A Business to Business (B2B) Meeting was held between Ethiopian and Turkish investors, on May 6, 2015 at Sheraton Addis hotel. The event organized by WAFA Marketing and Promotion Plc. in collaboration with the Turkish Electro Technology Exporters’ Association (TET) and the Commercial Counselor of the Embassy of Turkey in Addis Ababa, was attended by more than 27 Turkish and 100 Ethiopian companies.
The event aimed at creating business ties between the business people of the two countries was also attended by dignitaries like Azeb Asnake, CEO of Ethiopian Electric Power and Ahmed Sevket, head of department at Turkish Ministry of Economy. “Ethiopia has been registering a fast economic growth. Again the country has embarked upon massive infrastructure projects and these developments will help us to make a significant stride in terms of improving our cooperation,” said Azeb.
Representatives of the Turkish side also mentioned that they are increasingly becoming interested in Ethiopia because of its economic growth and investor friendly environment.
In a similar B2B meeting that was held in Turkey, Istanbul a week ago, the business communities of the two countries had established business ties. “During the event that was held in Istanbul, I had the chance to meet construction equipment suppliers and agreed to buy their products. Now I have started the process of importation,” said Michael Getaneh, Manger of Bokra Construction PLC. On that particular day when the event at Sheraton Addis was taking place, he was looking for more Turkish companies to work with.
With USD 3 billion investment, Turkish investors are the leading investors in Ethiopia in terms of investment capital. Similarly, the trade volume between the two countries has reached USD 450 million.
Zulfikar KiliC, commercial counselor at the Turkish Embassy in Ethiopia was asked by WAFA’s reporter, Why Ethiopia has become the leading Turkish investment destination in Africa? He replied “I think Ayka Addis has served as a model for other Turkish companies. Like any other countries’ investors, Turkish investors also want stable environment and I think Ayka Addis showed the business opportunities existent in Ethiopia for other Turkish companies.”
Ayka Addis is a vertically integrated subsidiary of Ayka Textile (Turkey based), which was founded in 1988 as a ready-made garment manufacturer and exporter. The company that joined Ethiopia’s textile manufacturing sector six years ago with an investment of USD 140 million has created more than 13,000 job opportunities.
In addition to manufacturing the relation of the two countries has expanded to infrastructure development works. Couple of Months ago, Turkey officially announced that it would give USD 300 million loan for Awash- Woldiya Railway project. The two countries are working together in the energy sector, as well. There are Turkish companies engaged in installing electric transmission lines and supplying transformers.
WAFA believes that the two events held in the two countries within a week period of time are the poster children of the flourishing relation between the two countries. It is also our strong believe that these B2B meetings will be translated into action and bring more investment in the near future.