FAISALABAD: FCCI and Ethiopian Investment Commission (EIC) have inked a Memorandum of Understanding (MoU) to launch joint ventures through massive investment in different sectors including textile, agriculture, livestock, poultry and IT etc.

Senior Vice President Faisalabad Chamber of Commerce & Industry (FCCI) Dr. Sajjad Arshad and Dr. Zeleka Temesgen Deputy Commissioner EIC signed the MoU on behalf of their respective organization. Dr. Sajjad Arshad welcomed this MoU and said that Pakistan and Ethiopia produce an abundance of raw material for value addition in different sectors. He said that EIC will provide basic data, information and matchmaking facilities so that joint ventures could be undertaken for the benefit of the two countries. He underlined the expertise of Faisalabad in textile and said that this city was contributing a lion's share in the total textile export of Pakistan. He said that FCCI could help Ethiopia to reorganize its textile sector on modern scientific lines and enhance its exports to potential international markets in addition to catering to the needs of other African countries.

He also mentioned the new initiative of President FCCI Dr. Khurram Tariq to promote IT by transforming the textile city into Cyberabad. He said that a training program would be launched in generative artificial intelligence for the young graduates who could excel in different sectors and earn billions of dollars for the country by exporting innovative software and programs. He said that similar facilities could also be doled out to the Ethiopian IT houses and young startups. He also assured to help Ethiopia to develop the poultry sector as FCCI could provide them technical facilities and expertise to develop the poultry farming sector to double its production.

Excellency Jemal Beker Abduloh, Ambassador of Ethiopia in Pakistan and former executive member FCCI Sheikh Muhammad Fazil were also present during this ceremony.

Copyright Business Recorder, 2024