Ethiopia, Saudi Arabia hold Virtual Business Forum

Addis Ababa, November 3, 2022 (FBC) – The Ethio-Saudi Business Forum was held virtually on November 03.

The forum was attended by Ambassador Gebeyehu Ganga (PhD), Director General of the Middle East, Asia and Pacific Affairs at the Ministry of Foreign Affairs, Mrs. Lelise Neme, Commissioner of the Ethiopian Investments Commission, Badr Albadr, Deputy Minister for Investors Outreach at the Ministry of Investment of the Kingdom of Saudi Arabia, Ambassador of Saudi Arabia to Ethiopia Fahad Ubeidullah Alhumaidani and others participants from both sides.

In his opening remarks, Ambassador Gebayehu, stated that Ethiopia and the kingdom of Saudi Arabia have strong and mutually beneficial bilateral relations in a wide-range of spheres including in the development, trade and investment among others.

He also expressed his firm belief that the Forum held today will further elevate the existing Ethio-Saudi Arabia social, economic and political relations by fostering strategic economic partnership and by building a platform of cooperation.

Commissioner Lelise, in her presentation, explained the investment opportunities in Ethiopia and the steps taken by the Ethiopian government in the past years in terms of creating favorable conditions for Investors.

That include, Lelise explained, the economic reform and new regulations that the Ethiopian Government formulated recently, including opening up of the market in the telecommunication for private investment as well as opening up of the banking sector for foreign investors.

In addition, she also elaborated the priority areas for investment such as manufacturing, mining, tourism and ICT.

Dr. Gutu, representing the Ministry of Mines of Ethiopia, further explained that the mining market is one of the areas that is conducive for investors to invest in Ethiopia.

Currently, he said, there are wide opportunities in the sector available for investors from Saudi Arabia, including iron/steel making, fertilizer and sulfur production.

Finally, Ambassador Gebeyehu stated that the aim of the Forum is to network and working to strengthen economic ties between the two countries.