Ethio-Saudi Trade and Investment Forum underway in Addis Ababa

Addis Ababa, June 5, 2024 (FBC) – The Ethiopia-Saudi Trade and Investment Forum has started early this morning in Addis Ababa, Ethiopia.

Recall that a high-level Saudi Arabian Investment and Trade delegation headed by President of the Federation of Saudi Arabian Chambers of Commerce, comprising 79 investors representing renowned companies and officials from Saudi Arabia’s Chamber of Commerce, arrived in the Ethiopian cpital on Tuesday evening to explore Ethiopia’s investment and trade opportunities.

During their three-day stay in Addis Ababa, the Saudi delegation is scheduled to visit strategically important manufacturing sites in Ethiopia. It is pointed out that this visit is part of their efforts to explore the country’s investment and trade opportunities.

Minister of Agriculture Girma Amente, Minister of Planning and Development Fitsum Aseffa, Minister of Tourism Ambassador Nasise Chali, Minister of State for Foreign Affairs Ambassador Misganu Arga, and other stakeholders were present at the opening of the forum.

During the opening session, Planning & Development Minister Fitsum Aseffa discussed the historical trade and investment relations between Ethiopia and Saudi Arabia. She highlighted that Ethiopia has initiated the second phase of its homegrown economic reform, which aims to encourage investment.

Fitsum emphasized that her government has created a welcoming environment for foreign investors by streamlining laws, procedures, and infrastructure. She encouraged Saudi investors to explore opportunities in various sectors such as manufacturing, tourism, mining, renewable energy, and more.

Chairman of the Federation of Saudi Chamber, Hassan Mujib Bani Huwayz, noted, in his remarks, that trade and investment relations between the two countries began in 1948 and have since maintained a longstanding diplomatic relationship. The delegation aims to explore opportunities in agriculture, mining, tourism, energy, transport and other sectors.

Chief Commissioner of Ethiopian Investment Commission (EIC), Ms. Hanna Arayasellasie gave an insightful presentation on the vast investment opportunities Ethiopia offers. The commissioner emphasized in her presentation; Ethiopia’s young market, strategic location, the largest economy in sub-Saharan Africa, and robust economic growth as attractive incentives for investors.

According to the Ministry of Foreign Affairs, the Ethiopian Chamber of Commerce and Industry and its Saudi Arabian counterpart signed a memorandum of understanding (MOU) during the forum. This MOU aims to further strengthen the economic cooperation between the two countries and pave the way for increased trade and investment between Ethiopia and Saudi Arabia.

Before the forum, the Saudi delegation visited an exhibition showcasing Ethiopia’s leather, textile, mineral, and other products, as well as tourism destinations in the capital.

Additionally, it was stated, there are 233 projects initiated by Saudi investors, creating various job opportunities

The visit of the 79-member high-level investment and trade delegation from Saudi Arabia to Ethiopia is intended to strengthen the economic ties between the two nations and foster greater collaboration in trade and investment.