The Sharjah Chamber of Commerce and Industry (SCCI) held a meeting yesterday with a high level Ethiopian delegation representing the Addis Ababa Chamber of Commerce and Sectoral Associations (AACCSA), where they discussed ways to strengthen the economic relationships between both sides, and the opportunities to promote investments between the business communities of both Sharjah and Ethiopia.

The two sides discussed a number of topics of mutual interest, which includes activating the MOU’s that were previously signed by both sides in the aim of promoting the economic relationships between the business communities of Sharjah and Addis Ababa. The two sides also studied the Addis Ababa Exhibition and Convention CenterProject, and discussed finding possible ways where Emirati investors can participate as partners in the project. They alsoreviewed ways to encourage the business communities of Sharjah and Addis Ababa to take part in the economic exhibitions that are held in both cities.

The meeting was held at the SCCI’s headquarters, in the presence of HE Waleed AbdelRahmanBuKhatir, Second Vice Chairman of the SCCI; and HE Mr. Elias Geneti, President of the AACCSA. The meeting was also attended by HE Mohammed Ahmed Amin, Acting Director-General of the SCCI; Fatima Khalifa Al Maqrab, Head of International Cooperation Department at the SCCI; Abdullah Adam, Adviser on African Affairs at the SCCI; Getachew Regassa, Secretary General of the AACCSA; and TamaratArmasu, General Manager of Addis Abeba Exhibition Centre & Market Development Enterprise

HE Waleed AbdelRahmanBuKhatir, Second Vice Chairman of the SCCI, reviewed the investment opportunities that are available in Sharjah’s various economic sectors to the delegation, and highlighted the emirate’s facilities and incentives that attract businesspeople from all different parts of the world, such as the ability of foreign investors to own 100% of their companies in the country, and to extend their resident visas for up to 10 years, along with their families. He also expressed the keenness of the chamber to promote the economic relationships between Sharjah and Ethiopia by providing all the possible facilities to Ethiopian businesspeople that are looking to invest in Sharjah.

HE Mr. Elias Geneti, President of the AACCSA, praised the economic development that is being witnessed by Sharjah, and expressed Ethiopia’s interest in promoting both the economic relationships and the mutual investments between the business communities in Sharjah and Ethiopia.

After the meeting, HE Waleed AbdelRahmanBuKhatir and HE Mohammed Ahmed Amin accompanied the Ethiopian delegation on a tour of the Permanent Exhibitionfor Agricultural Products that is held at the SCCI headquarters.

The volume of non-oil trade between the UAE and Ethiopia witnessed a growth of 9% in 2017 and reached a total of $781.9 million, while the volume of Ethiopia’s direct investment in the UAE equalled$17 million during 2015. There are also 182 Ethiopian companies registered in Sharjah. Furthermore, the UAE is the second largest investor from the GCC countries after Saudi Arabia.