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Yes Africa > Blog > Africa Development > Ethiopia targets key sector growth in new trade deal
Africa DevelopmentEconomy

Ethiopia targets key sector growth in new trade deal

Oluwatobi Adebayo
Last updated: 2024/10/29 at 11:25 AM
Oluwatobi Adebayo
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During a two-day official visit to Malaysia, Ethiopian Prime Minister Abiy Ahmed met with Malaysian Prime Minister Anwar Ibrahim to discuss expanding cooperation between Ethiopia and Malaysia across several strategic sectors.

The meeting was held in Putrajaya and focused on enhancing ties in the agriculture, industry, trade, and investment sectors.

Prime Minister Abiy highlighted the extensive opportunities available to both nations and noted the “fruitful” nature of their discussions.

The talks underscored a shared interest in expanding collaboration, particularly in agriculture, mining, manufacturing, and renewable energy, as both nations seek to leverage each other’s strengths.

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Abiy invited Malaysian businesses to invest in Ethiopia’s fast-growing economy, emphasizing the vast potential for profitable partnerships. With Ethiopia’s rapid economic growth, opportunities abound for Malaysian firms in multiple industries, including those aligned with green energy and sustainable resource management.

Prime Minister Anwar Ibrahim expressed his gratitude to Abiy for Ethiopia’s endorsement of Malaysia’s application to join the BRICS bloc of developing economies.

Initially established in 2009 by Brazil, Russia, India, China, and South Africa, the BRICS alliance has expanded to include new members, such as Iran, Egypt, Ethiopia, the UAE, and Saudi Arabia. Malaysia, while not yet a full member, has officially joined as a “partner country,” a designation that opens doors for further cooperation within the BRICS framework.

In his address, Anwar thanked Abiy and the Ethiopian delegation for their warm endorsement and stated that Malaysia looks forward to playing an active role within the BRICS network. The inclusion of Malaysia and other partner countries aims to reinforce the bloc’s influence and provides a platform for expanding trade and diplomatic ties among emerging economies.

Prime Minister Abiy expressed his appreciation for the hospitality shown by Malaysia, indicating a strong foundation for future collaborations that will enhance economic growth and development in both countries.

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