Trade and investment relations between Ethiopia and Italy have been strengthening, said a statement issued Friday from the Italian embassy in Addis Ababa.

According to the statement, Ethiopia has exported to Italy goods amounting to a total of 33 million U.S. dollars last year.

Italy's export to Ethiopia during the same period amounted to almost 190 million dollars, indicating a huge trade imbalance between the two countries, the statement said.

The goods Italy exports to Ethiopia include, among others, spare parts, food stuff, chemicals, materials for leather industry and building materials, while Ethiopia exports to Italy coffee, horticultural products, hides and skins and textiles.

The volume of Italian investment to Ethiopia has reached 315 million birr (about 36.29 million U.S. dollars) only during the last fiscal year (July 2004-July 2005).

"The historical linkages between the two countries have traditionally facilitated contacts and collaborations between Ethiopian and Italian companies in textile and garments, leather and leather products, and agriculture," the statement said.

The richness of economic relations between Ethiopian and Italian people is also due to the historical presence of about 200 Italian companies operating in Ethiopia in the field of import- export, construction, metal and mechanical industry and leather, the statement said.

"Given the encouraging achievements in terms of economic reforms in Ethiopia, and the enhanced bilateral relations nowadays, the economic linkages between the two countries has been further improved not only in the traditional sectors, but also in new fields such as infrastructure, telecommunication technologies and agro-industry," it said.

Source: Xinhua