ADDIS ABABA, Ethiopia

Turkey would like to increase its trade volume with Ethiopia up to $500 million, Turkish President Recep Tayyip Erdogan said Thursday.

The president's remarks came at the Turkey-Ethiopia Business Forum in the capital Addis Ababa, where Erdogan is paying an official visit.

"I believe the trade volume between the two countries could be much higher. Our goal is to increase it up to $500 million at the earliest," Erdogan said.

The president noted a drop in the trade volume between Turkey and Ethiopia in 2014 compared to the year before. 

"The trade volume between the two countries was $421 million in the year 2013. However, this number dropped in 2014. Looking at the figures from the first 11 months, it is predicted that the volume went down to around 400," he said.

In order to reverse this trend and increase the trade volume up to the intended goal of $500 million, Erdogan urged the need to sign an economic partnership agreement "between the leading economic actors of their respective regions."

"We need to start immediately to prepare for an economic partnership agreement with the goal of establishing a free trade zone," he said.

Erdogan said that Ethiopia was among the top African countries in terms of Turkish investment, amounting up to $2.5 billion, "thanks to the favorable terms and conditions offered by the Ethiopian authorities."

"So far, Turkish businesses have invested in 14 projects in Ethiopia, with the Awash-Weldia Railway Project being the most important one,” Erdogan said.

The Awash-Weldia Railway Project is a 389 km-long railway extension project, which aims to connect the northern and eastern parts of the country.

Erdogan called on Turkish businessmen and entrepreneurs to make further investments in the country.

"Here, there is a country which is sincerely inviting you and ready to assist in every way. I would like you to come and do business here, adopting a win-win approach. I believe our cooperation will develop further," he said.