Saudi Arabia and Ethiopia to strengthen their economic ties by establishing new business council

Saudi Arabia and Ethiopia are set to strengthen their economic ties by establishing a new business council for the period from 2024 to 2028.

Recently approved by the General Authority for Foreign Trade, the Saudi-Ethiopian Business Council will aim to improve trade and investment opportunities between the two countries.

Abdullah bin Mohammed Al-Ajmi was appointed president of the council, while Omar bin Abdullah Al-Kharashi and Misfer bin Musaad Al-Shahrani became vice presidents. This is reported by Fana Broadcasting Corporate (FBC), a partner of TV BRICS.

The establishment of the council is in line with Saudi Arabia's strategy to deepen economic relations with Africa, especially Ethiopia.

Al-Ajmi said the council is ready to utilise this unallocated potential by contributing to strengthening business partnerships between the two countries.

The council will be an important platform to support Saudi exports and target key sectors in Ethiopia. Al-Ajmi emphasised the attractiveness of Ethiopia's investment climate and its strategic role as a trade hub for Central Africa.

The focus will be on promising sectors such as agriculture, mining, petrochemicals, food processing, tourism, real estate and construction.

The establishment of the council follows an agreement announced almost three months ago at the Saudi Arabia-Ethiopia Business Forum held in Addis Ababa on 5 June.

Photo: FBC