LAHORE: Ambassador of Ethiopia Jemal Beker Abdula, while appreciating Look Africa and Engage Africa initiatives, has said that the investors need to enter and operate in Africa as Ethiopia provides full security, safety and protection.
He was speaking at the Lahore Chamber of Commerce and Industry. LCCI President Kashif Anwar presented the address of welcome while Senior Vice President Zafar Mahmood Chaudhry, Vice President Adnan Khalid Butt and Honorary Consul General of Ethiopia in Karachi Ibrahim Khalid Tawab also spoke on the occasion.
The ambassador said the LCCI has a big role in the promotion of businesses in Pakistan and globally. He said that Ethiopian economy has been growing in double digit since last 20 years and during the last year growth rate was 7.5 percent.
He said that Ethiopia provides investment opportunities in agriculture, manufacturing, pharmaceutical, surgical equipment, mining and tourism as it provides best sites in the world. The ambassador emphasized on working for collective prosperity of both the countries.
He said that Ethiopia produces 98 percent clean energy under the Green Economy and Green Legacy initiatives. It situated at a strategic location and considered as hub of E-Commerce of Africa. The ambassador also invited LCCI delegation to visit Ethiopia.
LCCI President Kashif Anwar mentioned two important developments taken place in bilateral relations of Pakistan and Ethiopia. He said that both countries have recently signed Bilateral Trade Agreement which will definitely fortify our mutual trade volume which is still not at par keeping in view the actual potential.
The second one is that direct flights have also started between Addis Ababa (Ethiopia) and Karachi which is not less than a great achievement. I hope that direct flights from other major cities of Pakistan like Lahore and Islamabad would also start in coming months.
He said that in recent years, Pakistan has increasingly turned its attention towards the African continent. Pakistan holds Africa in high esteem, recognizing the continent's immense potential. He said that LCCI is keenly following “Look Africa” and "Engage Africa" policies made by Government of Pakistan.
“We are also ready to define a clear roadmap for future interactions with Africa through promoting government to government and private to private contacts”, he added.
Kashif Anwar said that among the African nations, Pakistan accords great importance to Ethiopia which stands out as a beacon of progress and growth, a testament to the resilience and determination of its people and leadership during past few years.
He added that Pakistan and Ethiopia enjoy cordial relations and diplomatic ties since 1958 and since then both countries are working on bilateral, regional and global issues in a significant way. Both countries were also part of the UN Peace Keeping Mission in Congo, Liberia, Burundi, Somalia and South Sudan which showed convergence of their interests for international peace and security.
The LCCI chief said that since Ethiopia has Secretariat of the African Union (AU), it adds significance to the relationship, aligning with Pakistan's commitment to engaging with the AU under its “Engage Africa” policy. He said that these strong relations get hardly reflected in bilateral trade volume.
Kashif Anwar said that Pakistan has negligible share in total imports of Ethiopia which are around US 16.5 billion dollars. Pakistan has a huge potential to enhance its exports to Ethiopia by fulfilling the needs of Ethiopian Market in the sectors like rice, pharmaceutical products, medical equipment, sports good, textiles and construction material. Similarly Pakistan can import agricultural products such as coffee, tea, pulses, oil seeds and vegetables from Ethiopia at affordable prices. Both countries can also collaborate in areas such as renewable energy, agriculture, security, tourism and combating climate change.
He also shed light on the Special Investment Facilitation Council (SIFC) established by the Government of Pakistan, with a primary focus on expediting new investments in five key sectors: Defence, Agriculture, Minerals, Information Technology/Telecommunication and Energy.
He said that this is high time for the business community of both countries to explore untapped trade and investment opportunities. He said that improving banking channels, organizing trade delegations and holding single country exhibitions on reciprocal basis would prove to be effective in opening new avenues that are much needed for enhancing the mutual trade relations.
Copyright Business Recorder, 2024