UAE & Ethiopia commerce trade exceed USD 6 billion

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Trade trade between the UAE and Ethiopia has witnessed regular development previously few years, because the Ethiopian Ministry of Trade estimates point out that the quantity of commerce trade between the 2 international locations amounted to US$6 billion (AED 22 billion).

Mohammed Salem Al Rashidi, UAE Ambassador to the Federal Democratic Republic of Ethiopia, mentioned in an announcement to the Emirates News Agency (WAM) and confused that the variety of UAE funding initiatives in Ethiopia is estimated at greater than 113.

He affirmed that the historic relations between the UAE and Ethiopia have witnessed outstanding progress over the previous few years. This displays the distinguished friendship between the leaderships of the 2 international locations, the trade of visits and conferences 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 growth of cooperation in varied fields and at varied ranges, which have enhanced relations and progress between the 2 nations.

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 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 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 funding associate for the UAE in East Africa, because it has a big and rising client market of greater than 100 million folks and enjoys numerous assets and financial potential in a number of sectors akin to well being, clear power, know-how, communications and others. Ethiopia has additionally develop into a pretty vacation spot for overseas funding, as UAE corporations have undertaken 113 funding initiatives within the nation, with rising curiosity on the a part of UAE corporations to spend money on Ethiopia in sectors associated to meals safety, agriculture, livestock and logistics.

He confused that the UAE can be a strategic associate for Ethiopia in its efforts to attain development. UAE reduction and humanitarian organisations contribute to numerous sectors by implementing many humanitarian and improvement actions and programmes in Ethiopia.

Development cooperation is without doubt one of the foremost areas of cooperation between the 2 international locations, an important of which is within the well being subject and well being capability constructing, in addition to in empowering ladies and youth by way of supporting and financing small and medium initiatives in Ethiopia, along with offering scholarships for Ethiopian college students to review in UAE universities.