August 19, 2023
3 mins read

UAE, Ethiopia trade exceeds $6bn

Al Rashidi emphasised that Ethiopia is a key investment partner for the UAE in East Africa, as it has a large and emerging consumer market of more than 100 million people, and enjoys diverse resources and economic potential in several sectors such as health, clean energy, technology, communications and others…reports Asian Lite News

Mohammed Salem Al Rashidi, UAE Ambassador to the Federal Democratic Republic of Ethiopia, affirmed that the historical relations between the UAE and Ethiopia have witnessed remarkable progress over the past few years.

This reflects the distinguished friendship between the leaderships of the two countries, and the exchange of visits and meetings between President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Dr. Abi Ahmed, Prime Minister of the Federal Democratic Republic of Ethiopia, and the expansion of cooperation in various fields and at various levels, which have enhanced relations and progress between the two nations.

Al Rashidi said in a statement to the Emirates News Agency (WAM), “The UAE is one of the key trading partners of Ethiopia, and trade exchange has witnessed steady growth in the past few years, as the Ethiopian Ministry of Trade estimates indicate that the volume of trade exchange between the two countries amounted to US$6 billion,” stressing that the number of UAE investment projects in Ethiopia is estimated at more than 113.

He added, “The UAE and Ethiopia are cooperating in the field of renewable energy, which is an area of common interest for the two countries, especially since the UAE is a major international leader in the field of clean energy. The Ethiopian government seeks to implement its strategy to develop its renewable energy sector and the Abu Dhabi Future Energy Company, Masdar, signed a joint development agreement with the Ethiopian government in January 2023 in Abu Dhabi to develop two solar power plants with a combined generating capacity of 500 megawatts. Masdar previously signed a similar agreement with the Ethiopian government in March 2021 in Addis Ababa to develop solar energy projects in multiple locations in Ethiopia, advancing their efforts to diversify energy sources and achieve economic growth.

Al Rashidi emphasised that Ethiopia is a key investment partner for the UAE in East Africa, as it has a large and emerging consumer market of more than 100 million people, and enjoys diverse resources and economic potential in several sectors such as health, clean energy, technology, communications and others. Ethiopia has also become an attractive destination for foreign investment, as UAE companies have undertaken 113 investment projects in the country, with growing interest on the part of UAE companies to invest in Ethiopia in sectors related to food security, agriculture, livestock and logistics.

He stressed that the UAE is also a strategic partner for Ethiopia in its efforts to achieve growth, as UAE relief and humanitarian organisations contribute to efforts in various sectors through the implementation of many humanitarian and development activities and programmes in Ethiopia.

Development cooperation is one of the main areas of cooperation between the two countries, the most important of which is in the health field and health capacity building, as well as in empowering women and youth through supporting and financing small and medium projects in Ethiopia, in addition to providing scholarships for Ethiopian students to study in UAE universities.

ALSO READ-Thousands take part in UAE AI Camp

Previous Story

Taiwan calls China “bully next door”

Next Story

Two years in, Afghan women struggle for education rights

Latest from -Top News

The UK’s Net Zero Journey

Achieving net zero is not just a technological but also a political and cultural undertaking, writes Hasil Farooque In 2019, the United Kingdom officially committed itself to eradicate all greenhouse gas emissions

Bangladesh’s Dark Side Unveiled in Geneva

Organised by diaspora activists, the exhibit exposed rising rights abuses in Bangladesh post-Hasina…reports Asian Lite News In a bid to spotlight the deteriorating human rights situation and rising persecution of minorities in

India Outpaces Peers in Morgan Stanley Outlook

Global investment firm reaffirms India’s status as top-performing economy in latest growth outlook…reports Asian Lite News India is set to retain its position as the fastest-growing economy among nations tracked by Morgan

Debt deals, austerity still rule Colombo

IMF approves $350 million t ranche as island nation sees early signs of recovery, but challenges persist amid ongoing reforms and rising public discontent….reports Asian Lite News The International Monetary Fund (IMF)
Go toTop

Don't Miss

Sheikh Mohammed tours GITEX

Sheikh Mohammed toured a number of pavilions at GITEX GLOBAL

UAE forces arrive in Saudi ahead of GCC security drill

The exercise under the slogan “Arab Gulf Security 3” will