Saudi Gazette report

RIYADH — 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). Abdullah Al-Ajmi has been elected chairman of the council, while Omar Al-Kharashi and Misfer Al-Shahrani are the 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 SR1.3 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.