Emirati-Ethiopian Business Forum discusses investment cooperation

ADDIS ABABA, The second Emirati-Ethiopian Business Forum, which was held in Addis Ababa, discussed the investment cooperation between the UAE and Ethiopia in vital sectors, as well as ways of reinforcing the relations between their private sectors.

The UAE delegation, which was led by Abdullah bin Ahmed Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade Affairs, included over 80 officials from the Ministry of Economy and several federal and local authorities, as well as businessmen and representatives from the private sector.

The event was attended by Mohammed Salem Ahmed Mussaad Al Rashidi, UAE Ambassador to Ethiopia, Messgano Arja, Minister of State for Commerce and Industry, and Dwano Kidr, Under-Secretary of the Ministry of Foreign Affairs in Ethiopia, along with officials from the Ministry of Foreign Affairs and the Ethiopian Chambers of Commerce, and representatives of Ethiopian companies.

Arja inaugurated the forum, which was held in the Hyatt Regency Hotel in Addis Ababa, and highlighted the growing economic ties between the two countries.

Al Saleh stated that the UAE has prioritised its bilateral ties with African countries, and is keen to establish joint investment projects in various areas while highlighting the forum’s importance to exploring investment opportunities and reinforcing commercial and investment relations.

He also noted that the UAE accounts for 17 percent of Ethiopia’s exports to Arab countries, and 14 percent of Ethiopia’s imports from Arab countries, as well as 15 percent of Ethiopia’s trade with Arab countries.

He added that the UAE occupies the third place in the Arab region on the list of Ethiopia’s key commercial partners, and the third position in the Arab region in terms of Ethiopia’s exports to Arab countries, and the fourth position in terms of Ethiopia’s imports from Arab countries.

He also highlighted the fact that the value of non-oil trade between the UAE and Ethiopia amounted to around US$850 million in 2018, and the UAE’s exports to Ethiopia was valued at $200 million last year while Ethiopia’s exports to the UAE amounted to $150 million. He then noted that Emirati exports to Ethiopia increased by 46 percent compared to 2017.

The Emirati companies that participated in the forum represented various sectors, including agricultural production, construction materials, energy and fertiliser production.

Source: Emirates News Agency