Azerbaijan, Ethiopia strengthen economic ties with new investment MoU

Azerbaijan and Ethiopia have taken a step towards bolstering their economic cooperation with the signing of a Memorandum of Understanding (MoU) between Azerbaijan Investment Holding (AIH) and Ethiopian Investment Holdings (EIH) in Addis Ababa.

This agreement marks the beginning of a strategic partnership aimed at fostering sustainable growth and enhancing the management of state-owned enterprises, Caliber.Az reports citing Azerbaijan’s Ministry of Economy.

The MoU, signed by EIH CEO Brook Taye and AIH CEO Ruslan Alikhanov, lays the foundation for a framework of collaboration in key areas such as knowledge exchange, technological innovation, and joint investment ventures.

In his address, Brook Taye emphasized the strategic importance of the partnership, calling the MoU a pivotal step towards strengthening the economic ties between the two nations. He highlighted that the agreement would enable both parties to collaborate on long-term initiatives that promote economic stability and prosperity by utilizing shared expertise.

Ruslan Alikhanov also expressed his optimism about the partnership, noting the significant potential for mutual cooperation. He underscored that the MoU would facilitate the transfer of knowledge, the implementation of technological advancements, and the development of joint initiatives designed to enhance the efficiency of state-owned enterprises.

The signing of the memorandum signifies a strengthened commitment by both Azerbaijan and Ethiopia to drive economic transformation, optimize the operations of state-run enterprises, and explore new investment opportunities in areas of shared interest. This collaboration holds the promise of creating lasting benefits for both nations, enhancing their economic capabilities on the global stage.

By Vafa Guliyeva