The Federation of Saudi Chambers recently announced the formation of the Saudi-Ethiopian Business Council, marking a significant step towards strengthening economic relations between the Kingdom of Saudi Arabia and Ethiopia. The council, which has been approved by the General Authority of Foreign Trade, will be chaired by Abdullah Al-Ajmi, with Omar Al-Kharashi and Misfer Al-Shahrani serving as vice presidents. Al-Ajmi highlighted Ethiopia’s status as one of the largest economic powers in Africa, with a GDP of around $205 billion in 2022. The establishment of the council is in line with Saudi Arabia’s strategic aim to enhance economic ties with African nations, and to explore new investment opportunities and markets.
Currently, the volume of trade between Saudi Arabia and Ethiopia stands at just SR1.3 billion. Al-Ajmi emphasized that the newly formed business council will play a crucial role in supporting Saudi exports and facilitating trade with Ethiopia, which is seen as a promising destination for investment and a key gateway to Central Africa. The council will focus on a range of sectors, including agriculture, metallurgical, petrochemical, and food industries, as well as tourism, real estate, and contracting. By promoting cooperation in these sectors, the council aims to create mutually beneficial opportunities for businesses in both countries.
One of the key objectives of the Saudi-Ethiopian Business Council is to boost bilateral trade and investment between the two countries. By leveraging the strengths and resources of both nations, the council aims to unlock new opportunities for economic growth and development. Ethiopia, with its rapidly expanding economy and strategic location in Africa, offers immense potential for Saudi businesses looking to explore new markets and expand their global footprint. Through the establishment of the council, Saudi Arabia seeks to deepen its engagement with Ethiopia and tap into the country’s dynamic and diverse economic landscape.
In addition to promoting trade and investment, the Saudi-Ethiopian Business Council will also focus on fostering collaboration in key sectors such as agriculture, metallurgical, petrochemical, and food industries. These sectors hold significant growth potential and offer opportunities for mutual cooperation and partnership between Saudi and Ethiopian businesses. By providing a platform for dialogue and exchange between business leaders from both countries, the council aims to facilitate the development of joint ventures and strategic alliances that can drive sustainable economic growth and create value for both economies.
Moreover, the establishment of the Saudi-Ethiopian Business Council underscores Saudi Arabia’s commitment to strengthening its presence in the African continent and expanding its economic horizons beyond traditional markets. By forging stronger ties with Ethiopia and other African nations, Saudi Arabia aims to diversify its trade portfolio, tap into new growth opportunities, and position itself as a key player in the regional and global economy. The council’s formation is a testament to the Kingdom’s forward-looking approach to economic diplomacy and its determination to leverage partnerships and collaborations for mutual benefit and prosperity.
Overall, the formation of the Saudi-Ethiopian Business Council represents a significant milestone in Saudi Arabia’s efforts to enhance economic cooperation with African countries and explore new avenues for trade and investment. Through the council, Saudi businesses will have the opportunity to tap into Ethiopia’s vibrant economy and leverage its potential as a gateway to the African market. By fostering collaboration and partnership in key sectors, the council aims to create a conducive environment for business growth and facilitate the expansion of bilateral trade and investment between Saudi Arabia and Ethiopia. With a focus on promoting mutual benefits and sustainable development, the council is poised to play a pivotal role in deepening the ties between the two countries and unlocking new opportunities for economic prosperity and growth.
