Major South Korean Companies Want to Invest in Ethiopia

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Major South Korean companies are interested in investing in Ethiopia, Ministry of Foreign Affairs discloses.

Ambassador Dewano Kedir, Permanent Secretary of Economic Diplomacy at the ministry, received a team of South Korean business delegation from the city of Busan.

The visit of the South Korean business delegation to Ethiopia came following the Ethiopia business forum held in the South Korean capital Seoul. During their meeting with the permanent secretary, heads of several South Korean companies communicated their interest and readiness to invest in Ethiopia. The industries in which the South Korean companies are interested in investing include chemical manufacturing, construction, assembling and pharmaceuticals.

Among the South Korean companies interested in investing in Ethiopia is the Daehan Stell Company that wishes to endeavor in metal input extraction with a capital of $100 million. Vision Tech is another company that wants to venture in manufacturing electric power saving equipment and light bulbs. The ministry has mentioned yet another company worth over $600 million that has shown interest in investing in Ethiopia. The Ethiopian embassy in Seoul is preparing to arrange a visit to Ethiopia for Korean businesses prior to investment engagement, before 2018 closes.

Thanking the delegation for choosing Ethiopia as their business delegation, Ambassador Dewano Kedir expressed belief that economic cooperation between Ethiopia and South Korea will continue to soar exploring new dimensions on investment promotion, trade and industrial parks development.

Sources: Ethiopian News Agency (ENA), Fana BC

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