Ethiopia, Côte d’Ivoire Sign MoU
The Ethiopian Investment Commission and Center for the Promotion of Investments in Cŏte ďIvoire (CEPICI) signed a Memorandum of Understanding (MoU) which would serve as a guideline to augment commercial exchanges,implement joint investment projects and boost economic cooperation among others, between the two countries.
Speaking at Ethio-Ivorian Business and Investment Forum held at Capital Hotel yesterday, Foreign Ministry State Minister Dewano Kedir said : ” Now is the time for African nations to work together to increase development, trade , investment and cooperation within our continent. Despite the many challenges many currently face, African countries are now among the fastest growing in the world. Ethiopia and Cŏte ďIvoire must liaise with each other now more than ever to promote strong trade and investment relations with each other and other African countries. ”
Dewano also took the opportunity to encourage Ivorian brothers and sisters to take advantage of the many mutually beneficial opportunities Ethiopia has to offer. He also called upon the Ethiopian business community to explore investment and trade opportunities in Cŏte ďIvoire.
Ethiopia is pursuing prudent and sound macro economic policies and is securing appropriate bilateral investment agreements an avoidance of double taxation treaties with many countries. Private investment in Ethiopia is guaranteed by the Constitution and Investment Code against nationalization and expropriations, he told forum particiants.
Cŏte ďIvoire Ambassador to Ethiopia Aboua Georges on his part said that the forum would be a way to an invitation for Ethiopians to invest, develop the strong relations between the two countries.
Georges furthers said that the government with the support of its development partners has been engaged in an ambitious economic growth pogramme spanning from 2012 – 2015 aimed at registering a consistent and dynamic growth of 10 per cent by 2015, based in part on the increase of investment. ” CEPICI assists in materializing your investment oppor- tunities.”
Ethiopian Investment Commission Director General Fitsum Arega said that Ethiopia has been growing by double digit over the last 10- 11 years and is still expected to grow more. “The secret behind this is the sound policy and the peoples commitment, understanding the strategy and engaging themselves.”
Ethiopia aspires to become the leading light manufacturing country in Africa by 2025where the government is working hard to make the country a middle income economy, he added.
Ethiopian Chamber of Commerce and Sectoral Associations (ECCSA) President Solomon Afework said: “Though the bilateral relations between Ethiopia and the Republic of Cŏte ďIvoire is showing some progress, it is not up to the expectations and the existing trade and investment potential of the two countries.”Much effort should be done to further improve the trade and investment relations.”
Solomon further said that various trade and investment incentives such as duty and quota free rights for importing machinery , spare parts and inputs , exemption from internal taxes, tax holiday and much more benefits the country offers ensure trade and investment activities with huge return.
