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Wednesday, 13 April 2016 09:39

Hungary Keen to Cement Economic Ties With Ethiopia

By Fanuel Lakew And Mehari Beyene

ADDIS ABABA, Ethiopia, April 13, 2016 (Ethiopian Herald) -- Hungary would reopen its embassy here in Addis as it has adopted a new foreign policy known as Southern Opening Policy to consolidate relations with countries

- To reopen Addis Embassy

Hungarian Foreign Affairs and Trade Minister Péter Szijjártó announced that his country wants to cement the economic ties with Ethiopia especially on trade and investment. Hungary would also reopen its embassy and trade center in Ethiopia other than Ecuador, Ghana, and Angola, among others.

After holding talks with President Dr. Mulatu Teshome here yesterday, Minister Szijjártó said that Hungary would reopen its embassy here in Addis as it has adopted a new foreign policy known as Southern Opening Policy to consolidate relations with countries.

Ethiopia has been registering rapid economic growth for the last years and playing a crucial role in hosting refugees and ensuring peace and security in the region. Ethiopia's role in hosting refugees is very important for Europe as it is facing migration crisis, the Minister added.

Hungary as well wants to further cooperation in trade and investment with Ethiopia in the areas of railway, IT, water management and food processing.

Moreover, Minister Szijjártó said that Ethiopia has been playing crucial role in fighting terrorism and ensuring peace and security in the region and in this regard Hungary also takes this issue as a priority agenda.

President Dr. Mulatu on his part said that Ethiopia welcomes Hungarian business community to invest in various sectors especially in the manufacturing sector. The President noted that Hungarian investors need to be competitive in investing in Ethiopia as there are investors from other countries engaging in similar sectors.

Ethiopia seeks Hungarian support in infrastructure, power generation as it is implementing the second Growth and Tran formation Plan (GTP-II) which could transform the country's agrarian economy to industry led.

President Mulatu further noted that Ethiopia would sustain its effort in ensuring peace and security in the region, in this regard, Hungary and EU support would be quite essential.

Foreign Ministry talks

Also yesterday, Foreign Minister Dr. Tedros Adhanom held discussion with the Hungarian Minister on ways of bolstering ties in all spheres as they had historical relations.

Receiving the Hungarian delegation led by Szijjártó at his office Dr. Tedros expressed Ethiopia's interest to widen cooperation with Hungary.

Szijjártó on his part said that the purpose of the visit is to discuss the new Hungarian Foreign Policy called Southern Opening which enables to strengthen the bilateral relations between the two countries.

As the new policy centers on the expansion of market in Africa, Hungary is keen to work with Ethiopia in the area of food processing, manufacturing industry, agricultural products as well as IT solutions, he said.

In terms of economic cooperation, the trade and investment relations between the two countries have been improving after the establishment of the Hungarian Trade House responsible to speed up economic ties with other countries.

On the occasion, Szijjártó announced scholarship grant for 30 Ethiopians.

As Ethiopia has capacity limitation to export value-added products, and Hungary has rich experience and capacity in machinery equipment and food processing products, it would benefit both countries, he added.

His government is doing its level best to ensure peace in Somalia thereby supporting global counter-terrorism effort, he said, adding the role and contribution of the Ethiopian government in the fight against al-Shabaab is commendable.



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