Sialkot Chamber of Commerce and Ethiopian Investment Commission Ink MoU for Sports Apparel Production

On May 30, 2024, the Sialkot Chamber of Commerce and Industry (SCCI) in Pakistan and the Ethiopian Investment Commission (EIC) signed a Memorandum of Understanding (MoU) to establish a consortium of companies in Ethiopia. The consortium will focus on producing sports goods, sportswear, leather products, surgical instruments, gloves, and workwear.

The MoU was signed by Abdul Ghafoor Malik, President of SCCI, and Hanna Arayaselassie, Ethiopian Investment Commissioner. The signing ceremony was witnessed by Jemal Beker Abdula, Ambassador Extraordinary and Plenipotentiary of Ethiopia to Pakistan, and Atif Sharif Mian, Ambassador of Pakistan in Ethiopia.

This agreement aims to enhance bilateral trading cooperation between the business communities of Pakistan and Ethiopia through joint ventures. It marks a significant step in exploring new investment opportunities and strengthening economic ties between the two nations.

Why this matters: This agreement has the potential to strengthen economic ties between Pakistan and Ethiopia, promoting bilateral trade and investment. It could also lead to increased economic growth and job creation in both countries.

Hanna Arayaselassie, Ethiopian Investment Commissioner, emphasized Ethiopia's welcoming environment for investors, stating, "Ethiopia offered a conducive environment for the investors as its government was committed to attract the foreign direct investment." She assured that the Ethiopian government provides full protection to foreign investments and facilitates foreign investors in all possible ways.

Abdul Ghafoor Malik, President of SCCI, expressed enthusiasm about the collaboration, noting, *"This MoU represents a significant step towards a deeper economic partnership between Pakistan and Ethiopia. Ethiopia's robust economic growth, strategic location, and favorable investment climate make it an attractive market for Pakistani businesses. "*

The SCCI delegation's visit to Ethiopia included productive engagements with key officials, such as officials from the Ethiopian Ministry of Mines. These meetings provided valuable insights into Ethiopia's rich mineral resources and mining sector, highlighting potential investment avenues.

This MoU is expected to pave the way for increased trade and investment between Pakistan and Ethiopia. The collaboration leverages Ethiopia's strategic location, favorable investment climate, and growing consumer market to create new opportunities for both nations.

The MoU signed between the Sialkot Chamber of Commerce and Industry and the Ethiopian Investment Commission represents a significant step towards enhancing economic ties and creating new investment opportunities in various industries. The agreement highlights the commitment of both nations to strengthen their bilateral trading cooperation.

Key Takeaways

• Pakistan and Ethiopia sign MoU to establish consortium of companies in Ethiopia.
• Consortium will focus on producing sports goods, sportswear, leather products, and more.
• Aims to enhance bilateral trade and investment between Pakistan and Ethiopia.
• Expected to create new opportunities for economic growth and job creation.
• Represents a significant step towards strengthening economic ties between the two nations.