ADDIS ABABA (Reuters) – A consortium of Saudi businesses have invested $629 million in 85 different projects from agriculture to mining in Ethiopia, the investment authority said on Monday.
The Horn of Africa nation attracted $10 billion in local and foreign investment in 2007/08 in agriculture, flowers, textiles and tourism, according to the government.
“Of the total 85 projects, 65 have started production while the remaining 20 are in the implementation phase,” said Aklilu Woldemariam, spokesman for the Ethiopian Investment Authority.
Aklilu told Reuters that projects that have already begun in agriculture, construction, manufacturing, real estate, hotels, mining, health and education.
The projects are expected to employ 17,000 people, he said.
Government officials say Saudi Arabia buys Ethiopian agricultural commodities worth about $1 billion annually. Addis Ababa imports oil and other petroleum products from the Gulf state worth some $1.5 billion a year.