Ethiopian PM lauds relations with Egypt

With 40 Egyptian companies already investing in his country, Ethiopian Prime Minister Hailemariam Desalegn could easily tell that relations with Cairo are taking an upturn.
Africa has a very good chance to progress, prosper and achieve development, Hailemariam said in a meeting with Egyptian businessmen, who are already investing in Ethiopia, Tuesday.
An economic development is happening in Africa, which is becoming more attractive to different businesses by the day, the premier said.
Egypt and Ethiopia are two big countries that have deep-rooted civilizations, Hailemariam said, noting that it is the Nile River that is giving life to both civilizations.
The two countries should, therefore, act to maintain their civilizations and achieve progress for the sake of their peoples, he noted.
A Comesa summit is just a week away and it would be a good chance for businessmen here and in Egypt to explore new investment opportunities in the region, Hailemariam said.
Ethiopia has many investment opportunities that are up for grabs in the fields of agriculture and animal wealth, the premier stressed.
He said his country imports many goods from Egypt, such as petrochemicals, pressing for action to increase the volume of trade exchange and boost cooperation between the two African countries.
A number of agreements have been signed between Cairo and Addis Ababa to prevent double taxation, Hailemariam said, noting that this should help activate trade exchange and enhance the flow of investments.
Ethiopia backs an initiative by Egyptian businessmen to increase the volume of trade exchange, he said, pointing to discussions on expanding infrastructure and road projects.
This, and the energy and communications sectors, is an important field of development and investment, Hailemariam noted.
Addis Ababa is acting to create an investment-friendly climate, the premier said, adding that his main targets are neighboring states, such as Sudan, Djibouti, Kenya and Somalia.
This will eventually lead to an integration in the infrastructure of those countries and will promote projects among them, he noted.
Hailemariam praised the role played by Egyptian companies in contributing to development projects in Ethiopia. They are also sharing their technological know-how with Ethiopian businessmen, the premier said in gratitude.
"Long live Egyptian-Ethiopian friendship," was his concluding remark.
President Abdel Fattah El Sisi, who co-chaired the meeting with the Egyptian-Ethiopian Business Council earlier today, said a joint committee has been formed with the aim to boost cooperation between the two countries.
Egypt and Ethiopia, he added, are taking measures to overcome the "uncomfortable state" that has affected bilateral ties.
Positive measures by the two governments will resonate in an advancement in investment movement between the two countries, said an optimistic Sisi.
The populations of Egypt, Sudan and Ethiopia are roughly 250 million, Sisi said, seeing in that a big market that would very well attract huge investments.
"Our people are seeking an improvement in living conditions ... and a decent life," he told the council.
Sisi encouraged Ethiopian businessmen "to invest in Egypt and we will allocate sites for you that will be Ethiopia's gate to the outside world." The president said a number of logistics hubs are being established in Egypt.
Sisi and Hailemariam then listened to remarks by Egyptian and Ethiopian businessmen, who voiced willingness to contribute to enhancing economic and trade relations between their countries.
Egyptian businessmen called for establishing an Egyptian industrial zone in Ethiopia. This zone should group all Egyptian projects and investments in Ethiopia, the businessmen suggested, noting that this would help reduce expenses and upgrade the Ethiopian industry itself.
They also proposed to have a free trade zone between Egypt and Ethiopia.
Some of them asked Sisi and Hailemariam to support Egypt's imports of Ethiopian meat by finding a cheaper means to transport it other than air transport, which is highly expensive.
Sisi assured them that Egypt is working to establish land and river roads with Ethiopia not just for an easier transport of meat, but of all goods.
Hopefully, this would help reduce meat prices in Egypt after all, the president said.