High time for Pakistani businessmen to invest in Ethiopia: Envoy

November 22, 2022 (MLN): It is high time for Pakistani businessmen to invest in Ethiopia which has lucrative opportunities in different economic sectors, Ethiopian Ambassador to Pakistan Jemal Beker Abdula said in a meeting with the JS Bank Founder Jahangir Siddiqui on Monday.

“Our government opened the financial sector some three months ago and now looks forward to the establishment of traditional banks and stock exchange in Ethiopia,” the ambassador said

He further added that the current government in Ethiopia had opened its economy offering numerous opportunities to investors in diverse sectors such as agriculture, agro-processing, manufacturing, mining, textile, health sector, tourism, and ICT.

“Our government wants to make Ethiopia a manufacturing hub of Africa as we are already producing the cheapest clean energy in the world,” he noted.

He said Ethiopia was exporting clean energy to Kenya, Sudan, and Djibouti, while efforts were afoot to sell it to other countries and ensure regional integration through the energy grid.

The ambassador said Ethiopia was geographically located at a very important position, and for Pakistan, it would be a gateway to Africa.

“We will start the Ethiopian Airline operations in Karachi by the end of this year or January 2023,” he noted. He said the initiative would connect Pakistan with Ethiopia and boost bilateral trade significantly, which currently amounts to $78 million.

Founder of JS Bank Jahangir Siddiqui expressed keen interest in business opportunities being offered by Africa and briefed the ambassador about Raast which was Pakistan’s first instant payment system.

He assured the ambassador of the representation from his company in the business delegation which would fly to Ethiopia by the start of next year.

Meanwhile, in a separate meeting with a delegation of Arif Habib Limited, the ambassador said there was a huge demand for construction material and fertilizer in his country.

“It is a big opportunity for Pakistani businessmen who can make profits by entering the Ethiopian market right now,” he maintained.

The ambassador assured them of the state guarantee on their investment and said whatever would be invested in Ethiopia would have a return in terms of profit.

He said Ethiopia was the fastest growing economy and multiple incentives have been announced for the investors by his government.

“We are committed to facilitating the investors in our country, that is why we have established a one-window operation for them,” he added.

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