Jemal Beker Abdula, the Ethiopian ambassador to Pakistan, stated that it was high time for Pakistani businesspeople to invest in Ethiopia, which offered attractive chances in a variety of economic sectors.
During a meeting with JS Bank Founder Jahangir Siddiqui, the ambassador stated, “Our government opened the financial sector roughly three months ago, and now anticipates the construction of traditional banks and a stock market in Ethiopia.”
According to Jemal Beker, the present government in Ethiopia has opened its economy to investors in several industries, including agriculture, agro-processing, manufacturing, mining, textile, the health sector, tourism, and information and communications technology.
“Our administration aims to make Ethiopia the manufacturing hub of Africa, as we already produce the world’s cheapest clean energy,” he added, adding that 96.4% of the country’s electricity comes from water and geothermal sources.
Ethiopia, he claimed, was selling renewable energy to Kenya, Sudan, and Djibouti, and plans were underway to sell it to other nations and assure regional integration via electricity grid.
Ethiopia, according to the ambassador, has a geographically significant position, and for Pakistan, it will serve as a gateway to Africa.
“We will begin Ethiopian Airline operations in Karachi by the end of this year or in January of 2023,” he said. He stated that the effort would connect Pakistan and Ethiopia and greatly increase bilateral trade, which presently totals 78 million US dollars.
Jahangir Siddiqui, founder of JS Bank, exhibited keen interest in the business potential presented by Africa and informed the ambassador on Raast, Pakistan’s first rapid payment system.
He told the ambassador that his company would be represented in the business delegation that would travel to Ethiopia at the beginning of the following year.
In a separate meeting with a delegation from Arif Habib Limited, the ambassador stated that construction materials and fertilisers were in high demand in his country.
“Entering the Ethiopian market at this time is a lucrative opportunity for Pakistani businesspeople,” he argued.
The envoy reassured them that their investment would be backed by the state and that any money invested in Ethiopia would yield a profit.
According to him, Ethiopia has the fastest-growing economy, and his administration has announced numerous incentives for investors.
“Because we are devoted to assisting investments in our country, we have built a single-window operation for them,” he continued.