The Federation of Saudi Chambers (FSC) has announced the establishment of a new Saudi-Ethiopian Business Council. The council, approved by the General Authority of Foreign Trade (GAFT), aims to bolster economic ties between the two nations.
Despite the significant potential, trade volume between Saudi Arabia and Ethiopia currently stands at a modest SR1.3 billion. The council is expected to play a pivotal role in increasing Saudi exports and identifying promising sectors for investment in Ethiopia. It will focus on sectors with high growth potential, including agriculture, metallurgy, petrochemicals, food industries, tourism, real estate, and contracting. By concentrating on these areas, the council aims to foster stronger economic cooperation and mutual benefits between Saudi Arabia and Ethiopia.
Abdullah Al-Ajmi has been appointed as the council’s chairman, with Omar Al-Kharashi and Misfer Al-Shahrani serving as vice presidents. Al-Ajmi highlighted Ethiopia’s strategic importance as one of Africa’s largest economies, with a GDP of approximately $205 billion in 2022. He emphasized that the council’s formation aligns with Saudi Arabia’s broader strategy to expand its economic footprint in Africa.
Source (including image): Fana BC
