Brussels(Mogadishu24)-The Governments of Djibouti and Ethiopia have signed an agreement to strengthen trade ties and promote regional economy and integration during the 19th Horn of Africa Ministerial meeting in Brussels.

The EU Commission Vice President Margaritis Schinas, who was Co-Chairing the event, just announced a support amounting to 83 million Euros from the EU Alliance to the Horn of Africa Initiative to boost trade and resilience in the region.

The European Union’s support for the Horn of Africa Alliance will foster regional integration and improvement of trade and investments in the region.

“Proud to sign the new EU – Horn of Africa Alliance as the EU commits €83 million through Global Gateway to economic integration and resilience. Now we call others to join as well. Through strong ownership and shared values, we can make transformative change,” EU’s Vice President Margaritis Schinas.

The Vice President stated that this new support comes after the African Union delivered $9 billion support projects to bridge the gap into the region’s potential.

He reiterated the Union’s commitment to continue supporting the Horn of Africa Initiative through private investments and digital connectivity.

“Our ministerial meeting today shows the Horn of Africa Initiative is delivering. $9 billion is supporting projects to tap into the region’s potential – with €1.5 billion from Team Europe alone. We will continue to drive more private investment and digital connectivity,” he added.

Djibouti’s Minister of Economy and Finance, Ilyas Mousa Dawaleh, stated that this agreement is a major milestone for the Horn of Africa region.

“This meeting was a great opportunity for us to represent the opportunities in the Horn of Africa region and meet with investment partners from Europe. We also addressed our challenges and emphasized our need for external support from them,” said Minister Dawaleh.

He stated that the innovative alliance will aim to reinvigorate trade, promote economic integration, and sustainable development in the region.

“At the meeting, we have signed an agreement with the European Union worth £83 million which is very important for the growth of our region economically and promotes our integration and development,” he added.

“We have underlined the need for the African countries to work jointly and collectively towards finding solutions to our problems as well as fostering our relations and sustainable development.”

This alliance will be important for the Horn of Africa, which is rich in opportunities but affected by conflict, mass displacement, a high cost of living, and environmental degradation.

The European Union has identified the Horn of Africa as a strategic place and has been supportive of the region in areas like connectivity, integration, and promoting good governance to make sustainable growth in the region.