A business delegation from Kenya is visiting Ethiopia. Kenyan businessmen want to take advantage of the new decision made by the Ethiopian government to let foreigners invest in Ethiopia. The Kenya Association of Manufacturers is leading this effort. They are in Addis Ababa until April 26th to meet Ethiopian businesses. The Addis Ababa Chamber of Commerce and Sectoral Association greeted them.
Recently, The Ethiopian Investment Commission (EIC) issued a new directive outlining that foreign investors can engage in specific trade investments. The new directive allows foreign Investors’ participation in previously reserved businesses including export, import, wholesale, and retail trade investments.
Anthony Mwangi, CEO of the Kenyan manufacturers’ group, says this visit will help them to find new trade opportunities, and partnerships, and learn from each other. Moreover, this visit follows talks from February, where Kenya and Ethiopia agreed to boost trade and investment.
More than 300 business people from Kenya and Ethiopia are taking part in the trade mission. They are representing different manufacturing companies. The plan includes B2B meetings, exhibitions, conferences, matchmaking sessions, networking opportunities, and industry visits to promote the trade between Ethiopia and Kenya.
The Kenyan companies that are involved in this trade mission are Ernst & Young, Nestle Kenya, Kenya Tea Packers Ltd, Torrent East Africa, and Africa PVC. Every year, Kenya sells about $100 million worth of goods to Ethiopia, while Ethiopia sells over $25 million to Kenya.
Mesenbet Shenkute, the President of the Addis Ababa Chamber of Commerce, says they want to use these new rules as per the directive of EIC to make their ties with Kenya stronger.
While the Ethiopian government seems to be keen to open up its economy to foreigners, the impact of this liberalization on local businesses remains to be seen.
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I is good for both countries , and it also strengthen regional integration .