Federation of Saudi Chambers Announces the Formation of the Saudi-Ethiopian Business Council

The Federation of Saudi Chambers announced the formation of the Saudi-Ethiopian Business Council, following the approval of the General Authority of Foreign Trade (GAFT), as well as the election of Abdullah bin Mohamed Al-Ajmi as chairman of the council, and Omar bin Abdullah Al-Kharashi and Misfer bin Musaed Al-Shahrani as vice presidents.
Al-Ajmi said that Ethiopia is one of the largest economic powers and markets in Africa, registering a GDP of about $205 billion in 2022. The establishment of the council aligns with the Kingdom’s directions to strengthen economic relations with African countries, and search for investment opportunities and new markets.
Al-Ajmi said that the volume of trade between the Kingdom and Ethiopia does not exceed SAR1.3 billion, adding that the council will serve Saudi exports and the targeted sectors in Ethiopia, which is propitious for investment and an essential outlet for trade with Central Africa.
The scope of cooperation covers promising sectors such as agriculture, metallurgical, petrochemical and food industries, tourism, real estate, and contracting. (SPA)