Addis Ababa June 7/2022/ENA/The trade relations between Ethiopia and the United Arab Emirates (UAE) over the past five year have surpassed 2.5 billion USD, according to Ministry of Trade and Regional Integration.
Trade Relation and Negotiation Director-General at the ministry, Mussie Muddeye disclosed this at a webinar held today under the title “Creative Economy between the UAE and Ethiopia.”
Muse said that Ethiopia’s export to the UAE was more than 650 million USD between the years 2016 and 2020 while Ethiopia’s import from the UAE was more than 1.8 billion USD during the stated period.
This signifies the fact that the potential of trade between the two countries is huge, he said.
According to him, the Ethiopian economy is one of the fastest non-oil economies in Africa.
The nation has secured more than 3.28 billion USD from export trade in ten months of current fiscal year, he said expressing confidence that the export earnings will reach four billion USD within the remaining two months.
Almost 70 percent of Ethiopia’s export is agricultural products, he elaborated.
Investment Promotion Director at the Ethiopian Investment Commission, Aschalew Tadesse said Ethiopia has untapped natural and human resources.
“To harness this creative potential, the government has given paramount importance to the development of creative industry,” he said stressing the need to allowing knowledge and creativity through human and natural resources.
Recognizing the ongoing need to create cooperation between Ethiopia and UAE to sustain a multidimensional relationship, efforts are well underway to take it to the next level by promoting diversification and technological upgrading, he noted.
Omar Khan, Director of International Offices, Dubai Chamber on his part said Ethiopia with over 110 million populations, mostly young and creative, has a big potential for the development of creative industry.
Dubai’s creative economy ranks number one in the Middle East and number two in the world in attracting foreign direct investment, he stated.
According to him, Dubai attracted 233 creative projects last year surpassing New York, Singapore, and Berlin.
Dubai is focusing on being a creative hub and focusing on a creative economy to attracting more investment, he reiterated.
However, Africa and the Middle East’s share in the culture and creative art is only 58 billion USD out of the 500 billion USD revenue obtained globally from the sector.