FEATURE- Ethiopia, Sudan towards boosting economic cooperation

By Hannan Hassan

KHARTOUM, May 24, 2005 (SUNA) — The call made by the Ethiopian Ambassador in Khartoum, Kadafu Mohammed, to the Sudanese businessmen to invest in his country and his assertion of the importance of realization of integration and unity between the two countries reflect the desire for boosting joint cooperation in the framework of the progressing economic relations and increasing trade exchange as well as signing the preferential agreement between Sudan and Ethiopia.

Addressing a symposium organized recently by the Sudanese Businessmen Federation in collaboration with the Ethiopian Embassy in Khartoum on “the investment opportunities between Sudan and Ethiopia,” the ambassador asserted the importance of establishment of big joint investments with the participation of the private sector to realize economic development in the two countries, reviewing the great potentials possessed by the two countries concerning the natural resources and the tribal, cultural and social interaction through the joint borders and pointed to the importance of exchange of information and exploring the available investment opportunities in to the two countries.

The ambassador pointed out that his country has introduced great reforms in the strategy of economic development to comply with the policy of open market and meet the aspirations of local and foreign investors.

The Commercial Attaché of the Ethiopian Embassy, on his part, reviewed the main fields of investment in Ethiopia including the agricultural sector, explaining that his country is one of the main sources of coffee and tea, cotton and horticulture products, in addition to the animal wealth, fishery, and diary and meat production.

He added that there were also many opportunities of investment in the industry field, such as fish, vegetables, fruits, mineral water tanning, leather, textile, clothes, medicines, chemicals, building materials, minerals, electric and electronic products besides tourism.

Moreover, he pointed to the guarantees provided to the investors concerning the return of the capital and transfer of money outside Ethiopia as well as the protection stipulated by the Ethiopian constitution, which prohibits confiscation of investment funds.

He as well reviewed the advantages of investment in Ethiopia, including the existence of one of the biggest local markets in Africa besides the existence of international and regional agreements that guarantee the Ethiopian products and exports to reach the African and European markets.

Chairman of the Joint Sudanese-Ethiopian Businessmen Council Mustafa Al-Shiekh Mustafa, on his part, affirmed that the symposium aimed at boosting the joint economic and trade relations and exchange of information on the available investment opportunities in the two countries, referring to the facilities provided by the preferential agreement for investors in the two countries.