ADDIS ABABA– The implementation of macroeconomic reforms has significantly encouraged Diaspora investment in Ethiopia, according to members of the Diaspora community.
In interviews with the Ethiopian Press Agency (EPA), Diaspora members highlighted that recent reforms, particularly the floatation of foreign exchange, have been highly beneficial. These measures are expected to foster various economic advantages for both the country and the Diaspora community, substantially contributing to Ethiopia’s economy.
Haileyesus Mengistu, a resident of California, USA, emphasized that the reforms are greatly motivating Diaspora members to invest in their homeland. He pointed out that the government’s extensive reforms, especially the implementation of foreign exchange floatation, have been advantageous to the community. The changes have allowed Diasporas to commence investment activities in the country, and as a result, Haileyesus is preparing to invest in the hotel industry in the near future. The reforms also contribute to an increase in foreign exchange remittances, he noted.
Elias Kebede, who resides in Dubai, United Arab Emirates (UAE), added that the recent macroeconomic policies are critical for attracting large-scale Diaspora investments to Ethiopia. He is finalizing preparations to engage in various investment sectors, in line with the country’s investment proclamation and work permit regulations.
Ethiopia’s recent commitment to implementing comprehensive macroeconomic reform policies aims to correct foreign exchange distortions, address the structural balance of payments deficit, and reduce inflation by modernizing the monetary policy framework. These reforms are designed to create a favorable balance to meet national development needs by increasing domestic income and addressing debt vulnerability.
Additionally, the reforms aim to enhance the inclusiveness, competitiveness, and resilience of the financial sector. By improving government service delivery, addressing climate change, and ensuring food sovereignty, the reforms seek to build a robust, inclusive, and sustainable economic system, according to experts.
BY TSEGAYE TILAHUN
THE ETHIOPIAN HERALD THURSDAY 17 OCTOBER 2024
