Addis Ababa, December 5, 2016 (FBC) - Ethiopia and UAE have concluded the reciprocal promotion and investment protection agreement, in which its negotiation took over five months.
Investment officials from both countries signed the agreement which encourages investments and provides protection for investors Saturday in Abu Dhabi, during a high-level Ethiopian delegation visit to the country.
The concluded agreement will encourage UAE investors to engage in various sectors in Ethiopia without fear, said Fitsum Arega, Director General of Ethiopian Investment Commission.
Even though protection of investments is already guaranteed through the investment law, Ethiopia signs bilateral agreements with countries to encourage investors, as they consider such agreements basic to make investments, Fitsum said.
As UAE investors are interested in investing in the hospitality industry, agriculture and agri-food areas; the conclusion of this agreement will accelerate the engagement of investors in these areas, he added. The agreement will also help to promote investment based on the principles of sustainable development and mutual benefit as well as intensify the economic cooperation between the two countries.