Today: 19 March 2025
19 August 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

Report claims YouTube advertisers harvesting data from kids

Next Story

UAE condemns burning of churches in Pakistan

Latest from -Top News

UN Calls for Gaza Ceasefire, End to Blockade

Fletcher said suspending aid and commercial materials is reversing the progress achieved during the ceasefire…reports Asian Lite News The UN humanitarian chief has called for a renewed Gaza ceasefire and urged Israel

Israel Orders Tough Response to Hamas

The decision follows Hamas’s continued refusal to release Israeli hostages…reports Asian Lite News Prime Minister Benjamin Netanyahu and Defense Minister Israel Katz have ordered the Israel Defense Forces (IDF) to “take decisive

Border Tensions Ease as Syria, Lebanon Reach Truce

The announcement on Monday follows a recent escalation between Syria and Hezbollah…reports Asian Lite News Syria and Lebanon reached an agreement to implement a ceasefire along their shared border and enhance military

Palestinians Seek Help to End Israeli Siege 

The Palestinian Ministry of National Economy: “We remind the entire world that Israel is refusing to allow the entry of basic health and humanitarian needs, especially water, electricity, and food, to the

Dubai Glows with Ramadan Spirit

The stunning displays are a key highlight of the second edition of the #RamadanInDubai campaign. Dubai has transformed into a dazzling spectacle of light and artistry in celebration of Ramadan, with grand
Go toTop

Don't Miss

‘UK-UAE ties important for the world’

Both leaders have exchanged views on the international repercussions resulting

Deal signed to produce more parts for MBZ-SAT

The 3m x 5m satellite, weighing in at around 700