Thirty Five Thai companies composed of food industry, auto spare part manufacturing, and construction are exploring prospective business opportunities in Ethiopia.

A business-to-business meeting was held between the companies’ delegation and Ethiopian business people in Addis Ababa.

Speaking at the opening of the meeting, Addis Ababa Chamber of Commerce and Sectoral Association President, Elias Geneti told the delegation about the opportunities and incentives in Ethiopia. He said that Ethiopia has several sectors in which Thai companies could engage. He also briefed the companies about the country’s capacity in the agricultural sector.

The president said, “Ethiopia has a big potential of agricultural products that can be exported to Thailand and should be exponentially taped… The Ethiopian government offers encouraging and attractive business incentives and packages including tax holidays and tax free import.”

Mesfin Gebremariam, Ministry of Foreign Affairs’ Director-General of Business Diplomacy, said because Ethiopia has affordable and trainable labor and because of its massive agricultural resources and location, companies would have a comparative advantage if they invested in Ethiopia adding that the two countries should strengthen their trade ties which is still low.

The total trade volume between Thailand and Ethiopia was USD 400 million between 2012 and 2017, of which Ethiopia imported goods worth of USD 370 million and exported USD 45 million.

According to the Director-General, Ethiopia assigns close to 60 percent of its budget to capital expenditure of which the majority is allotted to roads and railways.

Thai Permanent Representative to UN Environment and UN-Habitat, Ambassador Cherdkiat Atthakor, said, “Ethiopia is a potential market and we need our business people to explore including the whole east Africa.”

Ethiopia imports automobile spare parts, machinery, rice, and edible oil from Thailand and exports agricultural products to Thailand.

Source: Ethiopian News Agency