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Egypt hopes to increase the volume of trade with Ethiopia by 150 percent over the coming three years, as well as to boost Egyptian investments in the Ethiopian market, according to Egyptian Trade and Industry Minister Mounir Fakhry Abdel Nour.
A press release issued by the minister said that the current Egyptian trade volume in Ethiopia reaches USD 200 million and that would be raised by one and half folds to USD 500 million in the three coming years.
Around 137 Egyptian companies have invested a total of USD 2 billion in Ethiopian market at present.
The highest-ranking investments, reaching USD 250 million, are carried out by the El Sewedy Industries Group, which hopes to establish an industrial zone for Egyptian companies in Ethiopia. The required licenses are currently being issued.
The Ethiopian-Egyptian Business Council will henceforth be led by Ahmed Sadeq al-Sewedy, Chairman of El Sewedy group, according to administerial decision.
(Walta Information Center)