The two-way trade between Ethiopia and South Africa has reached about 145 million USD
Opening the Ethio-South Africa Business Forum aimed at bringing together the business community and other pertinent stakeholders from the two brotherly countries to deliberate on trade and investment
advancement and cooperation at Washington Hotel on Monday, State Minister of Trade Dr. Yinager Dessie said that the two-way trade between Ethiopia and South Africa has reached about 145 million USD. Major export items to South Africa include coffee, agricultural crops and cut flowers while in return imports include fertilizers, automotive products, textile, chemicals, pharmaceutical and medical items.
South African investors are eyeing various opportunities to be part of the development of Ethiopia. Foreign Direct Investment from South Africa is projected to reach over 150 million USD, he added.
“Our continent’s success is not limited to this but making Africa achieve an impressive move in attracting FDI and diversifying its trade. African countries are trading with each other more than ever before and people to people contact is increasing tremendously with the expansion of infrastructure across the continent,” he said.
The Ethiopian Chamber of Commerce and Sectoral Associations President Solomon Aferwork said that Ethiopia is making rapid strides to emerge as one of the leading commercial centers in East Africa. “We are aware that a number of bilateral agreements have been signed between Ethiopia and South Africa. One of these is aimed at enhancing the bilateral relations between the two countries in various sectors including education, agriculture, culture, tourism and human resource development.
Ethiopia’s import from South Africa has been increasing significantly, though fluctuating in recent years, the highest import amounting to 134 million USD in 2013, he added.
Director for Export Promotion at the Department of Trade and Industry the Republic of South Africa, Dr. Julius Nyalunga said that the key for the growth of the South African economy is Africa. It is important to work together. “Ethiopia is one of those countries that we have identified as a prime partner”.
[TheEthiopianHerald]