Egyptian President Abdel Fattah al-Sisi and Ethiopian Prime Minister Hailemariam Desalegn held extensive talks on Tuesday to strengthen cooperation in various fields.
The relations between the two countries have improved since al-Sisi became president. Both countries seek to capitalize on this improvement, especially after signing the Renaissance Dam Declaration of Principles in the Sudanese capital of Khartoum on Monday.
The economic relations between the two countries have been deeply affected by political developments, as specified in the following report:
1- US$35 billion in Egyptian investments:
The following figures were mentioned by the president of the Ethiopian Chamber of Commerce at the Egyptian-Ethiopian Business Forum on 19 March:
58 Egyptian investment projects have been approved by the Ethiopian government since 1992, with a total of $35 billion in investments. The main projects were related to the production of power cables, irrigation pumps and water pipes.
2- $1 billion in bilateral trade:
The average yearly bilateral trade reaches $1 billion.
3- $400 million in Ethiopian exports:
Ethiopian exports to Egypt rose to $400 million, comprising mainly frozen meat and live cattle.
4- $600 million in Egyptian exports:
Egyptian exports amount to $600 million, $200 million according to Egyptian Trade Minister Mounir Fakhry Abdel-Nour.
5- Thirty agreements and memorandums of understanding:
According to the Egyptian State Information Service, Egypt and Ethiopia have signed 30 agreements and memorandums of understanding, including an air traffic agreement in 1952, a trade agreement in 1959, a scientific, cultural, economic and technical cooperation agreement in 1976, an agreement between the Central Bank of Egypt and the National Bank of Ethiopia in 1976, and an agreement to settle disputes in 1986.
Edited translation from Al-Masry Al-Youm
