A meeting reviewing investment opportunities in the industrial, agricultural and tourism sectors in Ethiopia
The Deputy Chairman of the Asharqia Chamber and Chairman of the Hospitality and Recreation Committee, Hamad bin Muhammad Al-Bouali praised the level of the existing relations between the Kingdom and Ethiopia, as both countries have adopted nearly identical plans, programs, and initiatives to develop their overall economies with a special focus on industrialization, where there are bright potentials for cooperation between the two countries in the fields of agriculture, infrastructure development, energy, manufacturing, and tourism.
Al-Bawali said during a meeting with the Ethiopian businessmen delegation on Tuesday 18 February 2020 that the Kingdom, in the framework of its vision 2030, has given great priority to developing its tourism sector, and that the government has undertaken many huge tourism projects throughout the Kingdom, which has opened enormous investment opportunities to local investors and foreigners.
He pointed out that the eastern region of the Kingdom has emerged as an attractive tourist destination, not only in the Kingdom but also in the entire Gulf region because of its long coastlines on the bay that extends for more than 700 km. In addition to that, the eastern region has a great tourism infrastructure by building dozens of modern shopping centers, entertainment centers, natural parks, and archaeological sites.
He pointed out that the eastern region took the lead in the industrial development of the Kingdom, as this region is now called "the capital of the Gulf industries, due to its huge industrial activities, and the presence of many energy and petrochemical projects at the world level in the region and its industrial cities Jubail."
For this part, Mr. Sebseeb Bad Adab, Minister Counselor at the Ethiopian Embassy in Riyadh, and through a presentation, focused on the enormous investment potential in Ethiopia, and his country has been described as a "land of origins" as it has many archaeological and historical sites registered in UNESCO, which attract tourists from all around the world.
Adab added that there are more than 140 agricultural crops produced in Ethiopia, which includes coffee, as coffee was discovered in Ethiopia since the ninth century. Currently, he pointed out that more than 12 million people in Ethiopia are involved in the cultivation and harvesting of coffee.
Another advantage of investing in Ethiopia reported by literature is the creation of the African Continental Free Trade Area (AFCFTA) with the aim of creating a single market for goods and services across the African continent. It was established by the majority of the fifty-five members of the African Union.