Ethiopian, Saudi Chambers ink MoU
ADDIS ABABA – Plan and Development Minister has called on Saudi investors to explore Ethiopia’s investment opportunities that have become highly remunerative on the heels of policy reforms.
Plan and Development Minister Fitsum Assefa (PhD) has called on Saudi businesspeople to invest in Ethiopia and utilize country’s lucrative opportunities that have been facilitated to allure Foreign Direct Investment (FDI) in the past few years of reform period.
During the Ethio-Saudi investment and trade forum launched yesterday, the Minister said that the policy reforms particularly implemented in six economic sectors, including international trade, capital and labor market, and foreign direct investment is making positive changes.
Accordingly, Saudi Arabian investors can engage in various investment areas through exploring business opportunities including tax incentives, she indicated.
The visit of Saudi delegation marks a significant milestone in the economic relations between the two countries, Fitsum said, adding that Ethiopia is committed to create more developed investor-friendly environment.
“Ethiopia offers vast opportunities for foreign investors, particularly in manufacturing, agriculture, and other critical sectors,” she noted.
She highlighted that sectors such as agriculture, manufacturing, construction, and real estate are particularly lucrative for foreign investment.
The importance of the geographical proximity and historical ties between the two nations these factors create a robust foundation for mutual cooperation and benefit, she stated.
She also expressed her confidence that the discussions and site visits during the forum would pave the way for increased Saudi investment in Ethiopia.
Chairman of the Federation of Saudi Chamber, Hassan Moejeb on his part expressed his optimism about the potential for enhanced collaboration. “Our trade relationship with Ethiopia has been vibrant for centuries,” Moejeb noted.
“I hope we will identify new areas for cooperation following these discussions,” he added.
Ethiopian Investment Commissioner, Hana Aryaselassie also expressed that the forum represents a strategic effort by Ethiopia to attract foreign investment and bolster economic growth.
By opening up its diverse sectors to international investors, Ethiopia aims to leverage its resources and strategic location to become a key investment destination in the region, she stated.
The delegation, comprising about 80 businesses, which led by Chairperson of the Federation of Saudi Chamber, will spend three days here, visiting various tourist destinations and industrial sites within and outside of Addis Ababa to get a comprehensive understanding of the investment landscape in Ethiopia, according to Ministry of Foreign Affairs.
Meanwhile, the Ethiopian Chamber of Commerce and Sectoral Associations and the Federation of Saudi Chamber have signed a memorandum of understanding aimed at creating collaborative platform.
So far, Saudi Arabian companies have initiated 233 projects in Ethiopia that have created a significant number of jobs.
As the Ethio-Saudi trade relationship progresses, both nations anticipate forging stronger economic partnerships that will benefit their respective economies and further solidify their longstanding relationship, The Ethiopian Herald learnt.
BY YESUF ENDRIS
THE ETHIOPIAN HERALD THURSDAY 6 JUNE 2024
