ADDIS ABABA – Ethiopia’s recent economic reforms are drawing substantial foreign direct investment (FDI) despite ongoing challenges, according to Finance State Minister Semereta Sewasew.
Speaking at a bilateral business forum hosted by the Austrian Embassy yesterday, Semereta outlined the reforms initiated in 2019, which aim to stabilize the economy and open key sectors to private investment. “The agricultural, manufacturing, pharmaceutical, and construction sectors are brimming with opportunities for both foreign and local investors,” she stated, encouraging Austrian businesses to tap into Ethiopia’s rapidly expanding market.
She further noted that Ethiopia’s macroeconomic restructuring, including the shift to a market-based foreign exchange regime, has fuelled sustained growth and enhanced investor confidence, even amid global economic challenges.
Austria’s Ambassador to Ethiopia, Simone Knapp, commended the long-standing relationship between the two nations and urged Austrian companies to deepen their engagement with Ethiopia’s evolving economy. “Ethiopia’s reforms present significant opportunities not only for Austrian firms but for businesses worldwide,” Knapp remarked.
The forum, which brought together representatives from seven Austrian companies and numerous Ethiopian firms, witnessed the increasing interest in Ethiopia’s economic potential. As Ethiopia positions itself as a regional hub, the partnership between the two countries is expected to unlock new avenues for collaboration, particularly in sectors such as renewable energy, construction, and digital infrastructure.
Austrian companies expressed optimism about Ethiopia’s growing market, with several representatives exploring potential partnerships aimed at boosting the country’s manufacturing capacity and contributing to job creation in critical industries.
BY YESUF ENDRIS
THE ETHIOPIAN HERALD WEDNESDAY 23 OCTOBER 2024
