Saudis to invest in Ethiopia and Sudan

Arab News | 11 February 2009

Ghazanfar Ali Khan

Minister of Agriculture Fahd Balghunaim, second from left, signs a cooperation agreement with Ethiopian Minister of Finance and Economic Development Sufian Ahmed in Riyadh on Tuesday. (SPA)

RIYADH: A group of Saudi businessmen have planned to invest over SR1 billion [USD267m] in agricultural projects in Ethiopia and Sudan on a staggered schedule within next few years. The investment plans got a major boost today when the Kingdom and Ethiopia signed an agreement here to continue and expand cooperation in different sectors, especially in the field of agriculture, with the aim of providing food security for Saudi nationals.

“The agreement signed by Agriculture Minister Fahd Balghunaim and Ethiopian Minister of Finance and Economic Development Sufian Ahmed will further strengthen bilateral trade and investment links,” said Abdullah Al-Obaid, deputy minister of agriculture, here yesterday. Al-Obaid said that the accord was signed on the sidelines of the Saudi-Ethiopian Joint Ministerial Committee meeting, which began its deliberations yesterday. This was the second session of the panel.

The meeting, Al-Obaid said, will help to enhance exchanges in various fields between the Kingdom and Ethiopia. The session was co-chaired by Balghunaim and Ahmed. On the trade and investment front, Al-Obaid said that the two countries had forged closer relation.

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