ADDIS ABABA — The political reform, made since just last year, has been creating conducive investment flow that never seen in the country’s recent history, the Ethiopian Investment Commission said.
The reform encompasses a series of sweeping measures that are transforming the investment map and restoring trust in both foreign and domestic investors, Commission’s Public Relations Director Mekonnen Hailu told The Ethiopian Herald.
By improving investment climate of the country, the government under the leadership of Prime Minister Abiy Ahmed is aggressively working to make Ethiopia one of the top investment destinations in the world in the coming few years.
According to him, the participation of multinational companies in the investment sector has been growing since Prime Minister Dr. Abiy Ahmed came to power.
“The German car maker Volkswagen and UAE’s Angels Hills have signed a memorandum of understanding to launch their respective investment operations in Ethiopia.
The Chinese business, the Alibaba Group, has shown keen interest to invest here in Ethiopia,” the Director added. The inflow of these multinational companies would have significant role in increasing foreign currency earnings and contributing for the growth of the country’s economy as a whole, Mekonnen explained.
Likewise, following the discussion with Dr. Abiy Ahmed, the Ethiopian Diasporas in North America and Europe have also been showing growing interest to disburse investment here in various sectors, Mekonnen noted.
As investment by nature demands peace and stability, it is the time that investors are building trust in nation’s huge investment opportunities, Mekonnen stated. According to sources, over 5400 investors have been participating across the nation in agriculture, manufacturing, and service sectors. Of which, the Commission has issued licenses for over 90 foreign investment projects who registered a total capital of 23.6 billion Birr in the last six months.
The Ethiopian Herald March 31, 2019
BY ZELALEM GIRMA
