President Mulatu Teshome (PhD) has called on Moroccan deligation that had been led by King, Mohamed Vl, to invest in the hotel industry of Ethiopia.
The president, who has met the king and the accompanying delegation of high royal officials and prominent business leaders while they were here in Ethiopia for a two day state visit to the country, has briefed the Moroccan high Royal Officials and 30 plus investors about the investment opportunity in the country.
According to information obtained from the president’s office, the president has called on the delegation to invest on a six star and above hotel that can fit to the acclaim of the royal family and that of the country.
The president called up on the delegation to invest in the hospitality sector of the country following an expression of intent to invest in the hotel and tourism sector of the country by the king, Walta has learnt.
The president accorded high level of importance to visiting delegation by underlining the fact that the visit has opened a new chapter in the bilateral relation of the two counties.
The delegates, who asked about sectors which are open to foreign investors, have been briefed about Ethiopia’s investment sectors and the privileges attached with every investment scheme.
The President briefed the delegates that they can engage in almost all investment types except finance and telecom.
The two countries have sealed a number of deals last Saturday following wrap up of the two day state visit to Ethiopia.
The King on his part said that the relation between the two sisterly counties is exemplary.
Apart from inking 3.7 billion dollars’ worth fertilizer factory construction deal, the two counties have signed 12 memorandum of understandings in the area of investment promotion and protection, avoidance of double taxation and prevention of tax evasion, agriculture, promotion of trade, economic cooperation, bilateral air service, water management and irrigation, hotel and tourism, and scientific, technical and culture cooperation.
A joint meeting of Ethiopian and Moroccan business persons was also held in a bid to explore business and investment opportunities between the two countries.
Ethiopia has recently opened its embassy in Morocco. It also has supported Morocco’s request return to African Union before the next AU Summit.