Ethiopian Ambassador visits Sundar Industrial Estate to boost trade ties
LAHORE (News Desk): Ambassador Extraordinary and Plenipotentiary of the Federal Democratic Republic of Ethiopia, H.E. Dr. Oumer H. Oba, visited the Sundar Industrial Estate on Monday to explore avenues of bilateral cooperation with traders, entrepreneurs and industrialists from Punjab.
The visit was aimed at strengthening economic ties between Ethiopia and Pakistan and encouraging business-to-business linkages. The main discussions were held at a business forum organized with members of the Sundar Trade and Industry Association (STIA), followed by an interactive session with executives of the pharmaceutical and nutraceutical sectors.
At the business forum, Ambassador Dr. Oumer held detailed discussions with STIA members representing diverse sectors including agriculture, agro-processing, pharmaceuticals, surgical goods, nutraceuticals and fertilizers.
Briefing the participants on Ethiopia’s economic transformation, the Ambassador highlighted the competitive advantages of doing business in Ethiopia. He said Ethiopia offers affordable, sustainable and uninterrupted energy supply, a skilled labour force, and strategic access to wider African markets under the African Continental Free Trade Area (AfCFTA).
He also apprised the business community of the incentives available to foreign investors, including one-window operations for investment facilitation, investment guarantees, profit repatriation facilities and zero-rated taxes for specific priority sectors. He said Ethiopia has undertaken significant reforms to ensure ease of doing business.
The Ambassador invited STIA members to join an exploratory business visit to Ethiopia, which would provide them first-hand experience of the country’s investor facilities, economic development and emerging opportunities.
Speaking on the occasion, President STIA Muhammad Irfan Qadri underscored the importance of bilateral cooperation between Pakistan and Ethiopia. He assured the Ambassador of his full support for mobilizing a delegation of STIA members to Ethiopia in the near future. He appreciated Ethiopia’s economic development and said there are vast business and investment opportunities for Pakistani entrepreneurs in Ethiopia.
Chairman Punjab Industrial Estates Development and Management Company (PIEDMC) Shahzad Ahmed Khan and Senior Vice President STIA also addressed the forum and highlighted the potential for joint ventures.
During the interactive session with the pharmaceutical and nutraceutical sectors led by Ghullam Bassi, CEO G.T Pharma, the Ambassador addressed queries of the participants and assured them of initiatives being taken to strengthen bilateral trade and investment partnership.
The visit also included tours of two major industrial units in the fields of agricultural mechanization and textile spinning. The delegation also visited Ferozsons and BF Bio Sciences and explored avenues of cooperation with its top management.
The Ambassador also planted saplings at the premises of the industrial units to highlight Ethiopia-Pakistan shared commitment to climate resilience and environmental sustainability.