Omani Team To Explore Investment Opportunities In Ethiopia
A senior Omani trade delegation is set to explore new business and investment opportunities in Ethiopia.
Led by Ithraa’s chairman, Dr Salem ben Nasser Al Ismaily, the two-day visit to Addis Ababa will include a series of meetings with key Ethiopian business and government officials designed to enhance bilateral trade relations between the two countries.
The fast growing Ethiopian economy is generating a lot of interest among Omani firms looking to do more business in sub-Saharan Africa.
Ethiopia is the second-most populous country in Sub-Saharan Africa with a population of 90 million and its gross domestic product has grown an average of 9.1 percent over the last 10 years, making it Africa’s second fastest-growing economy and the sixth fastest-growing economy in the world.
Nasima Al Balushi, Ithraa’s director general for export development, said: “One of the ways Ithraa helps Omani businesses take advantage of mutually-beneficial commercial opportunities in Africa, and around the world, is through trade missions, exhibitions and B2B meetings. The objective in Addis Ababa is to help Omani companies find new opportunities, partners and customers.”
Dr Al Ismaily is joined in Ethiopia by 20 Omani companies in different sectors like plastics, food and beverage, furniture, marble, chemicals and others.
The powerful rise in household income in many of Africa's key frontier economies has created a boom in consumer spending, which according to the McKinsey Global Institute is set to increase from $60 billion in 2008 to $1.4 trillion in 2020.
“If you combine this consumer spending growth with Ethiopia’s access to 23 African countries through the Common Market for Eastern and Southern Africa you begin to see the significant opportunities on offer to Omani companies. Indeed, as Ethiopia’s economy grows so too do middle class consumers, investment and business,” said Al Balushi.