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Ethio-Saudi Business Forum Held at Science and Technology Museum, Addis Ababa

Addis Ababa, Ethiopia - June 5, 2024 (MoPD)
Ethiopia hosted a high-profile business forum today aimed at fostering stronger investment and trade ties with Saudi Arabia. The two-day event commenced at the Science and Technology Museum in Addis Ababa.
H.E. Dr. Fitsum Assefa, Ethiopia's Minister of Planning and Development, opened the forum by highlighting the longstanding ties between the two nations, which stretch back centuries. She emphasized Ethiopia's strategic location, vibrant economy, youthful population, and reformist government as key drivers for attracting Saudi investment.

In her opening remarks, H.E Dr. Fitsum highlighted Ethiopia's untapped potential in various sectors, including agriculture, manufacturing, tourism, and renewable energy. She noted that Ethiopia's fertile land and favorable climate create significant potential in agribusiness, encompassing crop production, livestock rearing, and agro-processing, inviting Saudi investors to capitalize on these opportunities.
The Minister also highlighted recent economic reforms undertaken by the Ethiopian government to create a more business-friendly environment. These reforms include liberalizing key sectors and implementing legal and administrative changes to reduce the cost of doing business in Ethiopia. Officials from Ethiopia’s Investment Commission and the National Bank of Ethiopia discussed the various opportunities brought about by these recent reforms.
Dr. Hussein Mujib, President of the Federation of Saudi Arabian Chambers of Commerce, emphasized the historical ties between the two countries dating back to 1948. He expressed Saudi Arabia's desire to strengthen trade and investment relations not only with Ethiopia but across Africa, fostering a spirit of collaboration. Dr. Mujib noted the diverse composition of the Saudi delegation, representing various business and investment sectors, paving the way for potential partnerships with Ethiopian counterparts.
A Memorandum of Understanding (MoU) was signed between the Ethiopian Chamber of Commerce and Sectoral Associations and the Federation of Saudi Arabian Chambers of Commerce, signifying a commitment to formalize collaboration.
Prior to the forum, a business exhibition showcased Ethiopia's potential in various sectors, including leather, textiles, minerals, and tourism destinations. This event served to highlight the diverse investment opportunities Ethiopia offers to Saudi Arabian businesses

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