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Toronto – Barely two weeks after the investors from Pakistan agreed with the Ethiopian government to invest in the country’s manufacturing sector, a 79-member Saudi Investors delegation on Tuesday arrived in Addis Ababa.
The Ministry of Foreign Affairs of Ethiopia (MFAE) said the delegation is “high level” and it is the President of the Federation of Saudi Arabian Chambers of Commerce that is leading it. The purpose of the visit is said to be fostering “trade and investment opportunities, diversify economic relationship and fortify bilateral relations between Saudi Arabia and Ethiopia.” MFAE has also disclosed that the delegation is expected “to sign a Memorandum of Understanding (MoU) with the Ethiopian Chamber of Commerce and Sectoral Association.”
Three Ministers greeted the delegation on arrival at Bole International Airport ; The Minister For Planning and Development (Fitsum Assefa), the Minister for Tourism (Nasise Chali) and the State Minister at the Ministry of Foreign Affairs of Ethiopia (Mesganu Arega).
In the past, there have been reports that Saudi Investors are interested in real estate development and the agriculture sector. From the activities scheduled for the delegation, there seems to be interest in agricultural investment. They will be visiting Animal Feed Producing Complex and Abdulhakim Coffee Processing Complex – among other facilities.
On Wednesday, an investment forum was launched at the Science Museum in the capital Addis Ababa. Fitsum Assefa who made an opening remark on the event sees it as “an opportunity to share and identify mutually beneficial investment opportunities. ”
Chairman of the Federation of Saudi Chamber , Hassan Mujib Bani Huwayz , reckoned Saudi Arabia economic investment in Ethiopia started back in 1948 and that diplomatic relations have been maintained since then. It is indicated that
The Saudi business delegation has plans “to explore opportunities in agriculture, mining, tourism, energy, transport and other sectors.”
According to some sources (clingendael) Saudi Arabia has over $4,9 billion in investment in the Horn of Africa and the bulk of it is in Ethiopia. There are as many as 233 investment projects ( in manufacturing and agriculture) in Ethiopia and many of them are said to be in the capital Addis Ababa and Oromia region.
Ethiopian migrants have been experiencing harsh treatment and savage human rights violations in Saudi Arabia for many years now. Currently, the government is undertaking a program to return Ethiopian migrants from Saudi Arabia.
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