Saudi expanding investment in Ethiopia
Jeddah, June 1, 2010
Saudi Arabian investment in the Ethiopian farm sector is expanding with many Saudis and local companies signing contracts with landowners to produce grains and other agricultural products, a report said.
“They either lease plots of land or enter into deals in cooperation with local partners,” Ethiopian consul general Tekleab Kebede was quoted as saying by Arab News.
Kebede added that Saudi investments, which can be 100 per cent of the project, are now adding up to millions of dollars.
Kebede drew attention to the fact that Ethiopia was abundant in land, water and labour, while Saudis were rich in capital.
“We have been giving the message to Saudis that we complement each other in boosting our bilateral business, investment and trade volumes. After all, both countries have close geographical proximity,” Kebede was quoted in the report.
Kebede added that the bilateral trade volume had exceeded $500 million.
Saudis have been increasingly investing in agriculture, tourism, hotels, mining and manufacturing, the report said.