BY TEWODROS KASSA
ADDIS ABABA- The trade relations between Ethiopia and the United Arab Emirates (UAE) have been steadily growing and the exchange over the past five years have surpassed the 2.5 billion USD mark, a recent discussion revealed.
The above was disclosed in a webinar discussion hosted by the UAE Embassy in Addis Ababa under the theme ‘creative economy between the UAE and Ethiopia.’ Ethiopia’s export to the UAE was more than 650 million USD between the years 2016 and 2020 while the former’s import from the Gulf’s nation was more than 1.8 billion USD in the reported period.
In his opening remark at the meeting, the UAE Embassy Political, Economic and Media Section Head Talal Al Azeezi said that discussing thoroughly on the role of creative economy and global economic affairs helps to boost the two countries’ business relations. “These days the creative economy is increasingly becoming an essential driver of economic growth, economic diversification and employment. Creative economy industries span a diverse mix of sectors including advertising, architecture, the arts, design, fashion, film, music, publishing, media, television and radio, research and development, software, computer, and electronic publishing.” The head further highlighted that the creative economy is an essential driver of economic growth, economic diversification and employment.
Being one of the fastest non-oil economies in Africa, Ethiopia’s trade potential with the UAE and other Gulf Arab countries is so immense, Trade Relation and Negotiation Director-General with the Ministry of Trade and Regional Integration Mussie Muddeye indicated.
“Ethiopia has secured more than 3.28 billion USD from export trade in ten months of the current fiscal year,”Mussie noted, expressing confidence that the export earnings will reach four billion USD within the remaining two months. Almost 70 percent of Ethiopia’s export is agricultural products.
Another participant of the webinar and Investment Promotion Director with the Ethiopian Investment Commission AschalewTadesse said the government has given paramount importance to the development of a creative industry. “Complementing the public’s knowledge and creativity with human and natural resources is something that is given due consideration by the government.”
Dubai Chamber International Offices Director Omar Khans, who mentioned Ethiopia’s over 110 million populations, mostly young and creative, stressed that the country has immense potential for the development of the creative industry. Accordingly, recognizing the on-going need to create cooperation between Ethiopia and UAE to sustain a multidimensional relationship, efforts are well underway to take it to the next level by promoting diversification and technological upgrading.
“Dubai’s creative economy ranks number one in the Middle East and number two in the world in attracting foreign direct investment. Dubai attracted 233 creative projects last year surpassing New York, Singapore, and Berlin. Thus, Dubai is focusing on being a creative hub and focusing on a creative economy to attract more investment across the globe,” he added.
The Ethiopian Herald June 9/2022
