Capital Ethiopia Newspaper

More Turkish investors on the way

A Turkish business delegation spearheaded by Ethiopia’s Ambassador to Turkey, Mulatu Teshome, is on its way to Ethiopia possibly as soon as this month, sources told Capital.
Construction and Agricultural firms are among those said to be considering investment in Ethiopia.
Last March a similar delegation comprising of about 200 Turkish businesspeople visited Ethiopia and attended an Ethio-Turkish Business Forum. Large Turkish firms met with a sizeable delegation from both the Ethiopian (ECCSA) and the Addis Ababa chambers of commerce and sectoral associations (AACCSA).
The meeting was organized by the Turkish Exporter’s Assembly, the Confederation of Businessmen and Industrialists of Turkey, and the Under Secretariat of the Ministry of Foreign Trade (MoFT) for Turkey in coordination with the ECCSA and AACCSA.  Zafer Caglayan, minister MoFT for Turkey accompanied the delegation with Rizanur Meral, chairman of the Federation of Businesspeople and Industrialists of Turkey (TUSKON).
At that meeting The Turkish Export-Import (Exim) Bank made 100 million dollars available for Turkish businesses to set up projects in Ethiopia.
A tentative understanding was also then to establish a free trade agreement between Ethiopia and Turkey.
Turkey, a country of 75 million people located on the cross roads between Asia and Europe has one of the fastest growing economies in the world.
It is one of the leading producers of agricultural products; textiles; motor vehicles, ships; construction materials; consumer electronics and home appliances in the world.
In recent years, Turkey had a rapidly growing private sector. However, banking and communications are still state owned.  It also has the world’s 17th largest Nominal GDP and is one of the G-20 major economies. It is also part of the EU Customs Union.
Turkey’s main trading partners are the European Union, the United States, Russia and Japan.
In 2005, Recep Tayep Erdogan, Turkish Prime Minister, visited Ethiopia, and in 2007, Prime Minister Meles Zenawi visited Turkey.
Turkish businesses have been growing in Ethiopia. Textile companies Elsee Addis and Ayka Addis as well as Saygin B.M. Technology Group LLC which is in the process of erecting a cable factory are major Turkish players in the Ethiopian economy.