Ethiopia and UAE have concluded the reciprocal promotion and investment protection agreement which is hoped to significantly boost the bilateral trade volume and investment flow.
Investment officials from both countries have signed the agreement on Saturday (December 03, 2016) in Abu Dhabi during a high-level Ethiopian delegation visit to the country.
According to Fitsum Arega, Director General of Ethiopian Investment Commission, although the guarantee for protection of investments is already established in Ethiopia's investment law, bilateral agreements of such kind will further encourage companies to invest in the country.
As UAE investors are interested in investing in the hospitality industry, agriculture and agri-food areas; the Commissioner added, the conclusion of this agreement will also bolster the engagement of investors in these areas.
Earlier on Friday (December 02, 2016), Prime Minister Hailemariam Desalegn and Shiek Mohamed Bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi discussed on ways of expanding the horizons of cooperation between the two countries particularly boosting investments in industry, agriculture and tourism sectors.
Minister of Foreign Affairs, Dr. Workneh Gebeyehu also met with Sheik Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs and International cooperation of UAE, during which the two sides discussed bilateral ties and explored ways of enhancing cooperation between the two countries as well as exchanged views on current regional and international developments of mutual concern.
Sources: Mfa.gov.et
