The Sharjah Chamber discusses with the Ethiopian Consul the strengthening of the economic partnership
Sharjah, 1st July / WAM / The Sharjah Chamber of Commerce and Industry discussed the prospects of organizing mutual trade missions between the Emirate of Sharjah and the Republic of Ethiopia during the coming period, with the aim of activating communication and direct links between the business sectors and investors and exploring more new and promising investment opportunities based on the active and prominent role of the Chamber in facilitating trade missions and building sustainable economic partnerships that reflect positively on comprehensive development on both sides.
This came during a meeting between His Excellency Abdullah Sultan Al Owais, Chairman of the Board of Directors of the Sharjah Chamber of Commerce and Industry, at the Chamber’s headquarters, with His Excellency Zerihun Meghersa, Consul General of the Federal Democratic Republic of Ethiopia, in the presence of His Excellency Mohammed Ahmed Amin Al Awadhi, Director General, Abdulaziz Al Shamsi, Assistant Director General for the Communication and Business Sector, and a number of officials from both sides.
The two sides discussed enhancing mutual economic and investment cooperation relations. The Chamber reviewed the most prominent opportunities available to expand the scope of commercial partnerships between the business communities in Sharjah and Ethiopia within the framework of the Chamber’s keenness to consolidate the emirate’s position as a leading investment destination and to continue its role in building bridges of communication with emerging and promising markets on the African continent and supporting joint initiatives aimed at raising the level of trade exchange and developing intra-regional investments.
His Excellency Abdullah Sultan Al Owais stressed that the meeting represents an important step for coordination between the Chamber and the Ethiopian Consulate General to serve the interests of the business sector in the two countries, noting that the UAE is one of the largest international investors in Ethiopia. Emirati companies focus their business there in strategic sectors such as renewable and clean energy, real estate and urban development, and logistics, in addition to investing in agricultural lands, food security, and manufacturing industries, taking advantage of fertile lands and the abundance of labor, with the number of large Emirati companies investing and operating in Ethiopia reaching more than 130 companies implementing more than 160 projects.
He added that Ethiopia constitutes an economic and strategic gateway for the UAE to the African continent thanks to its demographic components, its huge consumer market and its rich natural resources, stressing the Sharjah Chamber’s commitment to facilitating trade missions to Ethiopia and encouraging the local business community to explore the opportunities available in the promising Ethiopian market, especially in the manufacturing, pharmaceutical and textile sectors, ensuring the continued growth and prosperity of bilateral relations in the coming years.
For its part, the Ethiopian delegation praised the distinguished economic position of the Emirate of Sharjah and its infrastructure and logistics that make it a global commercial center par excellence that connects regional and international markets, stressing the Ethiopian side’s keenness to consolidate the investment partnership and institutional cooperation with the Sharjah Chamber to support the flow of mutual investments.
The delegation highlighted the major and qualitative infrastructure projects that Ethiopia is currently witnessing, most notably the construction of a new airport, which is expected to be one of the largest airports on the African continent and the world, which contributes to consolidating the country’s position as a pivotal regional logistics center.
The two sides discussed the specific investment opportunities available to Emirati companies in promising sectors such as mining, in addition to tourism, agriculture and manufacturing industries, while the Ethiopian delegation affirmed its country’s commitment to adopting innovation and building the knowledge economy and industries of the future, which was embodied in the establishment of the first university specialized in artificial intelligence, which opens new horizons for joint technical and institutional cooperation with the UAE, a world leader in the technology sector.
The meeting discussed ways to advance the existing economic and commercial cooperation between the Emirate of Sharjah and the Republic of Ethiopia to broader levels based on the rapid growth and growing economic partnership between the UAE and Ethiopia. The investment opportunities and competitive advantages that the Emirate of Sharjah provides to Ethiopian companies wishing to expand their regional presence and the incentives and facilities that the emirate provides to the Ethiopian business community were also reviewed.
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