ADDIS ABABA- A growing body of evidence is exhibiting Ethiopia has turned out to be the best investment-destination country in the world, disclosed Investment Commission (EIC). The country is putting in place industry parks housing textile, pharmaceutical and similar plants. This could render the country a better investment destination.
As per the effort of the country, big companies of international renown are coming and investing in the nation. Volkswagen the Germany international company has recently signed an agreement to invest in Ethiopia. AIn the table of preference that hints where to invest in Africa, the company has placed Ethiopia on the third row following Ghana and Nigeria.
Eagle Hills, United Arab Emirate’s company that has global acclaim, has also entered into the nation. Also, other companies of international repute are following suite. Mekonnen Hailu, Communication Director within the Commission, told to The Ethiopian Herald that pertaining to Foreign Direct Investment (FDI) Ethiopia is becoming a sought-after country.
Cognizant of this fact the Commission is working to develop it. Specially it is proactively striving to outreach foreign investors with enough information. For the past three months now, it has been facilitating the “High Guide Ethiopia” platform which could shed light on the basic requirement to invest in Ethiopia, what type of incentives entailed in the package and labor situations in the country, among others.
To this effect, communication is conducted in about 100 languages. Experience is drawn from other countries. In collaboration with Ministry of Foreign Affairs (MOFA), the commission is promoting investment with Ethiopian officials that live in different countries. On business forums and international exhibitions, which is held in foreign countries, the commission has been promoting the country’s investment potential. It as well participates on international exhibitions prepared locally.
During the course of the past half fiscal year, the commission has set a plan to receive and give proper information about investment opportunities and options for 1146 investors, but it has managed to achieve more than the plans it envisaged to hit. It also receives and gives enough investment information for more than 1800 investors, Mekonnen said.
He added, the commission has selected 17 international well-known companies and it is striving to make them come and work in industry parks to partake in the manufacturing sector. The commission is rendering its system modern including office setups and automation system to make things comfortable to investors and to make them more competent, he said.
These investment opportunities will help the nation create job opportunities for citizens. It is also helpful to influence citizens’ working culture, he added. These days, more than 5300 Foreign Direct Investment projects are running in Ethiopia.
The Ethiopian Herald, February 24/2019
BY GENET FEKADE
