Turkey’s Independent Industrialists and Businessmen Association (MUSIAD) is finalizing preparations to open its branch office in Ethiopia to facilitate mutually beneficial relations between business enterprises of both nations, the association’s Ethiopia representative said.
According to the a representative from the association, the opening of MUSIAD’s Ethiopia office which is in “the process of attaining legal certification by local authorities” will enhance a two-way business interaction and transaction between Turkish and Ethiopian businessmen and industrialists.
The office is expected to help Ethiopian businesses become members of MUSIAD and access the benefits the association provides. MUSIAD is one of the world’s biggest associations with more than 11,000 members in 98 different countries. Turkish businesses would also have an opportunity to do business with Ethiopian firms, expanding their international reach.
What might be a challenge in the beginning is that association only accepts properly functioning and quality-oriented enterprises as to provide quality assurances and trustworthy business relations among members.
According to the association’s representative, however, they remain confident that MUSIAD’s branch office in Ethiopia will contribute to the measures being taken nationally to improve the strategies, practices, and deliverables of businesses.
Turkey’s investments in Ethiopia currently stand at USD 2.5 billion. Annual bilateral trade between Turkey and Ethiopia is USD 650 million. Ethiopia exports agricultural products to Turkey while Turkey exports machinery, steel, and iron to Ethiopia. The governments of both countries have expressed readiness to increase the annual trade volume by USD 1 billion.
As part of the two countries’ efforts to increase business-to-business engagement, the association also took 24 Ethiopian businessmen to Ankara for dialogues and plans to bring 50 Turkish businessmen to Addis Ababa this coming July.