UAE & Ethiopia trade exchange exceed $6 billion

Trade exchange between the UAE and Ethiopia 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 $6 billion (AED 22 billion).

Mohammed Salem Al Rashidi, UAE Ambassador to the Federal Democratic Republic of Ethiopia, said in a statement to national news agency WAM and stressed that the number of UAE investment projects in Ethiopia is estimated at more than 113.

He 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, 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.

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 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. UAE relief and humanitarian organisations contribute to various sectors by implementing 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.