Official Press
Release
Reverse
Trade Mission yields results for Ethiopia and the
USA
The high-level
Ethiopian Reverse Trade and Investment Mission that was
in the USA from January 13-27, 2001 have returned home to
Ethiopia, concluding a successful mission. The mission
was jointly organized by Ethio-American Trade &
Investment Council (EATIC), Ethiopian Embassy in
Washington D.C. and the Addis Ababa Chamber of Commerce
(AACC). The delegation working visits took them to
Washington DC, Baltimore, MD; Atlanta, GA; Houston, Texas
and held discussions with American business executives,
U.S. government officials and representatives from
various public and private agencies.
His Excellency
Mr. Kassahun Ayele, Ethiopian Minister of Trade
and Industry, led the mission, which included H.E. Mr.
Mohamoud Dirir (Minister of Transport and
Communications), Mr. Fantaye Biftu (Rank of Minister,
Ethiopian Export Agency), Mr. Yusuf
Abdullahi Sukkar
(Ethiopian Tourism Commissioner) Mr. Tadesse Haile
(General Manager Ethiopian Investment Authority), and the
Hon. Ambassador Tibor Nagy, US Ambassador to Ethiopia, as
well as other public and private officials. Twenty five
(25) number of Ethiopian business people also
participated in the mission including the VP and the
General Secretary of the Addis Ababa Chamber of Commerce,
seeking trade and investment ventures in such industries
as textiles and light manufacturing; agribusiness; power
and infrastructure (includes mining and construction);
information technology and health care; tourism and
travel; transport and communications.
One of the
highlights of the mission was Coca Cola's
announcement of its intention to invest close to $50
million in Ethiopia. Addressing the visiting Ethiopian
delegation in Atlanta, Robert Leadsay, Coca-Cola's
director for Africa and the Middle East, cited the
favorable conditions created in the country for
investment and added that Coca-Cola International is
attracted by Ethiopia's lucrative market owing to its
population of nearly 63 million and a hug e labor force."
According to Leadsay, Coca-Cola also plans to enter joint
ventures with Ethiopian business people.
At a forum in
Houston, Texas, co-organized by the Greater Houston
Partnership, the luncheon keynote speaker the Hon.
Ambassador Tibor Nagy addressed the Houston business
community and mission members to engage in investment
opportunities in Ethiopia. Citing an investment code that
is friendly to foreign investors, the country's abundant
natural resources and the recent privatization of key
sectors of the economy, the Ambassador noted that
significant benefits could be obtained from investing in
Ethiopia.
The Houston Mayor,
the Hon. Lee P. Brown and His Excellency Mohamoud Dirir,
Ethiopian Transportation and communications Minister;
also signed an agreement between Ethiopia's Bole
International Airport and the Houston Airport System to
facilitate support for the Addis Ababa airport and to
encourage the extension of Ethiopian Airlines flights to
Houston. A bilateral civil aviation agreement, which the
Ethiopian and US government are currently negotiating,
would allow Ethiopian Airlines to extend its service to
other US cities.
While In
Washington, DC, American entrepreneurs who are already
engaged in business ventures in Ethiopia also added their
testimony regarding the country's highly favorable
investment climate. Mr. Wilson Hunt, President of a
Chicago based company that manufactures and distributes
sports equipment and apparel, spoke of the ease and
benefits of doing business in Ethiopia, including a cheap
but highly disciplined and well trained work force,
government policies and personnel that facilitate foreign
investment and virtually no corruption. Mr. Francis
Schaffer, President of Schaffer and Associates (last
year's recipient of the US State Department's annual
award Corporate Excellence Award for his ventures with
Ethiopia's Fincha Sugar Factory) also shared his positive
experiences of doing business in Ethiopia and encouraged
American entrepreneurs to do likewise.
Finally, before
returning to Addis Ababa, Minister Kassahun and members
if his delegation met with US State Department and US
Customs officials regarding Ethiopia's eligibility under
the African Growth and Opportunity Act. The Minister,
expressing satisfaction with the overall success of the
Trade and Investment Mission, said he expects that
Ethiopian products will be in the US markets in a matter
of weeks.
About EATIC
The Ethio-American Trade & Investment Council
(EATIC - www.eatic.org) is a non-profit, non-partisan,
tax exempt membership organization of corporations and
individuals dedicated to strengthening and facilitating
trade and investment between Ethiopia and the United
States of America. The Council believes that it can best
accomplish this goal through education, focusing on
broadening the respective knowledge of various social
customs, cultural traditions and economic climate of both
countries.
