Ethiopian Envoy Urges Pakistani Banks To Open Branches In Addis Ababa

FAISALABAD, (UrduPoint / Pakistan Point News - 27th Apr, 2024) Mr. Jemal Beker Abdula, ambassador of the Federal Democratic Republic of Ethiopia,

has urged Pakistani banks to open their branches in Addis Ababa to handle business-related transactions.

Addressing the business community at the Faisalabad Chamber of Commerce & Industry (FCCI), he said that the Ethiopian government would facilitate businesses and give a quantum jump to bilateral trade. He said that establishing a banking channel is a challenge for him as this instrument would prove a game changer for the promotion of bilateral trade in addition to helping Pakistani exporters to sneak into virgin African markets.

He said that Karachi and Lahore have been linked with Addis Ababa through Ethiopian Airlines while flights from Faisalabad and Sialkot would also start very soon. He said that Ethiopia is producing 98% green energy which is also being exported to three neighboring countries. He said that the literacy rate in Ethiopia is 75-80% while women are also playing a productive role in almost all segments of life.

He said that special arrangements have been made at the university level to produce educated and skilled human resources. "For engineering, 70% of the syllabus is related to the topic while the remaining 30% covers all other subjects. A separate ministry of labor and skill was created in 2018 and 1500 vocational institutes are also operating to provide sector-specific skills to cater to the immediate needs of the industry," he added.

He said that the land of Ethiopia is directly linked with humans of prehistoric age while the Nile River also originates from this country. Mr. Jemal appreciated the role of the FCCI in promoting bilateral trade between Pakistan and Ethiopia and said that Ethiopia was never colonized and its economy is most resilient with a growth rate of 10%.

He said that Ethiopia has ten industrial parks where all types of industry could be established. He termed Ethiopia the mother of Africa and said that there was no discrimination between the White and Black. He said that Ethiopia is also a land of quality coffee which is consumed all over the world. He said that Ethiopia is actually a gateway to Africa as all other African countries could be easily accessed through Addis Ababa.

He also mentioned Hazrat Bilal Habshi and said that through Ethiopian Airlines any destination is just at a distance of a few hours. He said that the air flight from Pakistan to Addis Ababa takes only four hours. He particularly mentioned the trade delegation of last year and said that another delegation was in the pipeline in which Faisalabad would have maximum representation.

He said that investors from Faisalabad could establish any type of industry including textile as abundance of cotton was available there.

The surplus products could be exported from Ethiopia to the EU and other countries without any duties or taxes, he added.

About the delegation, he said that its visit is scheduled from May 26-31 and during this visit the participants could not only interact with their Ethiopian counterparts but also discuss issues with the government officials concerned. He said that a Bilateral Trade Agreement (BTA) has already been signed and businessmen should avail from it.

Two documentaries were also screened about the investment opportunities in Ethiopia.

Earlier welcoming the Ethiopian ambassador, Dr Khurram Tariq, President FCCI, said that both countries enjoy excellent brother relations which should be translated into economic terms.

He said that apart from the industrial and commercial importance, Ethiopia has its own religious significance as Muslims migrated to Abyssinia immediately after the advent of islam.

About Faisalabad, he said that it is geo-strategically located in the heart of Pakistan. “It has the largest industrial estate sprawling over 8,000 acres of land”, he said and added that it also has the largest agriculture university in Asia.

He said that FCCI has 9,000 members representing more than 100 sectors and subsectors of the economy. He stressed the need to materialize brotherly relations.

He particularly appreciated the Green Legacy Initiative of Ethiopia and said that an Etho-Pak Unity Enclave has been established in FCCI Sustainability Park.

Mian Muhammad Idrees, former President FPCCI & FCCI, said that he had visited Ethiopia last year which has totally changed his perceptions about the country. He said that Ethiopia is making tremendous progress and it is one of the best destinations for FDI where electricity, land and other utilities are available at reasonable rates.

He further said that Addis Ababa has a large number of five-star hotels with low a crime rate.

Vice President FCCI, Hajji Muhammad Aslam Bhalli, former President Engineer Ehtisham Javed, Executive Member Muhammad Azhar Chaudhary, Muhammad Fazil, Sohail Butt, Engineer Asim Munir and Madam Najma Afzal participated in the question-answer session.

Later, Senior Vice President FCCI, Dr Sajjad Arshad, offered the vote of thanks while President FCCI Dr Khurram Tariq and Mian Muhammad Idrees presented shields to Mr. Jemal Beker Abdula.

The Ethiopian ambassador also presented pictures of historic Mosque of "Najashi" and coffee packs to Dr Khurram Tariq, Dr Sajjad Arshad and Mian Muhammad Idrees. Later, he also recorded his impressions in the FCCI visitor’s book.

Earlier, the ambassador formally inaugurated Etho-Pak Unity Enclave where he also planted a sapling under the Green Legacy Initiative.