Saturday, September 23, 2023
NewsUAE officials want Ethiopia to act as key entry point for exports...

UAE officials want Ethiopia to act as key entry point for exports to East Africa

Top leadership directed authorities to strengthen ties with Ethiopia

Top UAE official Thani bin Ahmed Al Zeyoudi has expressed hopes that Ethiopia can become a vital conduit for Emirati exports and re-exports throughout the African continent.

In a statement to Emirates News Agency, the Minister of State for Foreign Trade said the country’s leadership has prioritized ramping up relations with African nations. He noted that Ethiopia, as the second most populous country on the continent, could play an influential role in this strategy.

“UAE’s leadership had directed the country to strengthen its relations with African nations, especially Ethiopia,” he said.

Al Zeyoudi stated that the UAE views Ethiopia’s large domestic market and strategic location as ideal for boosting non-oil trade flows to other high-potential East African economies.

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Bilateral exchanges between the partners reached USD 1.4 billion in 2022 alone.

The UAE can help Ethiopian exports reach new markets through its global network of trade partners, while Ethiopia can act as a key entry point for Emirati exports and re-exports to East Africa and other African countries, he said.

“The UAE values its trade and investment ties with Ethiopia and wants to take them to new heights, as Ethiopia is a key trade partner in Africa and a promising place to invest, with many opportunities in its fast-growing emerging economy, he added.

According to Al Zeyoudi, the UAE’s non-oil exports to Ethiopia displayed a solid rebound in 2022, rising 4.5 percent year-on-year to reach USD 210.3 million. This growth marked a recovery from the pandemic-induced 22 percent slump experienced in 2020.

Meanwhile, re-exports from the UAE to Ethiopia maintained their upward momentum, the minister stated. In 2022, it increased 8.6 percent compared to the previous year to hit USD 553.3 million.

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