Ambassador: Azerbaijani investors weigh investment options in Ethiopia

Baku. 17 October. REPORT.AZ/ Azerbaijani Ambassador to Ethiopia Elman Abdullayev has confirmed a growing interest from his countrymen to engage in various investment fields in Ethiopia.

Report informs, while talking to ENA, Ambassador Abdullayev said investors from his country are taking a closer look at the potential options for investment.

Azerbaijani investors are currently exchanging information with Ethiopian government institutions to identify areas of engagement in the country, the Ambassador confirmed. 

So far they got useful data on prospects in agriculture, manufacturing, agro-processing, trade, tourism, education and others, he said. Detailed studies on the investment climate and its varying options will lead to practical implementations of the selected projects, the Ambassador added. 

According to Ambassador Abdullayev, ties in the trade and investment will sequentially enhance relations in the diplomatic sphere. He mentioned Ethiopia’s topography and weather conditions as potentials to attract Foreign Direct Investment to the country.

The Ambassador cited Ethiopia’s favored trade agreements with the U.S and EU member countries as well as incentives offered by the government as good opportunities in the investment sector.

Ethiopia’s leading role in the region, its being gateway to the whole of Africa, its landscape, government incentives, and the prevailing peace in the country are all mentioned as attracting factors for foreign investors.

Since Azerbaijan is a developed nation, it is ready and willing to share its ample experience in luring Foreign Direct Investment, he pledged.

Apart from the potential in investment, Ethiopia’s strong past history, culture, natural resources and its recognition as important hub for conference tourism are the other pulling factors for foreigners, the Ambassador explained. 

He also extended appreciation to Ethiopia’s peace keeping role in Somalia and South Sudan as well as its overall capability in mediating and pacifying violent situations.

Ethiopia and Azerbaijan established diplomatic exchanges in November 1992 before they experienced break off in between. With its embassy reopening last March, the two sides are now enjoying a flourishing relation. So far the country gave scholarships to over 500 Ethiopian students, and the Ambassador spoke of upholding such a trend.

Incorporated into the Soviet Union in 1920 as the Azerbaijan Soviet Socialist Republic, the current Republic of Azerbaijan is situated at the crossroads of Eastern Europe and Western Asia.