Ambassador Says Ethiopia Important to Saudi Arabia Especially in Trade, Investment

Ena December 18/2019 Ethiopia is very important for Saudi Arabia, especially in trade and investment, Saudi Ambassador Abdullah said today.

Saudi Arabia's Ambassador to Ethiopia, Sami Jamil Abdullah told ENA that Ethiopia “is very important for us, especially in trade and investment, as Saudi Arabia has enormous capital and  geographical proximity to Ethiopia.

Noting that the relationship between the two countries has been gaining momentum in trade, economy and politics, he said they are working to elevate the comprehensive ties at the highest level.

“You know, from today on we will see a lot of improvement in business and trade exchange that could deepen our long-aged bilateral relationship,” the ambassador revealed.  

A delegation of more than 40 business persons met this morning with their Ethiopian counterparts at Sky Light Hotel with the view to exploring the commercial potentials between the two countries.

Addis Ababa Chamber of Commerce and Sectoral Associations President, Mesenbet Shenkute  said the trade volume between the two countries during the period 2012-2018 was worth around 6.2 billion USD.

However, the trade balance reads significantly favoring Saudi Arabia where its export to Ethiopia exceeds its import by 3.6 USD billion during the same period.

The president added that Saudi Arabia has continued to be one of the biggest buyers of Ethiopia’s exports, worth 183 million USD, next to the United States, Somalia and the Netherlands.

Mesenbet underscored that the two countries should maximize their partnership by capitalizing on geographical proximity and synergistic economic potential.

With this positive results between the two countries, the trade relations still remain very low when compared to the potential and their import and export trade experiences, she added.

Some of the major goods exported to Saudi Arabia from Ethiopia include coffee, flower and goat meat. Ethiopia on its part imports major commodities, including oil and petroleum, urea, benzene and jet fuel.