World Bulletin / News Desk
The 7th International Construction, Construction Equipment and Technology Exhibition saw 110 companies from 10 nations begin a four-day display of cutting-edge technology.
Friday’s event comes amid a drop in customs tariffs in Ethiopia designed to stimulate investment.
Managing director of event organizers Ethel Advertising & Communication PLC, Haimanot Tesfaye, said Turkish firms accounted for 70 percent of the companies involved.
Exhibitors also included firms from South Korea, China, India, Germany, Bulgaria, Saudi Arabia, Egypt and the United Arab Emirates.
Heavy machinery, suspended ceiling systems and marble cutters were among a range of construction products on display.
Ozkan Oney, general manager of Globex A. S. -- an importer of marble cutters -- told Anadolu Agency demand for their technology was high in Ethiopia as construction activity in the East African country increased.
According to Oney, however, local banking services and an availability of foreign currency was lacking, a point echoed by Stefan Buchner, marketing officer for German machinery giant Bauer who said: “In this country there is problem of foreign currency exchange.”
A release obtained from event organizers claimed the Ethiopian government had reduced customs tariffs significantly to create economic liberalization.
“The maximum tariff came down from 230 percent to 35 percent and the minimum is five percent. The average tariff is reduced from 41.6 percent to 17.5 percent,” it read.
“Ethiopia has also several agreements that grant duty-free access to many countries, including European countries and the U.S. [A] business-friendly climate, duty-free access and competitive labor costs have successfully created new investments and employment opportunities,” it added.
Ethiopia is a member of Common Market for Eastern and Southern Africa which offers access to 20 states.