Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt Discusses Investment Problems in Ethiopia


Sun 10 Jan 2021 | 04:24 PM
Ahmad El-Assasy

On Sunday, the Department of African Countries and Organizations in the Commercial Representation Authority of the Ministry of Trade and Industry discussed with Lelise Neme, Commissioner of the Ethiopian Investment Commission the problems of the Egyptian Investments in Ethiopia

This came in a meeting held at the headquarter of the Authority to address the challenges facing Egyptian investments in Ethiopia, especially the existing projects in the Tigray region there.

In a letter sent to Alaa Al-Saqati, head of the Egyptian Industrial Zone in Ethiopia, Abdel Aziz Al-Sharif, Head of the African Countries Administration in the Commercial Representation Authority said that the Egyptian investment movement to Ethiopia has witnessed a great increase since In 2009.

He added that Egypt is a receiving country of foreign investment greater than a country sending foreign investments but the increase in Egyptian investments in Ethiopia has long been viewed positively.

He indicated that according to the data available by the Ethiopian authorities, the volume of Egyptian investments in Ethiopia has reached About $ 58 million, "but we believe that the real number is much greater."

He pointed out that Egyptian investors are facing problems with the banking procedures recently applied regarding restricting the maximum limit for cash withdrawals from Ethiopian banks. They also are concerned about the continued interruption and instability of internet and electricity services.

On his part, Al-Saqati praised the official intervention of the Egyptian Commercial Representation Office in Addis Ababa to solve the Egyptian investment problems in Ethiopia. He stressed that investments abroad have high economic feasibility that benefits the local economy and its embrace by the government, a matter that has become of utmost importance in light of the current conditions.