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The Ethiopian government Meles regime is keen to encourage investors political allies, offering them a five-year tax holiday and duty-free import of machinery.
The area, 30 minutes south of Addis Ababa with green hills and lush valleys, is ideal for cultivating the country’s fastest growing export – flowers.
After Bishoftu town’s administration approved anew master plan last year, many investors are now investing in the town, which is known for its eight unique lakes.
The Egyptian delegation assured the Ethiopian officials that Egypt was keen to be involved in various investment opportunities in the country.It also exports to Germany, Britain, Russia and, in smaller amounts, to the United States and the Middle East.Five years ago, Ethiopia made just 9,000 from exports of cut flowers, cuttings and summer flowers.The Egyptian PM said that the National Bank of Egypt will initially develop 20,000 hectares of land of agricultural products as from 2010.According to state media reports, Egypt will invest the undisclosed amount of agricultural investment in the Afar regional state of Ethiopia, known for its livestock resources.