The port authority of Singapore was invited to engage in logistics investment in Ethiopia
Top Ethiopian officials are visiting Singapore to persuade international Asian companies to come and invest in Ethiopia.
Investment Commission Commissioner Lelise Neme along with Industrial Parks Development Corporation CEO Aklilu Tadese visited the Port Authority of Singapore in Singapore.
The two investment leaders held talks with Singapore Port Authority officials.
In the discussion, they asked the Port Authority of Singapore to engage in logistics investment in Ethiopia.
Investment Commission Commissioner Lelise Neme expressed Ethiopia’s great interest in the sector and called for a way for the authority to engage in investment in Ethiopia and share experience.
Industrial Parks Development Corporation CEO Akilulu Tadese pointed out that, the existence of efficient and effective logistics service is significant for the supply and export of raw materials for the manufacturing sector and industrial development, and will play an irreplaceable role in the development of the sector.
The Port Authority of Singapore has over 50 years of experience and manages a port that can handle more than 200,000 containers at a time.
Also, the container handling capacity is number one in the world and the port is performing efficient logistics operations.
Ethiopia used to be one of the leading countries in Africa to attract foreign direct investment before it has been affected by war in the last two years.
Following the war in the northern part of the country, Ethiopia was suspended from the African Growth and Opportunity Act, or AGOA by the US.
AGOA which allows Ethiopia to export duty-free products to the US markets, many international companies that were engaged in Ethiopia have left due to its suspension.