Ethiopia, S.Korea Seek Improved Economic Ties

ADDIS ABABA – Ethiopia’s Deputy Premier and Foreign Minister Demeke Mekonnen held talks with South Korean trade minister Bang Moon-Kyu.

Bang came to Addis Ababa on Friday as South Korean President Yoon Suk Yeol’s special envoy and leading a high-level delegation.

FM Demeke received Bang and his delegation at his office and discussed various issues of economic relations between the two countries. Demeke reiterated Ethiopia’s desire to scale up the bilateral investment and trade relations.

The Korean delegation involves the Vice President of the Korean Import and Export Exim Bank, and representatives of Korean companies including LG.

Their visit comes two months after South Korean Foreign Minister Park Jin announced his country’s first South Korea-Africa Leaders Summit plan in Addis Ababa.

On Friday, Bang delivered the message of the South Korean President inviting Prime Minister Abiy Ahmed to the Summit, set to be held in Seoul next year.

Trade promotion Deal

Bang also expressed his country’s keen interest in investing in various fields.

He also indicated that the Korean Eximbank would avail a $900 million low-interest and long-term loan to Ethiopia.

Earlier, the South Korean trade minister and his Ethiopian Ethiopian counterpart signed a cooperation agreement that aims to facilitate trade exchanges and joint businesses between the two countries.

The agreement will bolster the trade and investment exchange between the two countries, per the ministers

Their bilateral trade reached $303 million last year but the balance highly favors South Korea, authorities say.