Brazil and Ethiopia agreed to deepen economic ties with the signing of a memorandum of understanding at the close of a business forum in Addis Ababa attended by senior officials and investors from both countries.

The Ethiopia–Brazil Business Forum served as a platform for discussions on expanding trade and investment links, with Ethiopia presenting sectors opened to foreign participation under reforms introduced over the past eight years.

Ethiopian Investment Commission Commissioner Zeleke Temesgen said industries including telecommunications, banking, trade, logistics and retail, once restricted to domestic players, are now accessible to overseas investors. He said the reforms have created a more predictable framework for foreign investment.

On the sidelines of the event, Zeleke held talks with a Brazilian delegation led by Jorge Viana, president of the Brazilian Trade and Investment Promotion Agency, Apex-Brasil, and Alex Giacomelli, director for trade and agribusiness at Brazil’s Ministry of Foreign Affairs.

Zeleke encouraged Brazilian companies to explore opportunities in renewable energy and in Ethiopia’s special economic zones, and pointed to the country’s participation in the African Continental Free Trade Area, which provides access to a combined market of 1.4 billion people.

The forum was also attended by Ethiopia’s Trade and Regional Integration Minister Kassahun Gofe and representatives of Brazilian businesses.