Huge Turkish investments coming to Ethiopia

Ayalew Gobeze Ethiopias Ambassador to Turkey
Ayalew Gobeze Ethiopias Ambassador to Turkey

Well heeled Turkish investors plan to accompany Turkey’s Economic Minister Nihat Zeybekci to visit potential business locations in Ethiopia.  Ayalew Gobeze, Ethiopia’s Ambassador to Turkey, told Ethiopian journalists there that the trip will take place in the coming month. They are expected to participate in bilateral meetings with the business community and Ethiopian government officials.

Turkey’s investment in Ethiopia has been growing recently. Half of the USD six billion that Turkey invests in sub Saharan Africa flows to Ethiopia. Textiles and garments are the major products.  In the past few weeks two business forums focusing on Ethiopia were held in Turkey.

“During the latest Turkish/ African business forum held two weeks ago Ethiopia was talked about as one of the  best investment destinations for Turkish business people and many came forward to give their testimony about the opportunities there,” he exclaimed.

According to Ethiopia’s chief diplomat in Turkey, the embassy has sent several businesses to Ethiopia.

Turkish investors in solar, wind and hydro energy have already spent time in Ethiopia, while investors in garments, agro processing and textiles are expected to expand their businesses in the country, he explained.

Ambassador Ayalew said that the Ethiopian government is working hard to support the foreign direct investment and Turkish business is one of the country’s major pillars.

Some businesses affiliated with Turkish investors were partially damaged in the recent unrest but Ethiopian diplomats have been working to alleviate concerns and the Ethiopian Investment Commission recently stated that most were up and running.