Monday, October 2, 2023
BusinessSpain eyes Ethiopian growing market

Spain eyes Ethiopian growing market

Conducts first ever multilateral trade mission

The Government of Spain is closely observing the growing Ethiopian economy which the European nation says is significant to strengthen trade and investment between the two countries.

According to Borja Montesino Martinez, Spanish ambassador to Ethiopia, Spain is largely engaged in trade and investment with Northern African countries; however, the vibrant economic activities in Ethiopia has led his country to look for opportunities here.

“I arrived in Addis Ababa six months ago. Over this short period I have received four trade mission organized by Spanish chambers of commerce and sectoral export organizations,” the ambassador said at the first-ever multilateral trade mission, which was held at the Radisson Blu on Thursday. The multilateral trade mission was sponsored by the Government of Spain

“Although it seems to be a little late for us, I call upon both sides to make the best out of it,” he said.

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Ayane Zewde, state minster of Trade said that Ethiopia’s growth and market opportunities is attracting many countries. He added that back in 2014 Spain’s export to Ethiopia was EUR 50 million while Ethiopia exported EUR eight million in the same year. However, last year’s figures appeared to be better, according to to state minister. The figures show that Spain exported EUR 84 million to Ethiopia and imported EUR 46 million. “A lot more can be done now by increasing the number of Spanish companies operating here,” he said.

The state minister assured that the Ethiopian government is ready to welcome Spanish companies, particularly in the areas of infrastructure, energy and water treatment and water management.

The Spanish Institute for Trade Promotion (ICEX) has already conducted activities in Ethiopia. According to ICEX, the Spanish market is one of the largest in Europe, with outstanding purchasing power in line with the European average.

Moreover, the country is known to have the highest number of double taxation and investment protection within in the Eurozone. It has strong business ties with the North African countries such as Morocco and Algeria in its Mediterranean network in addition to the larger platform of business it has long kept with Latin America and the Middle East.

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