RIYADH: The Saudi-East African Forum to be held in Addis Ababa on Nov. 14-15 will launch the Kingdom's trade partnership program with East African countries, the Ministry of Commerce said here Sunday.
"The forum will bring together five African nations -- Ethiopia, Uganda, Tanzania, Kenya and Djibouti -- to promote trade with the Kingdom," an official from the ministry told Arab News. The high-level event will discuss ways of strengthening economic bonds and investment flow among these nations.
The African countries will be represented by heads of states while the Kingdom will send four ministers, government representatives, bankers and industrialists.
The forum will be backed by a Saudi exhibition in which more than 50 leading companies will showcase their products and know-how and network with officials and investors from East African countries.
"The groundbreaking gathering is a watershed in Saudi-East African relations and a stepping stone toward an economic alliance that will combine the huge natural resources and economic potentials of these countries with the vast financial resources and vast experience of economic development of Saudi Arabia."
The East African nations have a market base of 130 million consumers. The Kingdom is also a member of the G20 and is able, through its standing as a world economic power, to assist East African nations by channeling substantive support and assistance to these countries and their future economic planning, the official said.
Saudi Arabia goes at the right time to present the five East African nations with an ideal partner as it is one of the most stable countries in the Middle East as well as one of the largest food importers in the region. Saudi Arabia is also a large market with a GDP of $400 billion.
According to the organizers, the Addis Ababa meeting will focus its debate and workshops on identifying long-term cooperation strategies, priority projects, hindrances to investment and required reforms and other measures designed to encourage capital flows and direct Saudi investment into East African economies.
The meeting is expected to focus on the following issues: Investment opportunities and infrastructure, public-private partnership, Education and training, agriculture and agro-industries, Export-oriented crops, Industrial projects, tourism, real estate and retail energy and mineral resources.
By Mohammed Rasooldeen
© Arab News 2009
