Addis Ababa: Oman and Ethiopia plan to establish a joint business council in the coming months in a bid to streamline trade procedures between the two countries and bolster bilateral economic ties, according to officials of both countries.
Speaking to Times of Oman, a senior official from the Oman Chamber of Commerce and Industry (OCCI ) said a memorandum of understanding (MoU) was signed between the chambers of commerce of the two countries in 2009, part of which calls for the creation of a joint business council.
By the end of this year, Ethiopia and Oman will bring together businessmen who are interested in each other’s markets to create the council, said Ayman Abdullah Mohd. Al Hasani, vice chairman for economic and branches affairs at the Oman Chamber of Commerce and Industry
Officials believe the council will contribute to expanding trade relations between the two countries, he added.
Al Hasani, vice chairman for economic and branches affairs at the Oman Chamber of Commerce and Industry , recently accompanied a delegation of 20 Oman-based companies operating in a variety of industries, which visited Addis Ababa to explore new avenues for cooperation with Ethiopian firms. The trip was organised by the Public Authority for Investment Promotion and Export Development (Ithraa).
According to Ithraa, Omani imports from Ethiopia in 2014 stood at $2 million, while Oman exported goods worth $37.2 million to the African country.
Officials from both countries say they are determined to increase trade turnover through promoting joint investment, as well as import and export activities. Rukia Abdulkadir, Ithraa’s representative for Ethiopia, said that efforts are underway to create the business council by the end of this year.
Currently, Ethiopian and Omani companies are conducting business with each other, and both sides are interested in increasing the volume of trade, she said, adding that Omani companies should seize the opportunity to benefit from the potential and advantages presented by Ethiopia.
Solomon Afework, president of the Ethiopian Chamber of Commerce and Sectoral Associations, also told Times of Oman that the country is determined to implement the MoU and form a joint business council with the Sultanate to strengthen bilateral economic ties.
He further noted that that there are many sectors in which Oman and Ethiopia can cooperate, but singled out meat processing as one of the major fields, encouraging Omanis to set up manufacturing centres in Ethiopia to benefit from the huge potential in this sector.
Ethiopia is said to have the largest cattle population in Africa, with over 52 million cattle.
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