Germany and Ethiopia have inked a $117 million deal that will see the youth seize employment opportunities through technical training and technology transfer. The Western European country is not only investing in the African territory financially but will as well offer technical support as the promising market of Ethiopia continues to attract potential investors ready to take hold of the array of business opportunities in the country.
The deal was signed during a meeting organised between the two countries during an official tour of Germany's Economic Cooperation and Development Minister, Dr Gerd Muller to Ethiopia where he met the country's Prime minister Ahmed Abiy.
Dr Abraham Tekeste, Minister of Finance and Economic Cooperation Minister, said, "The agreement is instrumental in generating job opportunities for the young generation since it supports training and job creation program in Ethiopia," to bolster the country's capacity. Germany's Economic Cooperation and Development Minister, Dr Gerd Muller on his part said Ethiopia would be a suitable destination for automobile productions.
The agreement comes in the wake of German automaker hinting at a possible investment plan in the manufacturing industry. Volkswagen has foreseen a bright future for it automobile services and is planning to install an assembling plant in Ethiopia in the future. VW launched its first Rwandan assembled vehicle in June after venturing into the East African market earlier this year.
Employment opportunities are scarce in Africa prompting many youths to step into the entrepreneurial course. A significant number, yet, has remained unemployed and dependent on the working class. As a result, this has increased the poverty level, and crippled the rapid development of the economy. It has limited the productivity of the nation and robbed off citizens the joy of contributing to the country's GDP.
Germany's support will go to training programs aimed at helping the youth who account for 70% of the Ethiopian population. The programs will give them skills and sharpen their tools for economic activities. In the long run, the Government can harness the untapped skilled labour force other than importing the same. The country will be independence with productive citizens.
The gesture signifies the economic cooperation between the states as a healthy and strong one. Germany is looking at boosting its investments in Ethiopia as the latter opened its economy to accommodate more businesses. Foreign companies have created employment opportunities through lack at times skilled labour. Such programs will equip the youth with the desired qualifications to secure employment opportunities in the competitive sectors of the industry.
