During his address to the BRICS Business Forum in Moscow, Prime Minister Abiy Ahmed encouraged investors from BRICS nations to take advantage of Ethiopia’s economic potential. He stressed that the BRICS group, representing nearly half of the global population, has a key role in driving equitable and sustainable economic growth.
Ethiopia officially joined the BRICS bloc in January 2024, becoming one of the six new members set to join in 2024. This move enhances Ethiopia’s ties with the rapidly growing economies of BRICS nations. By joining the bloc, Ethiopia aims to strengthen its international trade and attract foreign direct investment, particularly in sectors such as renewable energy, manufacturing, agriculture, and ICT. Ethiopia’s large market access and natural resources, coupled with recent economic reforms—including opening state-owned enterprises and adopting a market-based foreign exchange system—make it an attractive investment destination.
Abiy emphasized that BRICS should lead in establishing financial institutions that benefit developing nations, setting an example of fair economic growth. Ethiopia’s alignment with BRICS is expected to support its national development strategy, which focuses on food security, industrialization, and environmental sustainability. The Prime Minister invited BRICS countries to collaborate with Ethiopia on key sectors, assuring that Ethiopia is ready to work within the bloc’s 2025 economic cooperation strategy.