Federation of Chambers Announces Formation of Saudi-Ethiopian Business Council

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The Saudi Chambers Federation, with approval from the General Authority for Foreign Trade, has announced the new Saudi-Ethiopian Business Council for the term 1446-1450.

Abdullah bin Mohammed Al-Ajmi is the new Chairman, with Omar bin Abdullah Al-Kharashi and Misfer bin Musaed Al-Shahrani as Vice Chairmen.

Abdullah Al-Ajmi, Chairman of the Saudi-Ethiopian Business Council, explained that Ethiopia is one of the largest economic powers and markets in Africa, with its GDP reaching approximately 205 billion dollars in 2022. The formation of the council aligns with the Kingdom’s efforts to strengthen its economic relations with African countries. It also seeks new investment opportunities and markets.

Al-Ajmi reported that trade between the Kingdom and Ethiopia has been under 1.3 billion riyals. Moreover, this indicates untapped investment opportunities that the council aims to leverage by enhancing partnerships between the two countries’ business communities.

Importance of Council

He emphasized the importance of the council’s role as a platform for serving Saudi exports and targeted sectors in Ethiopia, given its fertile investment environment and its significant gateway for trade with Central Africa. Additionally, Ethiopia is distinguished by promising sectors for cooperation, such as agriculture, metal industries, food, tourism and construction.

The council was formed after the Saudi Chambers Federation delegation visited Ethiopia last June. They signed an agreement with the Ethiopian Chamber of Commerce to establish a joint Saudi-Ethiopian Business Council. Furthermore, this will boost economic relations between Saudi Arabia and Ethiopia.

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