Sharif Mian, Ambassador of Pakistan in Ethiopia witnessed the signing ceremony.

This significant agreement lays the groundwork for enhanced bilateral trading cooperation between the business communities of Pakistan and Ethiopia through joint ventures. The signing ceremony marked a pivotal step in fostering stronger economic ties and exploring new investment opportunities between the two nations.

Speaking on the occasion, Hanna Arayaselassie said that Ethiopia offered a conducive environment for the investors as its government was committed to attract the foreign direct investment.

She assured the Sialkot Chamber's President that the Ethiopian government provided full protection to foreign investment, and also facilitated foreign investors in all-possible ways.

Abdul Ghafoor Malik expressed his enthusiasm about the collaboration, stating, "This MoU represents a crucial step towards a deeper economic partnership between Pakistan and Ethiopia. Ethiopia's robust economic growth, strategic location, and favorable investment climate make it an attractive market for Pakistani businesses. The Ethiopian market is not only rich in natural resources but also offers a burgeoning labor force and a growing consumer market, making it an increasingly attractive hub for trade and investment."

The SCCI delegation's stay in Ethiopia has been marked by a series of productive engagements aimed at exploring various investment avenues and strengthening economic ties. The delegation has participated in numerous meetings with key stakeholders, including the Ethiopian Ministry of Mines, where they experienced the Ethiopian Mineral Gallery and gained valuable insights into the country's rich mineral resources and mining sector.