Saudi Arabia and Ethiopia Strengthen Economic Ties with New Business Council
In an effort to enhance trade and investment opportunities between Saudi Arabia and Ethiopia, the Federation of Saudi Chambers has announced the establishment of a new business council for the 2024-2028 term.
Led by Abdullah bin Mohammed Al-Ajmi as president, with Omar bin Abdullah Al-Kharashi and Misfer bin Musaad Al-Shahrani as vice presidents, the Saudi-Ethiopian Business Council has been approved by the General Authority for Foreign Trade.
With Ethiopia being one of Africa’s largest economies, boasting a GDP of approximately $205 billion in 2022, the formation of the council aligns with Saudi Arabia’s strategy to deepen economic relations with the continent.
Despite the current trade between the two countries being below SR1.3 billion ($346 million), Al-Ajmi believes the council can capitalize on untapped potential by fostering stronger business partnerships.
The council is expected to focus on key sectors in Ethiopia such as agriculture, mining, petrochemicals, food industries, tourism, real estate, and construction, leveraging the country’s attractive investment environment.
Building on Previous Agreement
The creation of the council follows an agreement announced during the Saudi-Ethiopian Business Forum held in Addis Ababa, attended by over 250 investors, Ethiopian ministers, officials, and representatives from both the public and private sectors.
Hassan bin Moejeb Al-Huwaizy, chairman of the Federation of Saudi Chambers, described the establishment of the council as a result of ongoing efforts and a commitment to enhancing economic cooperation between the two nations.
The council is seen as a vital platform for Saudi and Ethiopian businesspeople to expand their activities, forge new partnerships, and drive mutual growth and investment, creating a more integrated economic landscape.
As Saudi Arabia and Ethiopia look to the future, the new business council is poised to play a crucial role in unlocking significant economic opportunities and fostering bilateral trade.