In a bid to fortify trade ties in the textile and apparel segments, Ethiopia and South Korea held a forum targeting investment in the field.
At the event, Ethiopia’s State Minister of Foreign Affairs Aklilu Hailemichael underlined that the environment of the country is favorable for investment. He also apprised that there’re around 76 licensed investment food firms, of which 61 are wholly Korean and 15 are Ethiopian-Korean JV.
The aim is now to enhance cooperation in the textile sector as well. Markedly, the Ethiopian textile industry is making economic reforms to strengthen its financial system. It was also highlighted that the Ethiopian textile and garment industry has grown at an average rate of 51 percent in the past six years.
“We expect that Korea’s capital, technology and experience together with the potential of Ethiopia will produce a model for win-win cooperation that will benefit both countries,” Hoon-min Lim, Korea’s Ambassador to Ethiopia, said.