The Ethiopian Government has recently announced that it will soon open an embassy in Tanzania’s commercial capital, Dar es Salaam, to further support the recent growing bilateral trade between both countries.
The announcement was done by Ethiopia’s Minister for Industries Ahmed Abtew in Addis Ababa, where he receive the Tanzania’s Permanent Secretary in the Minister of Industry and Trade Uledi Mussa to share his background from the country’s crescent industrial sector.
Ethiopia is looking forward to expand further trade with Tanzania and is committed to support growth in its industrial sector by sharing the Ethiopian experience on industrialisation programs, explained Minister Abtew.
Tanzania is on the right path towards industrial revolution but needs to give more support to the private sector improving lending conditions, he added.
Tanzania must ensure to maintain shares in the most profitable and fastest growing industries to enjoy sharp economic and industrial growth, Minister Abtew stressed.
According to the Massachusetts Institute of Technology (MIT), the machines industry is one of the fastest growing in the bilateral trade between both countries with exports totaling USD 1.51 million and accounting for 69% of the total Tanzanian exports to Ethiopia in 2013, up from USD 35,500 or 1.4% of total exports recorded in 2008.
On the other hand, Tanzanian imports of machines from Ethiopia reached USD 25,300 accounting for 3.9%% of total imports in 2013, up from USD 12,600 or 12% of the total imported in 2008 according to MIT statistics.