Currently, 69 Saudi-based companies are operating in Ethiopia with a total capital of 369 million USD.
Prime Minister Hailemariam Dessalegn said Saudi investors could benefit more by engaging in Ethiopia's agricultural sector.
Upon his arrival at Riyadh, the Premier was welcomed by Crown Prince Muhammad bin Naif bin Abdulaziz of Saudi Arabia.
Officials of the two countries held talks on bilateral issues where Hailemariam expressed Ethiopia's keen interest in the participation of Saudi investors in his country.
"(And) Ethiopia for that matter has favorable investment policies and alternative investment opportunities," he added.
Indicating that the long-standing relations between the two countries, the Premier stressed the need for strengthening the ties.
The officials conferred on ways of transforming the Ethio-Saudi bilateral relations which dates back to the Prophet Mohammed to a higher level that ensures mutual benefits.
Hailemariam also held discussions with the Minister of Agriculture Abdulrahman Al Fadhly and the Finance Minister Ibrahim Abdulaziz Al Assaf.
In the discussion, the Premier briefed the ministers on Ethiopia's engagement in the infrastructural development that grabbed the attention of many investors
Because of the geographical proximity of the two countries, their trade relations is strong and Saudi Arabia is a market for Ethiopia's live animal export, Hailemariam said.
He said it is necessary to increase both the quantity and quality of the trade exchange between the two countries and invited Saudi businessmen to make use of the infinite investment opportunities in his country.
The two sides have agreed on the need to design projects that could be translated into action.
The Premier also suggested that Saudi investors could be profitable by providing financial support for projects like Ethiopia's railway and other mega projects.
In the discussion, it was stated that Saudi investors want to invest in Ethiopia's petrochemical and fertilizer sectors.
The investors also expressed their desire to engage in various sectors in Ethiopia and the two countries have reached agreement to conduct a joint study on future projects.
Currently, 69 Saudi-based companies are operating in Ethiopia with a total capital of 369 million USD.
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