Addis ababa: Ethiopia and Colombia have committed themselves to transforming the long-standing diplomatic relationship to a more robust business partnership, with both countries identifying the opportunities for investment and trade. This push came as a high-level Colombian trade delegation, including representatives from various sectors, held a visit to Addis Ababa with the aim of exploring investment prospects and strengthening commercial bonds.
According to Ethiopian News Agency, during a business roundtable discussion, officials from both sides emphasized that the timing is right for a deeper economic connection. Ethiopia’s Trade and Regional Integration State Minister Yasmin Wohabrebbi stated that Ethiopia offers a significant domestic market with its population exceeding 120 million and serves as a gateway to the African continent through the African Continental Free Trade Area (AfCFTA). She elaborated that the government has been implementing a range of macroeconomic structural reforms to attract foreign direct investment, including opening up sectors previously restricted to domestic businesses, such as banking and import-export trade.
The establishment of special economic zones and the availability of abundant, affordable renewable energy from sources like the Grand Ethiopian Renaissance Dam (GERD) further enhance the country’s investment climate, she added. Colombia’s Commerce Vice Minister, Felipe Quintero, remarked that this is the start of a new chapter in terms of commerce and trade for the countries. Acknowledging that bilateral trade between the two nations is currently small, he emphasized the growth potential.
Quintero highlighted the intent to diversify trade with partners, as indicated by the presence of the Colombian delegation from the cosmetics, textile, and pharmaceutical industries. He noted the strategic necessity for Colombia to diversify markets and seek new sources for raw materials. Furthermore, discussions with Ethiopian authorities, including the Prime Minister and the President, have been aimed at creating a partial agreement covering goods of mutual interest and eliminating tariffs to benefit both countries.
Moreover, the Vice President expressed hope that with further dialogue, new air routes can be established to facilitate trade.