Ethiopian Finance Minister Ahmed Shide and Sultan Abdulrahman Al-Marshad, Managing Director of the Saudi Development Fund (SDF), engaged in productive discussions on the sidelines of the International Monetary Fund (IMF) meeting, solidifying the burgeoning economic partnership between their two nations.
The talks centered on Ethiopia's ongoing economic reforms, its ambitious growth trajectory, and key priority development areas.
Both leaders expressed optimism about the future of their bilateral relationship and affirmed their commitment to strengthening regional ties and cooperation on key international issues. This meeting underscores the growing importance of Saudi Arabia as a development partner for Ethiopia, as the country seeks to attract foreign investment and bolster its economic transformation.
Minister Ahmed provided a comprehensive overview of Ethiopia's current economic landscape, detailing the ongoing macroeconomic reforms implemented by the government.
He emphasized Ethiopia's commitment to fostering sustainable and inclusive growth, highlighting key priority areas such as private sector development, infrastructure expansion, particularly in energy and transport, and strategic public investments.
"We are focused on creating a conducive environment for businesses to thrive and attracting foreign investment to fuel our development agenda," stated Minister Ahmed, underscoring the government's proactive approach to economic reform.
Furthermore, the Minister elaborated on Ethiopia's efforts to unlock the potential of diverse sectors including agriculture, tourism, and mining.
He highlighted the government's strategies to modernize these sectors, enhance productivity, and create employment opportunities, contributing to the overall economic growth and diversification of the Ethiopian economy. He emphasized the importance of strategic partnerships and international collaboration in achieving these objectives.
For his part, Al-Marshad commended Ethiopia's progress in achieving macroeconomic stability, acknowledging the positive impact of the implemented reforms.
"The changes Ethiopia is making in this regard are creating the potential to attract foreign investors," he noted, recognizing the significant strides made by the Ethiopian government in creating a more stable and predictable economic environment.
This stability, Al-Marshad emphasized, is crucial for attracting foreign direct investment and driving sustainable economic growth.
Reinforcing the commitment to deepening bilateral ties, Al-Marshad affirmed the Saudi government's readiness to provide the necessary support to Ethiopia.
"We are ready to provide the necessary support in addition to strengthening regional ties with Ethiopia,” he stated, signalling a strong commitment to bolstering economic cooperation between the two nations.
This support, Al-Marshad added, would encompass various forms of assistance, including financial investments, technical expertise, and capacity-building initiatives.
Beyond bilateral cooperation, both sides agreed to collaborate on pressing regional and international issues, further solidifying their partnership.
This commitment to joint action reflects a shared understanding of the interconnected nature of global challenges and the importance of collaborative solutions.
By working together, Ethiopia and Saudi Arabia aim to address pressing issues of mutual concern, promoting regional stability and sustainable development. It was noted that the meeting between Minister Ahmed and Al-Marshad marks a pivotal moment in the evolving economic partnership between Ethiopia and Saudi Arabia, setting the stage for enhanced cooperation, increased investment, and shared prosperity.