Wildberries signs cooperation agreement with Ethiopian investment holding

MOSCOW. Nov 13 (Interfax) - The Wildberries & Russ joint venture (RWB LLC) has signed a cooperation agreement with Ethiopia's biggest investment holding, Ethiopian Investment Holdings (EIH).

"We plan to tap the Ethiopian and other African markets in the near future," RWB said in a press release.

The agreement itself "provides for joint efforts to localize RWB products for the Ethiopian market, as well as partnership and support through investment and technology initiatives that promote e-commerce and infrastructure development in Ethiopia," the company said.

Russian marketplaces are looking into the possibility of entering the Ethiopian market, Russian Economy Development Minister Maxim Reshetnikov told journalists on November 12.

EIH is the Ethiopian government's sovereign wealth fund and strategic investment vehicle, managing a diversified portfolio of state-owned enterprises to support national economic transformation. It manages assets worth over $150 billion and controls key assets in the financial, infrastructure, energy, logistics, manufacturing and agriculture sectors.

"The Russian and Ethiopian markets are very appealing and offer very good export potential for manufacturers in both countries. RWB's entry will bring the expertise of an international digital platform to the country's logistics infrastructure, boosting the development of entrepreneurship and the advertising market," RWB quoted its CEO Robert Mirzoyan as saying.

Wildberries & Russ was formed via the merger of Wildberries online retailer and Russ outdoor advertising operator in order to create a digital trading platform. The JV currently operates in Russia, Armenia, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan, as well as China and the United Arab Emirates, with goods imported from these countries.