(APA) – Ethiopia’s President Mulatu Teshome said the relationship between Ethiopia and Canada, which was dominated by development assistance, is now expanding to economic areas, mainly because of the successive economic growth in Ethiopia.While seeing off the Canadian Ambassador who finished his tenure, Mulatu said trade and investment ties between the two countries is getting strengthened with the coming of several Canadian companies and business agreements.
The President said agreements signed between Canadian and Ethiopian companies to purchase leather jackets and foot wear is a good opportunity for both countries to further enhance economic cooperation.
The President expressed hope that with the coming of more Canadian companies to invest in Ethiopia, the bilateral relationship which goes back 50 years will further consolidated.
Thirteen Canadian companies with a combined capital of $6.5 million are engaged in potash exploration and development in Ethiopia.
Canada is among the largest donors of Ethiopia with an annual assistance of $200 million in average for food security, water shade and sustainable economic growth.
The departing Canadian Ambassador David Usher said the rapid economic growth in Ethiopia is the major reason for the expansion of cooperation into economic areas and his country will continue to support this development.
The Ambassador appreciated Ethiopia’s role in regional peace building missions. “I am proud with Ethiopia’s effort to make long-lasting peace in the horn of Africa including South Sudan and Somalia”.
Trade and investment become one of the major cooperation areas for the two countries since 2013, with 39.1 million dollars trade volume in that year.
The direct flight between Addis Ababa and Toronto began in 2012 contributed for the increasing trade cooperation.