By Tinishu Solomon
The Africa Report - Friday, 23 January 2015
Turkey says it is keen to increase its current trade volumes with Ethiopia to reach a half a billion dollar mark from the present $400 million. Since 2003, the volume of trade between Ethiopia and Turkey has grown seven fold, while the number of active Turkish companies in the country grew from one to 38. Turkish President Recep Tayyip Erdogan, who was on a one-day visit in Addis Ababa on Thursday, says the current trade volume "still insufficient". "Our goal is to increase it up to $500 million," he said. Erdogan had brought with a business delegation keen to exploit opportunities in the East African nation. Apart from the increasing trade between the two countries, Ankara is also the leading foreign investors in Ethiopia in terms of total capital volume, amounting to over $3 billion. Most of these investments are concentrated on manufacturing, tourism, agriculture, and minerals sectors – creating more than 32,000 jobs.