A visiting business delegation from Pakistan has signed a Memorandum of Understanding (MoU) with the Ethiopian Investment Commission (EIC). The projects envisaged under the MOU cover pharmaceutical and packaging products manufacturing in Kilinto and Bole Lemi industrial parks as well as the development of the Pakistani-Ethiopia Friendship Industrial Park at an estimated cost of US $100 million.
A visiting business delegation from Pakistan has signed a Memorandum of Understanding (MoU) with the Ethiopian Investment Commission (EIC). The projects envisaged under the MOU cover pharmaceutical and packaging products manufacturing in Kilinto and Bole Lemi industrial parks as well as the development of the Pakistani-Ethiopia Friendship Industrial Park at an estimated cost of US $100 million. The proposed industrial Park is expected to attract investments in various manufacturing activities.
The representative of the Pakistani investment and trade delegation said that MoU was signed in view of the favorable investment climate in Ethiopia and the vast technological and work experience of Pakistani entrepreneurs. The signing of the MOU was the result of the keen interest of Pakistani businesses to establish a company in Ethiopia and reach out to the African market, the Ethiopian Investment Commission said. The Pakistani delegation found Ethiopia rich with immense natural resources and untapped potential that made the country a prime location for Foreign Direct Investment.
Speaking at the signing ceremony, Ethiopian Investment Commission Commissioner, Lelise Neme said that the MoU established a long-term collaboration between EIC and Pakistani investors.
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The delegation from Pakistan included more than 80 investors who explored business and investment opportunities in the country. According to reports, the visit is likely to lead to an investment of US$ 1 billion in major prioritized manufacturing areas.
