Korean companies keen to invest in Ethiopian textile industry

As Korean companies are keen to invest in the industrial sector of Ethiopia, South Korean President Park Geun-hye has decided to make a State Visit to Ethiopia and the African Union (AU) commission from May 25 to 28, 2016, said the Korean Ambassador.

Ethiopia, the second most populous country in Africa and a leader in the East African region, Korean belief that their cooperation with this country is very crucial, not only bilaterally but also multilaterally, noted the Ambassador.

President Park, during her visit is expected to announce Korea’s policy towards Ethiopia and Africa through the bilateral summit and her special speech at the AU headquarters, said Ambassador.

Acknowledging the importance of the AU, they are enhancing cooperation with the AU in a wide-ranging field. In particular, they are planning to co-host the 4th Korea-Africa Forum in December 2016 in Addis Ababa with Ethiopian government.

The President will officially launch a development project called “Korea Aid” in her visit. Through this Korea Aid project, they will be able to achieve the SDGs of “leave no one behind” and share Korean economic and social development experience.

Korea and Ethiopia is maintaining a brotherly relationship. The Korean people and government are trying their best to provide meaningful contribution to the developing process of this great country through multiple channels.

Concerning the Korean investment flows in Ethiopia, the Ambassador said that at present, Korean textile company ShinTS is operating a textile factory in Bole Lemi industrial complex, and another world-class Korean textile company is giving positive consideration on new investment.

The economies of both countries are highly complementary, taking into consideration of the capital and technology of Korea and the abundant and competitive labor of Ethiopia, said Ambassador KIM Moon-hwan.

Investment in the textile and steel industry are under progress, besides this there are some other promising areas for future Korean investment They are expecting that the bilateral relationship will elevate to a new level in every aspect, such as politics, economy, culture, and etc..