ADDIS ABABA – Russia expressed keenness to elevate its longstanding bilateral relationship with Ethiopia to a comprehensive level of cooperation in trade and investment aimed at ensuring mutual benefit.
The “Russia – Ethiopia: No Time to Waste” international economic forum commenced yesterday in Addis Ababa, focusing on boosting cooperation in transportation, construction, IT, cyber security, agroindustry, tourism and others.
Presenting a paper about the two nations’ bilateral trade and economic cooperation in the forum, Russian Trade Commissioner to Ethiopia Yaroslav Tarasyuk (PhD) said that his country is keen to cement cooperation with Ethiopia in aviation, automotive, health and agriculture sectors.
Being the second populous country in Africa coupled with its strategic position, Russia to elevate bilateral ties with Ethiopia.
Ethiopia poised to be among the top countries in attracting investment. Ethiopia is placed third in attracting investment following South Africa and Egypt and able to attract FDI3.5billion USD last year alone, he stated.
He highlighted the commitment of both countries in deepening the longstanding bilateral relationship in diverse areas. Russia is keen to invest and collaborate with Ethiopia in diverse areas so as to ensure mutual benefit among the two nations, he said, while commending Ethiopia’s remarkable economic growth registered over the past few years.
Tarasyuk further stated that Ethiopia is among the major producers of fertilizers and soda, and the cooperation with Russia will further revitalize the capacity of Ethiopia to produce more fertilizers to meet the growing demands.
The pharmaceutical sector is another area of cooperation between Ethiopia and Russia, in which, Russia is highly interested to cooperate with Ethiopia in pharmaceutical productions, he indicated.
The manufacturing sector is an areaof cooperation as Ethiopia started electric car production and assembly, he said, adding that the aviation is also another sector that attracts investors since the East African country is becoming aviation hub in the continent.
The forum is expected to explore ways to enhance trade and investment relations between Ethiopia and Russia and gives more possibilities to interact and explore Ethiopia’s investment opportunities, according to the Commissioner.
Both countries were keen to explore untapped potentials in their economic ties and enhance collaboration in trade, energy, agriculture, security and others. Ethiopia and Russia have enjoyed strong bilateral relations for years, with growing cooperation in infrastructure development, military collaboration, and energy projects. Russia has also expressed interest in supporting Ethiopia’s energy sector and investing in the country’s natural resources, Tarasyuk expressed.
The forum is aimed at further strengthening the bilateral cooperation in the fields of transportation and construction, IT-technologies and cyber security, agroindustry, and tourism among the two countries. The forum will run from 12-14 November 2024 deliberating on Russia- Ethiopia economic and trade cooperation.
BY HAILE DEMEKE
THE ETHIOPIAN HERALD WEDNESDAY 13 NOVEMBER 2024
