Capital Ethiopia Newspaper

Industry Minister calls for more investment

16th Addis Chamber International Trade Fair opens

The Industry Minister of the Federal Democratic Republic of Ethiopia called up on foreign participants at the sixteenth Addis Chamber International Trade Fair to invest in Ethiopia.

“Ethiopia is one of the fastest growing countries in the world. The government of Ethiopia has created a positive business environment not only for domestic investors but also for foreign ones. Through dialogue, we can create an even more dynamic business environment in the year to come,” asserted Mekonen Manyazewal, Minister of Industry, in his opening speech at Addis Ababa Exhibition Center last Thursday.

The fair dubbed as ‘Industrialization for Development and Transformation’ has attracted the largest number of participants from abroad. The sixteenth Addis Chamber International Trade Fair has attracted 269 companies of which 147 are foreign while 122 are domestic. The 147 foreign companies participating in the trade fair are from 24 countries of which participants from Egypt and United Arab Emirates (UAE) takes the lead at the exhibition floor. Egypt has brought 60 companies while UAE sent 28.

“It is not the short game of business that matters most. It is the long term one. I call up on the private sector to play its historical role of creating jobs and wealth in a sustainable manner. I also call up on exhibitors to invest in Ethiopia since this trade fair is not only a platform for showcasing your products and networking with potential business partners here but also a venue through which you can explore the investment opportunity here In Ethiopia,” added the minister.

The Addis Chamber International Trade Fair kicked off its sixteenth trade fair last Thursday and will be open till Wednesday February 29, 2012.

“Among the top priorities of our chamber, the promotion of trade and investment is at the forefront. In this regard, our chamber organizes both inbound and outbound business missions to enhance trade and investment between Ethiopia and the rest of the world. The frequency of visiting and out going business missions is increasing more than ever before. The investment attractions and the huge resources and market potential of the country has recently become increasingly appealing to foreign investors,” said Ayalew Zegeye, President of Addis Ababa Chamber of Commerce and Sectoral Association (AACCSA).

Revenue from the Addis Ababa Exhibition Center has jumped from a mere three million birr to close to 15 million birr in less than a decade. After the AACCSA took over the management of the exhibition center, the revenue of the center has grown five fold in just eight years. The City Chamber took over the management contract to administer the center from the City government of Addis Ababa for a contact period of 10 years in 2005.