RIYADH, 9 October — Saudi Arabia and Ethiopia yesterday signed an agreement to boost cooperation in trade and investment.
It was signed at the Ministry of Foreign Affairs by Dr. Nizar Obeid Madani, assistant to the Minister of Foreign Affairs, and Dr. Mulu Ketsela, Ethiopia’s state minister of finance and economic development. The agreement also seeks to bolster cooperation in the fields of finance, economy, technology and culture.
Saudi Arabia is a major investor in Ethiopia accounting for 65 percent of foreign direct investment that stood at $ 5 billion last year.
Prince Alwaleed ibn Talal, chairman of Kingdom Holding Co., later received Dr. Ketsala and her delegation. The prince told the delegation that he was seriously considering investing in that country, especially in the tourism sector. A new hotel in Addis Ababa was one of the possibilities.
The prince said he would send a delegation to Ethiopia to evaluate prospects of the livestock market, especially as Saudi Arabia has lifted a ban on Ethopian meat.
In an interview with Arab News, Dr. Ketsela said most Saudi investments in her country came from a small number of businessmen.
On the trade front, major export items are meat, livestock and coffee. She expressed hope that the restoration of peace and stability in Ethiopia would stimulate bilateral trade.In an effort to boost exports, Ethiopian traders would participate in an international trade fair to be held in Jeddah this month. Ethiopia is trying to diversify its exports away from coffee, its major foreign exchange earner. The minister said oilseeds, pulses and beans have a good market potential, and the country will try to promote these products.
