ITALY TO INCREASE INVESTMENTS IN ETHIOPIA’S INDUSTRY, INFRASTRUCTURE DEVELOPMENT

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Italian Ambassador to Ethiopia, Giuseppe Mistrettahas recently said, in an exclusive interview with Ethiopian News Agency, that his country is keen to increase Italian investment in Ethiopia particularly in the industry sector.
Ethiopia’s industry road map was for the years 2013-2025 prioritizes agro-processing, leather and leather products, textile and infrastructural expansions.
One of the fastest growing economies in the world and with a population of 90 million, the East African nation has great potential for investment and access to lucrative markets.
The Ambassador pointed out that Italy is desirous to use this potential.
The longstanding Ethiopia-Italy cooperation was aid based, but now it transformed into strategic partnership, Ambassador Mistretta said.“We are working to build and to create a network of small and medium size industries. It is a new pillar of our cooperation.”
Italy is also working to create better value chain of coffee, leather and agro industry products, said the Italian Vice Minister for Economic Development, Carlo Calenda.
With an annual trade volume of 300-400 million Euros, the two countries are working together in the areas of health, education and agriculture.
The Minister promised that the Italian government will provide technical and financial support for companies interested to invest in Ethiopia.
Ethiopia is among Italy’s top focus countries in Africa largely due to its political and institutional stability, as well as itsbusiness atmosphere conduciveness.
The Minister underlined that both countries have good access to lucrative markets and he urged Italian entrepreneurs to make use of this opportunity.
Italian companies have been engaging in Ethiopia in infrastructure, development of hydro-power dams, and textiles.
Over 50 Italian investors are engaged in Ethiopia in construction, water development, leather products, and agro processing and textile sectors.
Noting Ethiopia’s potential for business, Italy has opened trade office in Addis Ababa to bolster economic relation and promote foreign investments by Italian companies and to provide technical and financial support to investment projects.
Peace and security are also major cooperation areas for the two countries.
Italian Vice Minister of Foreign Affair, Mario Giro, said that Peace and security are going to continue as primary cooperation areas between the two nations.
Ethiopia has been working to build lasting peace in Africa in general and East African region in particular under the African Union and United Nations umbrella.

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