Ambassador Points Out Ethio-Russia Untapped Trade, Economic Potential

Addis Ababa, July 21/2020(ENA) Russia and Ethiopia have significant untapped potential for developing trade and economic cooperation in a wide range of areas, according to Ambassador Evgeny Terekhin. 

In an exclusive interview with ENA, Ambassador Terekhin said the countries have untapped potential for developing trade and economic cooperation in a wide range of areas.

“The potential for bilateral trade and economic relations is very high, but both Russian and Ethiopian businessmen are not yet significantly aware of each others' capabilities,” he pointed out.

According to him, the dialogue on issues of mutual interest on international agendas need to be supported by interaction in the economic, commercial and investment spheres.

In this regard, Ambassador Terekhin pointed out that the chambers of commerce and industry associations of the two countries are particularly important for the development of more dynamic relations.

Noting that energy is among the most promising areas of cooperation, he cited the nuclear energy agreement signed between the countries last year.

“Negotiations are underway to construct a nuclear science and technology center with a research reactor in Ethiopia, and the first nuclear power plant for the country,” the ambassador revealed.

He recalled that Russia had built Melka Wakana and developed Halele Worabesa hydropower plant and emphasized:“There is great potential in such areas as hydrocarbon and mineral extraction, infrastructure development, and railway construction.”

Ambassador Terekhin further noted that constructing Russian industrial parks for pharmaceutics, car assembly and textile industries can be the most prospective spheres for Russian companies in Ethiopia.

Russia cherishes the political relations with Ethiopia which is based on mutual respect, trust and friendship, according to the ambassador.

Prime Minister Abiy Ahmed’s participation in the Russian-African Summit in Sochi and his telephone conversation with the Russian leadership has given new impetus to promoting the historical friendly Ethio-Russian relations, he said.

The long-standing friendly relationship should further be heightened “particularly at a time when collective action by all states, including Ethiopia and Russia, to counter the spread of  Coronavirus infection is more necessary than ever.”

Diplomatic relations between Ethiopia and Russia date back to 1898.