Senior government officials here on Monday briefed members of European business delegation about the existing favorable investment and trade opportunities in Ethiopia. Visiting the country are more than 60 members of Belgian, Czech Republic and Greece business missions.

Addis Ababa, 4 March 2008 - State Minister of Trade and Industry Tadesse Haile said the government is committed to the development of the private sector through free market policy.

"The government has succeeded in the past sixteen years in creating a conducive business environment by adopting market friendly policy measures, which transformed the command economy into a full-fledged market economy," he said.

According to the state minister the highest customs duty has been reduced from 230 per cent to the current 30 percent. The weighted average custom tariff has been reduced from over 40 percent to the current 17.5 per cent.

Ethiopia has also applied for accession to the World Trade Organization (WTO), he added.

Tadesse said investment opportunities in various areas in Ethiopia have been identified and incentives have been put in place to attract and encourage more investments.

He underlined the need to further promoting the trade and investment ties between Ethiopia and Europe.

Minister of Mines and Energy Alemayhu Tegenu on his part said there are ample opportunities in the energy and mines sector. Especially the ties Ethiopia has created with the Sudan, Kenya, Djibouti and Somalia in the sector has opened up a good opportunity to develop the sector.

Though Ethiopia has a capacity of producing 45,000 megawatt hydropower, only 3 percent has been developed so far. "Investors keen to invest here in the sector will be successful."

Speaking about the nation's tourism potentials, Minster of Culture and Tourism, Ambassador Mohamoud Dirir said Ethiopia has several tourist attractions. The government has also given prime attention to develop the sector.

General Manager of Flanders Investment and Trade, co-organizer of the forum, Claire Tillekaerts told ENA after the briefing that the event has vital importance to introduce Ethiopian trade, investment, tourism opportunities to European companies because many European companies did not have sufficient information.

During their three-day stay here, the business delegates will be visiting investment projects in floriculture, mines and energy sectors.

Ethiopian Embassy in Belgium, Flanders Investment and Trade (a Belgian Company), the Check Trade Promotion Agency, the Thssaloniki Chamber of commerce and the World Bank jointly orgnized the forum.

Source: Ethiopian News Agency