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Thursday, May 23, 2024

Emirati investments in Ethiopia hit $2.9B in 2022, per Al Zeyoudi

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, emphasized the UAE’s commitment to enhancing its ties with African countries, particularly Ethiopia, in accordance with the leadership’s directives.

He highlighted Ethiopia’s significant population and its status as a vital market for the UAE’s non-oil exports and re-exports.

Al Zeyoudi informed Emirates News Agency (WAM) that Ethiopia and the UAE enjoy robust trade and investment relations.

Their non-oil trade reached $1.4 billion in 2022, while UAE investments in Ethiopia totaled $2.9 billion.

These investments span key sectors including chemicals, food and beverages, aluminum, and pharmaceuticals. He also noted the UAE’s involvement in sectors with potential like ports, logistics, storage, warehouses, and real estate.

Non-oil exports from the UAE to Ethiopia surged by 4.5% YoY to $210.3 million in 2022, showing strong recovery from the pandemic’s impact in 2020.

Re-exports to Ethiopia increased by 8.6% YoY to $553.3 million in 2022, following an upward trend since 2018.

Al Zeyoudi underscored the potential for an expanded trade partnership based on their friendly relations and the wide range of products and services they can exchange.

Al Zeyoudi highlighted the UAE’s ability to facilitate Ethiopian exports to new markets through its global trade network, while Ethiopia could serve as a gateway for Emirati exports and re-exports to East Africa and beyond.

The UAE values its trade and investment links with Ethiopia and seeks to elevate these connections further, recognizing Ethiopia’s role in African stability and development.

Al Zeyoudi concluded by emphasizing the UAE’s commitment to strengthening bilateral relations with Ethiopia and collaborating on projects that promote sustainable development and mutual interests globally.

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