by revolutions » Yesterday, 21:31
Saudis invest heavily in Ethiopian farm sector
Arab News | 29 May 2010
By K.S. RAMKUMAR
JEDDAH: Saudi trade and investment in Ethiopia is expanding. “The investment increase is particularly seen in the agricultural sector and is in line with Custodian of the Two Holy Mosques King Abdullah’s initiative to provide food security for the Kingdom. Agricultural lands being leased by Saudis have been increasing by the day in Ethiopia,” Ethiopian Consul General Tekleab Kebede told the community at the country’s national day celebrations at the consulate over the weekend.
Kebede said many Saudis and local companies had been signing contracts with landowners across Ethiopia to produce grains and other agricultural products. “Rice produced by a prominent Saudi company was presented to the king recently,” he said.
Saudis are allowed 100 percent investment in projects in Ethiopia. “They either lease plots of land or enter into deals in cooperation with local partners,” the consul general said. Such investments are now worth millions of dollars, he added.
“We have plenty of land, water and abundant labor, while Saudis have 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 said.
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