Russia, Ethiopia Discuss Trade, Investment and BRICS Development

Russian Foreign Minister Sergey Lavrov has met with the Ethiopian Foreign Minister, Gedion Timotheos on the sidelines of the BRICS Foreign Ministers Council meeting in Rio de Janeiro.

The ministers reaffirmed their mutual commitment to further expanding multifaceted bilateral cooperation in areas of shared interest. They also expressed support for deepening Russian-Ethiopian engagement within various multilateral formats, primarily at the United Nations and the BRICS.

In addition, the ministers held a constructive exchange of views on a broad range of current global and regional issues, focusing on Moscow-Addis Ababa interaction to ensure peace and security in the Horn of Africa. They confirmed their countries’ readiness to intensify cooperation in support of strengthening the legal foundations of a multipolar world.

Bilateral trade between Russia and Ethiopia was US$225.24 million in 2021, decreased to US$59 million in 2022, and increased to approximately US$97 million in 2023. The trade dynamics are expected to revert to positive in 2024-25, following Ethiopia’s BRICS membership, which it obtained in January 2024. Ethiopia exports mainly coffee and dried vegetable products to Russia, while Russia exports mainly wheat, and grains.

Rosatom is currently developing a feasibility study for the Centre for Nuclear Science and Technology (CNST) in Ethiopia, assessing the needs of various segments of the economy for technologies that can be implemented at the Centre’s key facilities. Russian specialists will also compile a list of potential users of these technological solutions, which in the future will make it possible to create a market for commercial products and services based on the centre.