As the country’s economy is witnessing remarkable growth, various foreign companies from different countries across the globe are showing interest to invest in Ethiopia.
While briefing the media recently, Spokesperson of the Ministry of Foreign Affairs, Nebiyat Getachew raised current issues that include nation’s economic activity and why foreign investors are lured to the country. Among others, he mentioned the full implementation of the macroeconomic reform of the country as a bed of roses for investment.
Truly, the credit goes to the implementation of the comprehensive macroeconomic reforms for the fact that working appetite of local and foreign investors has risen and showed interest to be part of the extraordinarily growing economy of the country.
The country has made significant progress in economic diplomacy over the past week as of the spokesperson. He recalled the discussion Prime Minister Abiy Ahmed held with President of Asia Infrastructure Investment Bank, Jin Liqun, focusing on strengthening partnership between Ethiopia and the Bank on green energy, aviation and infrastructure.
As a result, successful engagements have been made with the President and representatives from nearly 20 firms based in China, India, Pakistan, Saudi Arabia, the United Arab Emirates, and Israel, which have contributed to advancing tangible partnerships.
Ethiopia’s potential in various sectors of economic activity is vividly clear so that investors from all corners of the world are attracted. Investment sectors that companies expressed their interest to engage particularly include agriculture, manufacturing, ICT, tourism and mining which the country considers as pillars of its national economy.
In addition to a package of incentives that encourage investors to come to Ethiopia like customs duty exemptions, income tax exemptions, easily accessible and efficient one – stop- shop services at Ethiopian Investment Commission and industrial parks, concerted efforts are underway from the government side to create enabling environment for investors.
The country’s economy is now the largest in East Africa followed closely by Kenya, and is the fourth largest in sub- Saharan Africa that opens golden opportunity for investors. Alike its diplomatic relations, Ethiopia has smooth economic relation with many countries across the globe which gives it opportunity to expand economic integration. Investors, thus, can plan to engage in export oriented businesses.
The country has ever advancing economic relations and business agreements with many countries throughout the world that lessen investors’ effort to get reliable destination for their products. Besides, as the country is the second largest populous in Africa, with more than 120 million population, it can create massive local market for the investors, especially those focused on import substitution.
More opportunities that attract investors to Ethiopia include its convenient climate appropriate for any kind of investment throughout the year; easily trainable and affordable labor; reliable power supply and other infrastructures conducive for better economic connectivity.
The government is diligently working on enhancing peace as it is the basic component for smooth economic activity. Except in few areas, government’s effort is bearing fruit in this regard for the fact that some combatants are getting in peace with the government prioritizing peaceful struggle than armed movement for the wellbeing of their people. This move, for sure, will awaken the rest who are still in the destructive way to come to their mind and act accordingly.
In sum, there are ample of reasons to invest in Ethiopia so that investors from all corners of the world are invited to come to Ethiopia to be part of the ever growing economy and reap the yield of their effort thereby benefit the country.
THE ETHIOPIAN HERALD SATURDAY 7 DECEMBER 2024
