A Singapore business delegation visited Ethiopia with the aim of assessing investment opportunities in the country.
At a press conference held on Tuesday, the business delegation along with the Ethiopian Chamber of Commerce and Sectoral Associations (ECCSA), discussed several investment opportunities which would benefit both countries. “We haven’t exactly pinpointed specific areas where we will have investment agreements, but there are companies willing to invest in the areas the Ethiopian government is promoting such as Agro-processing and others,” said Mulu Solomon, President of ECCSA.
The business delegation is from International Enterprise Singapore, which is a government agency that follows and spearheads the growth of overseas investments of Singapore-based companies.
In addition to promoting export of goods and services, IE Singapore also entices commodity traders to establish their global or Asian base in Singapore.
The leader of the delegation, Rahul Ghosh, Division Director of Middle East and Africa Group, stated that Singapore is a thriving trading hub with a complete ecosystem for energy, agri-commodities and metals & minerals trading clusters.
“Besides investments, we can share a lot of experiences with Ethiopia, especially in the urban planning area. Urban planning has been integrated in our development strategies and we have been very successful. Planning is very important,” said Ghosh. He said planning for urban city development, for industrial zone development or planning for economic development matters, and needs to be done before any investment is made.
Through the agency’s Global Company Partnership, it works with Singapore-based companies in various stages of growth, towards being globally competitive. It customizes solutions in capability building, market access and financing for these companies as they start competing on the international market.
According to the press conference, IT, education, health as well as hospitality could also be areas in which different companies will be interested in investing. Ethiopia has USD 15 million worth of trade exchange with Singapore. According to the ECCSA President, this number can significantly grow, if Ethiopia is able to send other exports and not only agriculture produces. “Singapore is a country we can learn so many things from. It is a country that took itself from a third world country to a developed one. Even though their population is a little over 5 million and don’t have natural resources, they have the right view and vision for their country,” Mulu stated.
IE Singapore has a global network of overseas centers in over 35 locations and provides the necessary connections in many developed and emerging markets.