As part of the Ministry of Finance’s (MoF) commitment to strengthen relations with various UAE trade partners, HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, received a finance and economic delegation from Ethiopia, at MoF’s headquarters in Abu Dhabi.
The meeting aimed to discuss investment opportunities and new prospects of economic cooperation in investment sectors in both countries.
The Ethiopian delegation included HE Sufian Ahmed, Advisor to the Prime Minister, along with the Governor of the National Bank of Ethiopia (NBE), Ethiopia’s Water, Irrigation and Energy Minister; Ethiopian Minister of State for Financial Affairs and UAE’s Ethiopian Ambassador.
The agreement on the avoidance of double taxation on income signed by both countries earlier in April, was thoroughly discussed during the meeting. Both parties agreed that this agreement plays an essential role in enhancing investment relations. Both parties also stressed on the need to start rounds of negotiations on signing an investment promotion and protection agreement by 2016.
Commenting on the visit, HE Obaid Humaid Al Tayer welcomed the Ethiopian delegation and emphasised on the strong historical trade relations between both countries. HE said: “UAE is keen to strengthen its trade and economic relations with different countries, specifically in Africa. This comes as part of the Ministry’s belief in the UAE wise leadership, which aims to provide development support on a global level and its role in providing job opportunities for the youth, as well as achieving stability and poverty reduction.”
HE Al Tayer added: “Both countries are characterised by attractive markets, whereby the UAE enjoys a unique infrastructure and multiple free zone options, in addition to its commitment to adopt smart and electronic techniques in economic development fields; while Ethiopia is known for its agriculture, food, environment and fertile soil sectors which are key factors to attracting UAE investments in Ethiopia.
In March 2015, both countries signed two Memorandum of Understandings (MoU), to establish a joint committee for cooperation in economic, policy and social areas; and establish Dubai Chamber representative office in Ethiopia.