A potential Egyptian-Ethiopian industrial zone is being studied, Minister of Industry and Foreign Trade Mounir Fakhry Abdel Nour said on Sunday. The minster added that the Ethiopian government is welcoming the development.
According to state-run news agency MENA, the minister’s statements came during a press conference held with Egyptian reporters in Ethiopia.
The minister pointed out that the targeted trade volume between both countries is over $5bn, which not a large figure is considering the capabilities of both countries. He added that Ethiopia exports meat and coffee to Egypt, while Egypt has a competitive advantage in the fields of chemical, fertilisers, automotive, and engineering industries.
Between 2004 and 2013, the volume of trade increased by 21%, edging up from $41m to $165m. He added that Egypt’s share of the trade is around 77.5%.
Abdel Nour said that Egypt is prepared to offer any assistance to Ethiopia to develop its small and medium enterprises.
The foreign trade minister said that around 60 projects are owned by solely Egyptians in Ethiopia while 43 are partnerships between Egyptians and Ethiopians.
Officials from 11 Egyptian ministries headed to Addis Ababa, Ethiopia to attend the fifth Egyptian-Ethiopian commission meetings earlier this week, including the ministers of investment, electricity, culture and education.