The United States chamber of commerce known as American Chamber of Commerce Abroad (AmChams) opened an office last Tuesday in Kirkos Sub- City.
In 2009 an unofficial office was opened.
At the opening ceremony on December 6 at the Sheraton Addis the American Chamber of Commerce (AmCham) Ethiopia president Danel Hailu said “the AmCham mission is to enhance the commercial and economic business ties between the two countries and create an attractive investment climate that facilitates the achievement of the GTP2 goals while creating a space for the private sector that improves the ease of doing business in Ethiopia.’’
He urged member companies to work with the government of Ethiopia to create a business environment where all businesses can thrive.
Fistum Arega, Commissioner of the Ethiopian investment Commission appreciated the initiation of the US in opening an AmCham office in Ethiopia.
“Honestly speaking the US and Ethiopia do not have as strong of an economic relationship as one might expect and this kind of office can play a large role in attracting more investors, we especially hope to attract more US investors to our new industrial parks.”
US Embassy Charge’ D’ Affairs Peter Vrooman said the US is focused on attracting American companies that are committed to suitable business practices to invest in Ethiopia because they bring higher production quality, technology transfer, professional training, and create jobs that benefit all Ethiopians.
United States investment in Ethiopia has reached four billion USD.
Corbetti Geothermal Company, KKR & Co. L.P Horticulture, Blackstone, major apparel manufacturers, GE manufacture and Coca Cola are few of the US companies currently investing in Ethiopia.
AGOA plays a significant role by building on existing US trade programs expanding duty-free benefits previously available only under the country’s Generalized System of Preferences (GSP) program.
Duty-free access to the US market under the combined AGOA/GSP program stands at approximately 7,000 product tariff lines, including the roughly 1,800 tariff lines that were added to the GSP pool by the AGOA legislation.