Egyptian Companies Invest 2 Billion USD in Ethiopia

Some 137 Egyptian companies have invested a total of USD 2 billion in Ethiopian market, according to the Egyptian Minister of Trade and Industry.

Quoting the press release of the ministry, Egypt’sIndependent newspaper reported that the highest-ranking investment reaching USD 250 million was carried out by the El Sewedy Industries Group, which hopes to establish an industrial zone for Egyptian companies in Ethiopia.

Trade and Industry Minister MounirFakhry Abdel Nour said Egypt hopes to increase the volume of trade with Ethiopia by 150 percent over the coming three years and to boost its investments in the latter's market.

The minister further stated the current trade between the two countries has reached USD 200 million, and Egypt is targeting to increase the turnover to 500 million USD in the coming three years.

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