'60th Anniversary of Diplomatic Relations' Korea-Ethiopia to Expand Trade, Investment, and Industrial Cooperation

Minister Bang Moon-kyu of the Ministry of Trade, Industry and Energy Visits Ethiopia as Presidential Special Envoy
Signs 3 MOUs Including Trade Promotion Cooperation

On the 20th (local time), Bang Moon-kyu, Minister of Trade, Industry and Energy, visited Addis Ababa, Ethiopia as a special envoy of the President. He led an economic delegation of 35 members from 14 organizations, including public institutions such as the Export-Import Bank of Korea, Korea Electric Power Corporation, KOTRA, and the Korea Institute for Advancement of Technology, as well as private companies like LG Electronics, SK Gas, POSCO International, Doosan Infracore, Daedong, and the Korea Machinery Industry Promotion Association, establishing a foundation for cooperation between the two countries focused on trade, investment, and industry (textiles, agricultural machinery).

That afternoon, Minister Bang met with Deputy Prime Minister Demeke Mekonnen Hassen (acting Prime Minister) and delivered a letter from President Yoon Suk-yeol. Marking the 60th anniversary of diplomatic relations between the two countries, they discussed enhancing friendship, expanding trade, investment, and industrial cooperation, and requested the attendance of Prime Minister Abiy Ahmed Ali at the Korea-Africa Summit scheduled for June 2024.

In response, Deputy Prime Minister Hassen stated, "Korea, our blood ally, has been a role model for Ethiopia from which we have learned a great deal and wish to learn even more in the future." He evaluated that the Korea-Africa Summit will be a strategically important opportunity for both countries. He also highly praised LG Electronics’ local IT training center in Ethiopia for producing excellent technical personnel and achieving 100% employment of its graduates, as well as Korean companies such as SNTES and Youngone Trading employing 8,000 local workers.

That morning, Minister Bang signed a 'Trade Promotion Cooperation MOU' with Gebremeskel Chala, Minister of Trade and Regional Integration of Ethiopia, to promote trade activation and cooperation in technology, industry, and digital sectors between the two countries.

KOTRA signed a memorandum of understanding with the Ethiopian Investment Commission to 'enhance information sharing and cooperation for investment promotion and expansion of trade and investment cooperation,' aiming to facilitate exchange of investment-related information and mutual visits of experts between the two countries. The Korea Institute for Advancement of Technology signed an MOU on 'agricultural machinery cooperation' with the Ethiopian Ministry of Agriculture to strengthen Korea’s official development assistance (ODA) cooperation on agricultural mechanization in Ethiopia and collaborate on expanding the foundation for food security.

On the occasion of Minister Bang’s visit to Ethiopia, the opening ceremony of the 'Ethiopia Textile Technopark,' an ODA project by the Ministry of Trade, Industry and Energy, was held on the afternoon of the 20th. The event was attended by over 50 people, including representatives from the Ethiopian Ministry of Industry, the Industrial Parks Development Corporation (IPDC), the Korea Institute for Advancement of Technology (leading organization), Gyeongbuk Technopark, FITI Testing & Research Institute, and DYETEC Research Institute.

The Ethiopia Textile Technopark, located in the Bole Remi Industrial Complex in Addis Ababa, supports Korean textile companies (SNTES, Youngone Trading) that have significantly contributed to Ethiopia’s exports and plans to expand local employment from the current 8,000 workers to over 20,000 in the future.

Hassan Mohamed Moalin, Deputy Minister of Industry of Ethiopia, who attended the opening ceremony as a government representative, said, "The Textile Technopark is a flagship industrial and investment cooperation project between the two countries, and the Ethiopian government will actively support it."

Visiting Minister of Trade, Industry and Energy Bang Moon-kyu (left) held a meeting with Gebremeskel Chala, Minister of Trade and Regional Integration of Ethiopia, at the Ministry of Trade and Regional Integration building in Ethiopia on the 20th (local time). They discussed trade and investment cooperation, development cooperation, and afterwards, he requested support for the 2030 Busan World Expo.

This content was produced with the assistance of AI translation services.