ADDIS ABABA- Following Prime Minister Abiy Ahmed’s undertakings and investor-friendly announcements, global investors have got interest in the Ethiopia’s garment and textile market once again, the Ethiopian Investment commission revealed.
Mekonnen Hailu Director of Public Relations in the Commission told The Ethiopian Herald that global anchor companies from Europe, Asia, America, UAE and other parts are keen to invest in Ethiopia in the textile and garment, agriculture, transportation, construction, mining sectors.
He noted that owing to the recent economic reform and the decision made to privatize mega projects fully or partially to the private sector, many are flowing to the country, including the VolksWagon of Germany automobile manufacturing company and Eagle Hills of UAE.
He underscored that the diplomatic relation created and investment promotion undertaken under the leadership of the reformist Prime Minister has been attracting several foreign direct investment and the number of companies that raise the question of investment have been increasing at alarming rate. He stressed that the movement of the Premier from country to country have been succeeding in attracting foreign investors.
He explained that the expansion of industrial parks, excessive labor force, the country’s geographical location, improved infrastructure and relative social and political stability are what push investors to invest in Ethiopia. He argued that companies that are operating in the country have been working efficiently and effectively by mentioning the issue of Antex tectile Company that is working in Adama Industry Park.
As to him, the Company had started investment in the country with startup capital of five million USD, but now it has grown it by 50 million USD and has been creating a job opportunity for a lot of people.
“While investment flux is increasing, the challenge that are witnessed such as electric power interruption and of foreign currency scarcity should be addressed well.” He further noted since it has an opportunity to create a job opportunity for a large number of unemployed people, the government has to work more in this regard,
The Ethiopian Herald, February 13/2019
BY TAMERU REGASA
