Ethiopia, Russia Have Tremendous Potential for Trade, Investment Cooperation

Addis Ababa December 20/2023 (ENA) Ethiopia and Russia have tremendous potential for trade and investment cooperation growth, Innovation and Technology Minister Yeshurun Alemayehu said.

Speaking at the Ethiopian and Russian Business Forum held today in Addis Ababa, he said the  forum is pivotal to explore the untapped business potential between the two countries.

“The trade and investment forum is one of the combined efforts to realize our shared vision to advance the betterment of livelihood of the two people,” the state minister added.

Despite the very cordial and historical friendship that Ethiopia and the Russia are enjoying, the economic cooperation, particularly trade and investment relations, are not to the expected level, according to Yeshurun.

However, the two nations have tremendous potential for trade and investment cooperation growth as demonstrated from both sides.

In addition, the state minister stated that the interest of both countries to foster trade and investment relations open door of massive opportunities. 

Yeshurun called on and encouraged Russian investors and companies to explore the huge opportunities and exciting incentives available in Ethiopia in various sectors.

 

Ethiopian Investment Deputy Commissioner, Daniel Teressa said on his part that Ethiopia is one of the newly emerging markets with the immense investment potential and opportunities in various sectors, including agriculture, manufacturing, tourism, ICT, and mining, among others. 

Russia, on the other hand, is a country with advanced technologies and expertise in various fields; and Russian investors have recently shown increasing interest in investing in Ethiopia, he added.

According to the deputy commissioner, Ethiopia has introduced various policies that promote investment and improve the business climate.

Moreover, he said "we will capitalize on the very high interest demonstrated by Russian investors to come and invest in Ethiopia." 

 

Russian Ambassador to Ethiopia, Terekhin Engeny said the relationship between Ethiopia and Russia is always characterized by mutual trust and support. 

That it is important to strengthen the trade and investment relations between the two countries, he noted.

Russia Federal Agency for Mineral Resources Head, Evgeny Petrov said such forums will create opportunities for Ethiopian and Russian business to exchange views on areas of cooperation.

He revealed that Russian businesses are interested in strengthening multilateral and multifaceted ties in trade and investment with Ethiopia.

Besides, Russia is committed to further fostering its relations with Ethiopia in the spheres of education, culture, sport, communication, among others.

Mineral resources, IT, cyber security, agriculture, industry, transport and energy were areas discussed at the forum attended by senior government officials and business-persons.