Economic reforms draw growing interest from Austrian investors

ADDIS ABABA – Ethiopia’s ongoing economic reforms are gaining international recognition and attracting the attention of Austrian businesses seeking new investment frontiers, according to Austria’s Ambassador to Ethiopia, Simone Knapp (PhD).

In an exclusive interview with the Ethiopian Press Agency (EPA), the ambassador noted that Ethiopia’s bold economic liberalization measures have created a favorable climate for foreign investors, with Austrian companies among those closely watching the country’s expanding opportunities.

“Ethiopia made a significant economic decision years ago to open up and reform its economy,” said Ambassador Simone. “This has generated strong interest among Austrian companies that now see Ethiopia as a promising economic partner in Africa.”

According to her, several Austrian firms are already active in Ethiopia, particularly in the healthcare and medical sectors, while others are in the process of exploring viable entry points. She emphasized that building early-stage relationships is a vital step, even if immediate investments are not guaranteed.

Highlighting a growing pipeline of engagement, the ambassador revealed that another Austrian business delegation is set to visit Ethiopia in June. “A number of companies will participate in this mission. Our goal is to assess their areas of interest and connect them with relevant Ethiopian partners so they can evaluate potential opportunities,” she said.

Ambassador Simone also pointed out that Ethiopia’s effort to join the World Trade Organization (WTO) is a key step in aligning its economy with global standards. “It is difficult to prosper alone in today’s interconnected world. WTO accession would help Ethiopia integrate further into the global economy,” she remarked.

Reflecting on the broader bilateral relationship, she described Austria and Ethiopia’s ties as longstanding and friendly, noting that they have grown stronger in recent years through diplomatic, economic, and people-to-people exchanges.

“Our bilateral relations are excellent,” she stated. “The Ethiopian Prime Minister’s visit to Austria a year and a half ago was an important milestone. With Austria’s new government in place, we are hopeful that our Foreign Minister will soon visit Ethiopia.”

She added that the recent meeting between the two countries’ foreign ministers on the sidelines of the EU-African Union conference in Brussels underscored the momentum of their engagement.

Austria’s cooperation with Ethiopia spans multiple fields, including economic and development assistance. The ambassador reaffirmed her country’s commitment to supporting Ethiopia’s development journey while deepening economic collaboration.

As Ethiopia continues to advance its reform agenda, the growing interest from Austrian investors signals increasing confidence in the country’s economic direction and its potential as a competitive investment destination in Africa.

BY GIRMACHEW GASHAW

THE ETHIOPIAN HERALD SATURDAY 7 JUNE 2025

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