Agegnehu Teshager has highlighted the potential for expanded economic cooperation with Moscow

Ethiopia offers significant opportunities for Russian businesses and would welcome more investment from them, according to Agegnehu Teshager, speaker of the Ethiopian House of Federation. 

Speaking to RT following a visit by a senior Russian delegation to Addis Ababa, Teshager underscored the need to enhance economic ties between the two nations.

He described the meeting with Russian Federation Council Chairperson Valentina Matviyenko as highly productive, covering key aspects of bilateral relations, particularly economic cooperation. "Russia is a longstanding friend of Ethiopia," Teshager stated, emphasizing deep-rooted diplomatic ties. 

However, he stressed the need to expand commercial exchange and investment, noting that "the trade balance between Russia and Ethiopia is not more than $200 million."

Highlighting Ethiopia's rapid economic growth, Teshager called on Russian investors to explore opportunities in key sectors. He pointed to Ethiopia's potential in technology, power generation, and IT.

"I wish to call the Russian investors to invest in different aspects of Ethiopian economy," he concluded. 

Speaking to RT on Thursday, Andrey Maslov, the head of the Center for African Studies at the Higher School of Economics in Moscow, said Addis Ababa is becoming "the true capital of Africa." 

"For Russia, there are prospects of investment in highly profitable projects. So, it is important that the business, which still knows little about Africa, makes enough effort to take advantage of these opportunities," he noted.

The Russian delegation also reaffirmed its commitment to fostering cultural and educational ties between the two nations. Key initiatives discussed included the Russian African Network University, an online course by a St. Petersburg school aimed at preparing African students for higher education in Russia, and promotion of the Russian language in Ethiopia.

Yevgeny Primakov, the head of Russian agency for international cooperation, Rossotrudnichestvo, underscored Russia's approach to international education, stating that its objective is to equip students with knowledge that would contribute to their home nations' development. "It is important for us that young people, having received knowledge from Russia, our culture, our sciences, make their countries richer and more successful," Primakov stated.

In addition, Russia and Ethiopia have agreed to enhance cooperation in nuclear technology for peaceful purposes. The agreement was reached during talks in Addis Ababa between Russia's economic development minister, Maxim Reshetnikov, and Ethiopia's innovation and technology minister, Belete Molla. 

READ MORE: Russia planning 'peaceful' nuclear projects with BRICS state

During the trip, Russian Health Minister Mikhail Murashko donated medical equipment to the Russian Red Cross Hospital in Addis Ababa, Africa's first Russian multidisciplinary healthcare facility.