In a significant move to deepen economic ties, Saudi Arabia and Ethiopia have established a bilateral business council designed to foster collaboration between companies in both countries. This development was announced in a recent press release following the signing of an agreement.
The newly established council will serve as a robust cornerstone for the two nations to enhance their economic partnership, laying the groundwork for joint ventures and mutual business endeavors.
During the Saudi-Ethiopian investment and trade forum in Addis Ababa, the agreement was signed. Distinguished attendees included over 250 investors, ministers, and officials, with the Federation of Saudi Chambers’ Chairman Hassan Al Huwaizi present at the event.
Al Huwaizi expressed that the council is the culmination of ongoing diplomatic efforts and will act as a dynamic conduit for Saudi and Ethiopian enterprises to present their activities and forge trade alliances.
The forum served as a platform to deliberate on the plethora of investment opportunities, benefits, and incentives Ethiopia offers in its industrial, agricultural, energy, and other vital economic sectors, along with areas of shared interest.
Accompanying the talks, a Saudi business contingent explored Ethiopia’s significant locales, including industrial zones and complexes that specialize in feed production, coffee, and construction undertakings, thereby acquainting themselves with the diverse investment opportunities present across multiple sectors.