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Ethiopia, Republic Of Korea Vow To Deepen Trade, Investment Deepen Ties

Addis Ababa, August 8, 2023 (FBC) – Deputy Prime Minister and Foreign Minister, Demeke Mekonnen, this morning conferred at his office with Foreign Minister of the Republic of Korea, Park Jin. They discussed ways of further strengthening cooperation between the countries in bilateral and multilateral venues. During the talks, Demeke told FM Jin, Ethio-South Korean friendship is forged by blood. He said, they have agreed to further consolidate the longstanding diplomatic relations in the areas of trade, investment and development cooperation for the benefit of respective peoples. We have also reaffirmed to expedite our partnership on multilateral fora on issues of mutual interest, Demeke added. He also expressed the gratitude of the People and Government of Ethiopia to the People and Government of South Korea for choosing Ethiopia as one of the critical priority development partners in Africa. Demeke has also congratulated the Republic of Korea for being elected as a non-permanent member of the UN Security Council and pledged to work closely on matters of mutual interest and concerns affecting the African Continent, in general and the Horn of Africa, in particular. Foreign Minister Park Jin, on his part, expressed his gratitude to the Deputy Prime Minister and Foreign Minister for the warm welcome and hospitality. He peculiarly echoed the fact that Ethiopia is a gateway to Africa. As a priority partner in Africa, FM Jin noted, his Government with its Ethiopian counterpart will continue cooperating in key areas to elevate the multifaceted, strategic partnership between South Korea and Ethiopia through bilateral and multilateral frameworks on issues of mutual interest. After the bilateral talks the high-ranking officials also gave a joint press conference to the media corps. This year marks the 60th Anniversary of the commencement of formal diplomatic relations between Ethiopia and the East Asian country.

Top diplomats of S. Korea, Ethiopia hold talks on development cooperation in education, public health

SEOUL, Aug. 9 (Yonhap) -- The top diplomats of South Korea and Ethiopia held consultations to discuss the strengthening of development cooperation in education, public health and infrastructure, Seoul's foreign ministry said Wednesday. In the meeting in Addis Ababa on Tuesday (local time), Foreign Minister Park Jin and his Ethiopian counterpart, Demeke Mekonnen Hassen, agreed on the need to further strengthen cooperation in these areas and expand economic ties through trade and investment. To this end, Park proposed that the two sides move swiftly toward sealing a bilateral investment treaty and a Trade and Investment Promotion Framework. According to the ministry, Demeke agreed on the need to enhance economic cooperation between the two countries, which are celebrating the 60th anniversary of bilateral ties this year, and pledged efforts to achieve this goal. Park also spoke about South Korea's bid to host the 2030 World Expo and stressed that the hosting of the event will serve as an opportunity to strengthen Seoul's ties with the African region. Further, he requested that Ethiopia, which serves as a crucial gateway for Seoul's diplomacy in Africa, actively contribute to the success of the upcoming South Korea-Africa summit scheduled to be held next year. Source: https://en.yna.co.kr/view/AEN20230809001500325

One Industry launches socks production in Ethiopia

One Industry, a private company engaged in manufacturing sector in Ethiopia, has launched production of socks in a factory built on 10,000 square meters of land in Debre Birhan, Amhara region of Ethiopia. In an exclusive interview with New Business Ethiopia, the Managing Director of One Industry, Mr. Tsegaye Alemu, said currently the company in producing about 1200 dozens of men and children socks. “With both day and nigh shifts, we are planning to double our production in the coming few weeks,” said Mr. Tsegaye. He also indicated that at the moment the company has created jobs for around 70 employees. When the undergoing expansion project in the compound is completed, the company plans to create 750 jobs and become major socks producer in the country, according to Mr. Tsegaye. Mr. Tsegaye also indicated that One Industry is awarded recognition trophy recently from Amhara Region Industry Bureau for commencing production amidst the challenging security situation in the region. “Currently the sock factory is owned fully by Ethiopian national. Meanwhile for the expansion we are discussing with various foreign investors for a joint venture that will enable the company to boost its production and reach the markets of neighboring east African countries,” he said. Reports show that in Ethiopia there are around six sock factories. China, is is the major exporter of socks to Ethiopia followed by Türkiye. In 2024, Ethiopia imported a total of worth 93 million Birr socks, according to Ethiopian Customs data. “Our plan is to fully substitute the import in a short period by producing high quality socks for all,” says the Managing Director of One Industry. SOURCE: New Business Ethiopia https://newbusinessethiopia.com/manufacturing/one-industry-launches-socks-production-in-ethiopia/