. Nation’s promising market attracts French businesspersons
ADDIS ABABA- Ethiopian Embassy in Paris has been working to encourage French public and private sectors to support the country’s development projects and assist the renewable energy development in particular, Ethiopia’s Ambassador to France Henok Tefera said.
Meanwhile, some 20 French Public and Private companies which came to Ethiopia in accompanying President Emanuel Macron last week applauded the country’s promising market opportunities and showed keen interests in doing business here. Ambassador Henok told The Ethiopian Herald that Ethiopia has a goal of creating climate-friendly economic growth; and for this it needs the assistance of France to develop its renewable energy resources.
He noted that the embassy has engaged in encouraging both the Government of France and the private sector to support Ethiopia’s goal of becoming a center of excellence in the renewable energy development as France is a country with a very good experience it the sector. The ambassador said that Ethiopia’s diplomatic mission in Paris is also promoting activities which the government has been undertaking to solve the challenges that have been faced by the investors, including the construction of industrial zones.
The embassy is briefing French potential stakeholders on the Second Growth and Transformation Plan and the vison to transform Ethiopia’s agrarian economy to eco-friendly industry-led one, urging them to support the endeavor. Mentioning Ethiopia’s active involvement in implementing the decisions made in Paris Agreement and Paris Climate Conference (COP21), Ambassador Henok stated that the country is working closely with France in mitigating climate change and limiting global warming.
The ambassador said the embassy would continue its efforts to enhance Ethiopia’s multifaceted cooperation with France in trade, investment, education and security affairs, among others. A leader of the French business delegation, Philippe Delleur said that the companies have desire to explore potential market opportunities in Ethiopia in particular energy and infrastructural sector. The businessman stated that the boost in Ethiopia’s market and lasting peace encouraged French companies to choose the country to make one of their leading African destinations.
The firms also held discussions with Ethiopian business persons on ways of working together. He indicated that the corporations have done studies about Ethiopia’s investment opportunities and they found that there is a very promising market for French products, that’s why they chose to come to the country. “French companies have already a meaningful involvement in Ethiopia’s market,” Delleur said, adding that that the country’s potential is also great to attract more businesses. “I am sure that more French compnies would come here and it would keep on increasing.”
He noted that the companies made contacts with Ethiopian high-level government officials including President Shale-Work Zewde to enter into the country’s market. French corporates aredesirous to capitalize on Ethiopia’s privatization decree that allows both domestic and foreign firmsto own minority shares in strategic public enterprises. Ethiopian Investment Commissioner Abebe Abebayehu said on this regard that Ethiopia’s enormous energy resources make the country a right place to French compnies priority investments in renewable energy, including solar, hydro and wind.
The commissioner noted that investment in energy sector enjoys huge government attention taking in to account the pivotal role it could help to satisfy the domestic demand and provide electricity to the neighboring countries. Investors in the area obtained different incentives including tax holidays, duty exemption on imported goods and access to land, among others.
Abebe further indicated that special emphasis is given to the development of industrial zones and clusters that would facilitate ease of entry for French and other foreign investments and shortens operation of business in various manufacturing fields. “Chinese and Indian investment had the lion’s share in Ethiopia over the past decade and plus years,” he said, adding that now the situation is changed and investment flows at nearly equal rate from US, Europe and Asia.
The Ethiopian Herald, March 19/2019
BY BILAL DERSO
