BRICS Expansion Allows Ethiopia to Deepen Economic Cooperation with Emerging Markets

Ethiopia’s entry to the BRICS would deepen its economic cooperation with the emerging markets of the world, Ambassador of Ethiopia to Pakistan, Jemal Beker said.

Addressing a round table discussion on “Expanding BRICS and the New Alignments”, in Islamabad the ambassador underscored the BRICS expansion would be instrumental in Ethiopia's ten-year development plan, aligning with the economic reforms initiated by Prime Minister Abiy Ahmed.

He said Ethiopia with the second largest population in africa, had become one of the fastest-growing economies globally, maintaining an impressive average growth rate for last several years.

The ambassador emphasized that Ethiopia's entry into BRICS would open new avenues for increased trade, foreign direct investments, and opportunities for technology transfer, knowledge sharing, and infrastructural development.

He highlighted Ethiopia's commitment to diversify its exports in key sectors such as agriculture and agro-processing, manufacturing, mining, tourism, and information and communication technology.

“With the addition of new members like Saudi Arabia, Iran, and others, BRICS now represents nearly half of the global population and a quarter of the global GDP,” he said, adding this actually positioned BRICS as an economic powerhouse that could not be ignored.

He also underlined Ethiopia's vital role in the African Union, stating that Ethiopia brings not only economic strength but also a deep understanding of regional dynamics to the group with its addition.

“As the headquarters of the African Union, Ethiopia holds significant influence over regional affairs and aims to become a hub of connectivity and manufacturing in the African continent, offering BRICS a gateway to African markets,” the ambassador remarked.

He expressed his optimism that BRICS expansion would enhance south-south cooperation, fostering sustainable socio-economic development worldwide.

According to Ethiopia’s Embassy in Islamabad, Collaboration within BRICS will promote technology transfer, knowledge sharing, economic integration, environmental sustainability, and infrastructural development among member countries.”

He said Ethiopia's inclusion in BRICS marked a significant milestone in the nation's economic trajectory, promising increased global engagement, economic growth, and mutual development opportunities.

Source: Ethiopian News Agency