By Faiza Tehseen Islamabad, March 22 (INP-WealthPK): The business community of Ethiopia, a fastest growing African economy, is interested in exploring the Pakistani markets and hopes that the Pakistani traders could also explore business opportunities in their country, especially in the pharmaceutical sector. Ethiopia is one of the top 10 economies of Africa with a GDP growth of 4.30 percent compared with Pakistan’s 4.00 percent in the current fiscal year 2021-22. Ethiopia’s economic freedom score is 49.6 percent, making its economy 150th freest in the Global Economic Freedom Index 2022, while Pakistan ranks 153rd. In order to explore business opportunities in Pakistan, Ethiopian Foreign Minister Redwan Hussein Rameto recently visited the Islamabad Chamber of Commerce and Industry (ICCI) to meet with the Pakistani trade and business community. Speaking to the businesspersons, Redwan said Ethiopia was appointing its envoy in Pakistan and very soon an embassy will be opened here. He said visa on arrival from Pakistan to Ethiopia was under consideration, and restoration of flights was also a part of the agenda. Redwan said Ethiopia imported 80% of pharmaceutical products, which could be a good opportunity for the Pakistani pharma companies to export medicines to the African continent. He said 10-year tax exemption is also offered to investors in the special economic zones, which is a good opportunity for the Pakistani investors. He also emphasized that bilateral trade is good for both the economies. Representing the trade and business community, President of ICCI Shakeel Munir said socio-economic relations with Ethiopia is a good opportunity to pave the way toward the African region. ‘’Africa is a considerable market for trade and business establishment. Ethiopian policies should be made flexible to provide registration ease to the Pakistani companies. The cost of registration must also be economical for our companies,” he said. Meanwhile, in a discussion with Wealth-PK, Vice President of ICCI said, “African markets are the rising sun on the business horizons but there was a dire need to arrange orientation sessions on both sides. It will help interested fellows to understand new market norms and values. Both the countries can share their hospitality industries as well as other potential business sectors”. Trade between Pakistan and Ethiopia is tilted but positive outcomes can be gained through a proper trade balance. According to the United Nations COMTRADE database, during the year 2021 Pakistan exported a variety of goods worth US$0.73987 million to Ethiopia and imported US$7.57 million worth of stuff from there. Top Ethiopian exports are cut flowers, oil seeds, coffee, gold, zinc ore etc., while the most of the imports are palm oil, wheat, sugar, sweeteners, miscellaneous food stuff, textile, machinery, animal/vegetable fats, oils, waxes, cereals, iron, steel, plastic/plastic articles, fertilizers, pharmaceuticals, helicopters, planes, gas turbines, space crafts, electric filament, cars etc. Pakistan can do barter trade with Ethiopia in some sectors such as coffee processed/non-processed. Ethiopia is the 5^th largest coffee supplier globally and one of the largest livestock herds keepers in the African continent. Pakistan can share livestock expertise and trading with Ethiopia. Pakistan is keen to enhance its tourism industry and Ethiopia has unique heritage. In the 3^rd quarter of 2021, tourist arrival in Ethiopia recorded 255% as shown in the figure below: Ethiopia is a good opportunity for Pakistan to explore. Initiatives at official level can be taken to pave the way for regular trade and business there. The Government of Pakistan must weave a plan for trade agreements which will help boost both the economies.