Egypt hopes to increase the vomune [volume] of trade with Ethiopia by 150 percent over the coming three years, as well as to boost Egyptian investments in the Ethiopian market, according to Trade and Industry Ministry Mounir Fakhry Abdel Nour.
A press release issued by the ministry on Sunday said that the current trade reaches US$200 million, according to the minister, who added that US$500 million is the target for the three coming years. Around 137 Egyptian companies have invested a total of US$2 billion in Ethiopian market. The highest-ranking investments, reaching US$250 million, are carried out by the El Sewedy Industries Group, which hopes to establish an industrial zone for Egyptian companies in Ethiopia. The required licenses are currently being issued.
The Ethiopian-Egyptian Business Council will now be led by Ahmed Sadeq al-Sewedy, chairman of the group, according to the ministerial decision.