Ethiopia, with over 120 million people, boasts bountiful natural resources and is strategically located in terms of export and import trade, putting itself atop the list of sought-after investment destinations. The Red Sea and Indian Ocean are not that distant from Ethiopia. This economically emerging nation is also bolstering its infrastructural development, bringing gigantic hydropower dams, industrial parks, and entrepreneur-friendly policies into play.
In the sphere of diplomacy, it is using a strategic move to avoid the twisting of arms by some superpowers and big organizations. In so doing, to a certain degree, Ethiopia could parry diktats for obligatory structural change and privatization. It as well could forestall preconditions such as ‘the government should exclude itself from investment ventures even like infrastructural development.’ It is also joining friendly blocks like BRICS to insulate itself from undue political influences and inimical economy-related coercions. Things have to be handled in a win-win manner and as per the demand and context of the support-seeking developing nation.
Against the aforementioned backdrop, Ethiopia saw it fit to join BRICS which proved willing to embrace it with stretched hands in a win-win or fair-minded manner.
As has been practically witnessed, the coming into the scene of BRICS is allowing developing countries to enjoy political-ligatures-unattached soft loans, technical support, and free markets. No alternative was there for developing countries before the birth of BRICS to choose and pick so as to properly determine their economic and political fates.
In a business forum held recently in Moscow, PM Abiy Ahmed (PHD) has called upon member countries of BRICS to outlay their wealth in lucrative investment ventures in Ethiopia. His speech was in the following wavelength.
Ethiopia’s economy in the upward trajectory has ushered in ample opportunities for BRICS’ member countries to dive into investment ventures, economic cooperation, and trade.
Ethiopia’s untapped natural wealth and agricultural potential draw the attention of the wider African market. The world-noted Ethiopian also offers added opportunities for cargo flight and civilian transport.
Besides, Ethiopia, currently vigorously engaged in the expansion of infrastructural facilities, is endowed with affordable renewable energy and skilled manpower making the country a looked-forward investment hub.
The macroeconomic reform the country is going through is rendering Ethiopia more preferable for business activities. The market-driven foreign currency exchange task wards off roadblocks hampering Foreign Direct Investment (FDI). Such changes allow the country to be competitive in the global market and investors get their due perks.
To ensure common benefits among member countries BRICs must set an example for others to emulate. Aside from benefiting member countries, BRICS could serve as a role model for international finance organizations.
Vigilant, member countries of BRICS, which comprises 50 % of the world population, must see it that the global administrative structure addresses the challenges of developing economies. BRICS potential augurs its positive influence on the growth of the world’s economy and sustainable development. To unleash this potential action is called for. Towards this end, the global administrative structure has to be all-inclusive, representative, and responsive.
Ethiopia’s magnetic pull in agriculture, manufacturing, mineral, renewable energy, technology, and tourism sectors is huge.
Ethiopia will play its due role in the successful implementation of the BRICS’s 2025 economic cooperation strategy.
THE ETHIOPIAN HERALD SUNDAY EDITION 20 OCTOBER 2024
