A forum aimed at enhancing textile and apparel investment ties between Ethiopia and South Korea kicked off in Addis Ababa recently. The forum is aimed at further strengthen mutual beneficiary co-operation between the two countries and significant platform in creating business opportunities. Opening the Forum, State Minister of Foreign Affairs Aklilu Hailemichael said that the environment of Ethiopia is getting favourable for investment as it is one of the top destinations.

“Currently South Korean investors are showing excellent performance in several sectors,” he said, adding that there are about 76 licensed investment companies of food 61 are fully Korean and 15 Ethiopian Korean joint ventures. He emphasized that Ethiopia will continue to do all the necessary activities to ensure the two countries relation continue to strengthen and the co-operation broaden. Korea’s Ambassador to Ethiopia Hoon-min Lim said that the bilateral relationship and co-operation between the two countries need to further develop and strengthen beyond the existing level to figure out ways of encouraging more active private sector exchange and co-operation.

He pointed out that the potential of the Ethiopian textile industry and the economic reforms undergoing to strengthen its economy by opening up and introducing competition is well known. “We expect that Korea’s capital, technology and experience combined with the potential of Ethiopia will produce a model for win-win cooperation that will benefit both countries,” the ambassador noted. It was learned that Ethiopian textile and apparel industry has grown at an average rate of 51 per cent in the past 6 years.