Saudi Arabia, Ethiopia Form Business Council to Boost Economic Ties

Addis Ababa: Saudi Arabia and Ethiopia are set to strengthen their economic ties with the establishment of a new business council for the 2024-2028 term, the Federation of Saudi Chambers announced.The Saudi-Ethiopian Business Council, recently approved by the General Authority for Foreign Trade, aims to enhance trade and investment opportunities between the two nations.Abdullah bin Mohammed Al-Ajmi will lead the council as president, with Omar bin Abdullah Al-Kharashi and Misfer bin Musaad Al-Shahrani serving as vice presidents, according to the Saudi Press Agency.The formation of the council aligns with Saudi Arabia's strategy to deepen economic relations with Africa, particularly with Ethiopia, which is one of the continent's largest economies with a gross domestic product of approximately 205 billion USD in 2022.Despite the substantial economic potential, trade between Saudi Arabia and Ethiopia remains below SR1.3 billion (346 million USD). Al-Ajmi emphasized that the council is poised to capitaliz e on this untapped potential by fostering stronger business partnerships between the two countries.The council is expected to serve as a pivotal platform for supporting Saudi exports and targeting key sectors in Ethiopia. Al-Ajmi highlighted Ethiopia's attractive investment environment and its strategic role as a trade hub for Central Africa.He noted that the council will focus on promising sectors such as agriculture, mining, petrochemicals, food industries, tourism, real estate, and construction.The creation of the council follows an agreement announced nearly three months ago during the Saudi-Ethiopian Business Forum, held on June 5 in Addis Ababa.The ceremony was attended by chairman of the Federation of Saudi Chambers, Hassan bin Moejeb Al-Huwaizy along with over 250 investors and several Ethiopian ministers, officials, and representatives from both the public and private sectors.Al-Huwaizy described the establishment of the council as the result of ongoing efforts and a shared commitment to en hancing economic cooperation.He underscored that the council will provide a vital platform for Saudi and Ethiopian businesspeople to expand their activities and forge new partnerships, driving mutual growth and investment.As both countries look to the future, the new business council is set to play a crucial role in unlocking significant economic opportunities, fostering bilateral trade, and creating a more integrated economic landscape between Saudi Arabia and Ethiopia.Source: Ethiopian News Agency