Time for Ethio-Russia Economic Operators to Expand Interaction, Diversification: Intergovernmental Commission Chair

Addis Ababa, December 6/2022/ENA/  Ethio-Russia Intergovernmental Commission Chairman and Russia's Ambassador to Ethiopia, Yevgeny Terekhin underscored today that it is time to have a substantive discussion about the expansion of opportunities for interaction and diversification of cooperation between economic operators in the two countries.

The 8^th Ethio-Russia Intergovernmental Commission meeting, which aims at enhancing trade, investment, scientific and technical cooperation as well as advancing and transforming people-to-people relations, kicked off today.

Speaking at the opening of the three-day meeting on economic, scientific, technical and trade cooperation, the chairman said the relationship between Ethiopia and Russia is based on historical traditions of mutual respect and trust.

“We are keen to further deepen our comprehensive cooperation in trade and economic, scientific and technical, educational, cultural and humanitarian spheres,” he added.

“In recent years, Ethiopia has shown steady economic growth. Thanks to the economic and political reforms carried out by the country’s authorities, improvement of legal framework and introduction of best practices, there have been positive changes in the business climate of the country,” Ambassador Terekhin noted.

The potential of bilateral trade and economic ties is very high, but both Russian and Ethiopian businessmen do not yet know enough about opportunities in this regard, he pointed out.

Ethio-Russia Intergovernmental Commission Co-Chairman and Innovation and Technology Minister, Belete Molla said “the people-to-people relation and strong ties between Russia and Ethiopia is bound by similarity of values, including commitment to our sovereignty.”

The trade and investment volume is much less than the expected level, despite a very cordial and historical friendship that the two countries are enjoying, he noted, adding that “the two countries have a tremendous potential for trade and investment cooperation. It is then right time to convert opportunities to realities.”

“The economic rejuvenation that has been taking place in Ethiopia is based on the Home Grown Economic policy and massive reforms in all fronts. Ethiopia is (therefore) on the right track to achieve its vision of sustainable and green economic growth. In this context, I wish to invite Russian investors to take part in our development endeavors.”

According to the minister, Ethiopia’s potential in manufacturing, mining, energy, agriculture, and pharmaceutical sectors will provide ample opportunity for Russian businesses.

Ethiopia acknowledges the Russian Federation as a partner of all times of national needs, particularly in the efforts to maintain Ethiopia’s independence, sovereignty and territorial integrity, Belete stated.

“Ethiopia highly appreciates Russia’s strong position and support, especially the support during the last two years in the UNSC meetings on Ethiopia is unforgettable.”

Russia’s Head of Federal Agency on Mineral Resources, Eugeny Petrov said on his part that Ethiopia remains one of Russia’s important partners in Africa and aims to increase the volume of bilateral trade and diversify it qualitatively.

“We have the resources, we have an understanding of its consumption in the medium term. Let us form new high-margin markets. And we are ready to share our experience and technology, organize training of professional personnel,” he added.

According to him, the commission will discuss prospects in the fields of energy, geology and management of mineral resources and agriculture, information and communication, health care and education.