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SIEMENS, BOSCH keen to invest in Ethiopia

A delegation from SIEMENS and BOSCH paid a business visit to Ethiopia; a country they said is offering vast investment opportunities with a favorable climate to invest.  

The 20 member German and Bavarian business delegation is keen to invest in the country.

The delegation observed that Ethiopia’s geographic location and its active membership in regional and international bilateral trade make it a desirable investment destination.

"The investment climate is very positive along with the economic growth which helps foreign companies, especially, German companies to be interested in investment opportunities in the country," said Richard Schurink, Regional Director for Foreign and Public Affairs of BOSCH.

Commending the investment opportunities in Ethiopia, the regional director said: "we definitely foresee further improvements in airport security systems with  BOSCH products in Ethiopia boosting the development programs of the country in the future and we are considering next year to be here with the BOSCH department heads."

"The Ethiopian Airlines is one of the biggest carriers in Africa with good security systems in place which we would like to scale up our cooperation with the company in boosting the existing security systems to the highest level."

BOSCH, a German engineering and electronics company, is the world`s largest supplier of automotive components.

Its core products are automotive components, industrial products like packaging technology and building products including security systems, household appliances and thermo technology.

It was indicated that over the last five years BOSCH worked on equipping 145 airports including Dubai Airport with new security systems.

"Currently we are in the process of setting a branch office here in Ethiopia. Some of the investment incentives are very attractive and most definitely we can start concentrating on certain industries," said Lukas Duursema, Chief Executive Officer of SIEMENS East Africa Region. 

"We consider Ethiopia as an appropriate country for mutual benefits from which we can collectively gain. This has attracted our attention," the CEO added.

Ethiopia has revised its investment policies and strategies more than four times in the last 20 years in favor of investors.

The country's key priority remains to be the promotion of investments in infrastructure and manufacturing sector in order to break the country's dependence on raw commodity export and to increase the manufacturing base for value-added products.

SIEMENS, also a German company, is headquartered in Berlin and Munich and the largest engineering company in Europe with branch offices abroad.

The principal divisions of the company are industry, energy, healthcare and infrastructure.

The German and Bavarian business delegation is expected to visit industrial parks and cement factories in Ethiopia.