RIYADH — Saudi Arabia and Ethiopia have announced the formation of a new business council aimed at bolstering economic relations and expanding trade and investment between the two nations for the 2024-2028 term. This initiative, as revealed by the Federation of Saudi Chambers, is part of a broader strategy to deepen ties with African nations, particularly Ethiopia, one of the continent’s largest economies.
According to Ethiopian News Agency, Abdullah bin Mohammed Al-Ajmi has been appointed as the president of the Saudi-Ethiopian Business Council, with Omar bin Abdullah Al-Kharashi and Misfer bin Musaad Al-Shahrani serving as vice presidents. The General Authority for Foreign Trade recently approved the establishment of the council, underscoring Saudi Arabia’s commitment to enhancing its economic footprint in Africa.
The economic interactions between Saudi Arabia and Ethiopia have remained modest, with bilateral trade not exceeding SR1.3 billion (approximately 346 million USD). Al-Ajmi emphasized the council’s role in unlocking this untapped potential by facilitating stronger business partnerships and supporting Saudi exports to key Ethiopian sectors including agriculture, mining, petrochemicals, food industries, tourism, real estate, and construction.
The council’s establishment was first proposed at the Saudi-Ethiopian Business Forum on June 5 in Addis Ababa, an event that gathered over 250 investors and numerous officials from both countries. Hassan bin Moejeb Al-Huwaizy, chairman of the Federation of Saudi Chambers, highlighted the council as a culmination of concerted efforts to foster economic cooperation. He noted that the council will serve as an essential platform for Saudi and Ethiopian businesses to expand their operations and explore new partnership opportunities, aiming to drive mutual growth and investment.
As the new business council commences its operations, it is poised to play a pivotal role in enhancing the economic dialogue and cooperation between Saudi Arabia and Ethiopia, potentially transforming the economic landscape of both nations.