The Social Cooperative of Korean Small and Medium Business Federation held a business forum on Ethiopia at its headquarters in Seoul on Friday, inviting Ethiopian diplomats to offer their advice on trade and investment in the booming African economy.

First Minister Counselor Bekuma Merdassa and Second Minister Counselor Amba Hailegeorgis participated in the event and explained the country’s policies and incentives for foreign businesses. Some 20 chief executive officers of small and midsized South Korean companies also took part.

Merdassa highlighted Ethiopia’s favorable economic factors, including abundant labor at competitive wages, cheap energy, opportunities for free trade and a growing number of markets, according to the organization.

“If these favorable factors are combined with Korean capital, technology experience, it will surely lead to great economic development for both countries,” he said.

Hailegeorgis gave a presentation on investment opportunities and incentives, including some 15 industrial parks -- some already in operation and others under development -- where there are favorable conditions for outside investment.

For effective promotion of international commerce, the embassy operates a business consul system for each Korean province. Rhee Gong-hwan, the CEO of Sspouts International Co., is one of the business consuls in charge of Gyeonggi Province.

By Joel Lee (joel@heraldcorp.com)