Wednesday 23 August 2017

Ethiopia: Canadian Investors With 367 Million CAD Engaged in Ethiopia

Ethiopia: Canadian Investors With 367 Million CAD Engaged in Ethiopia
(Ethiopian News Agency 07/10/14)

Canadian investors with a total capital of 367 million Canadian dollars (CAD) have secured licenses to invest in Ethiopia, according to Canadian Ambassador to Ethiopia.

The trade exchange between Ethiopia and Canada has also reached 141.3 million CAD.

In an exclusive interview with ENA, Ambassador David Usher said the investors are engaged in importing machinery, leasing construction equipment, education, health, consultancy, tourism and information technology.

In addition, 12 Canadian companies have secured mineral exploration licenses in the country, of which two have substantial assets, he said.

Many Canadian investors are also showing huge interest to engage in the various investment sectors in Ethiopia, according to Ambassador Usher.

The trade flows are, however, modest despite the half-a-century old relationship of the countries, he said.

According to the ambassador, joint consultative forums are being organized with the Ethiopian Ministry of Foreign Affairs to boost the trade exchange between the countries.

Ethiopia imports aircraft and parts, machinery, precious stones, metals (coin) electrical machinery from Canada.

Canadian merchants, on the other hand, import mainly coffee, tea and spices, oil cereals and other agricultural products, it was learned.

The direct flight of Ethiopian airlines three times a week to Toronto has highly contributed toward raising investment and cultural ties, according to Ambassador David Usher.

Canada applauds Ethiopia for its open door policy towards refugees on all its borders alongside showing great effort to bring stability in the Horn of Africa, he pointed out.

Canada has raised its developmental support to Ethiopia to 210 million CAD in the current year, it was indicated.

Source: Ethiopian News Agency

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