BY DANIEL ALEMAYEHU
With no argument, the African continent is rich in natural resources. This is the main reason why European colonizers fled in every African corner in order to exploit these natural resources for the sake of their people. As history tells, this move for conquering the colonizers has brought marvelous benefits for those who made the Africans asset theirs. On the other side, Africans are still suffering from so many problems happened before and after the colonization. They even couldn’t resist the pressure from their colonizers even after they become free and sovereign states.
From these years of suffering, a country was standing alone to fight the white supremacy and became a role model for the rest of the states to struggle for their freedom. In those years, Ethiopia has been doing its best to support the neighboring states to see their bright future as a free state. The country also took the lion share on the foundation of the continent’s organization, the African Union. Following its contribution, the African states decided to make the country the seat for the African Union.
Ethiopia, with all the challenges it encounters, came a long distance to transform the country and the people into better stances. It is a fact that almost all African countries have pressured by the external forces in order to make the continent submissive.
As it is said before, every African country has enormous natural resources that change the lives of the people. Though there are pressures from various actors, Africans are struggling to cope up those pressures and work hard for change. Ethiopia could be an example for such promising move. Starting from the past three years, the country has been achieving multiple successes in different sectors. Even though there are conflicts and unrest in the country, the country hasn’t sit idle, rather the people and government of Ethiopia work together to use the problems and challenges as opportunities.
Even in such times, the county has scored better in various sectors and investments. Regarding the mining industry, it is true that Ethiopia is rich in mines. But it is believed that the country hasn’t used its maximum potential in mining so far. In recent years, the mining industry is flourishing. According to the report from the local media, it is reported that the country will be the next destination for mining investors. The report attributed ‘mine’ website, and it says that Ethiopia is rich in gold and the country is in the right track with good governance.
Another report from Extractive Industries Transparency Initiative (EITI) which works on nations’ annual mine production, it pointed out that the initiative will be advantageous to invest in Ethiopian mines. The report further explains that from 2019- 2020, Ethiopia traded 2.23 tons of gold in the world market and earned 126.3 million USD. From the exported mine trade, gold covers the bigger share with 93 percent, the report highlighted.
The report further remarked that Ethiopia has untapped mineral deposits that can attract international mining companies to invest in the country. The report also suggested that there is unbalanced foreign trade which relays heavily on gold. So as to address the problems, the country needs to open its doors to international mining investors.
Extractive Industries Transparency Initiative (EITI) also uncovers that Ethiopia has untouched more than 200 metric tons of gold, more than 360 million metric tons of coal, 70 million tons of metal and other mineral deposits.
On the other hand, Ethiopian coffee has become famous in the world online market. Apart from the formal way of trading, the Ethiopian coffee hits better in the international online trade. Joint efforts from Nations Economic Commission for Africa (ECA) and the Ethiopian government, Ethiopian coffee products have been delivered in online platform. Alibaba, the largest Chinese E- commerce, put the Ethiopian coffee on online trade for the first time. Reports showed that within a second, 11,200 kilos of Ethiopian coffee was sold out. A report showed that UN Under-Secretary-General and Executive of the ECA, Secretary Vera Songwe said the success recorded by Ethiopian coffee is a milestone for the rest of African nations. It provides a roadmap in leveraging export potential for other ten African countries. The Secretary also mentioned that ECA is working to provide more export opportunities from Africa to China.
H.E Gebremeskel Chala, Minister of Trade and Regional Integration said, “This launch demonstrates the benefits not only Ethiopia, but Africa can also reap in harnessing digitalization.”
Likewise, people especially Ethiopian Diasporas have shown their keen interest in investing in their motherland. A report from a local media has indicated that these Diasporas are eager to invest in Gambella Region in service and agriculture sectors. The region also offers 826 thousand hectares of land for agriculture and investment purposes. It was learnt that the Gambella Region is rich in land and water resources.
In order to make the country a hub for investment, different government organizations and other responsible stakeholders have contributed their role to make the dream come true. One of the responsible institutes, Ethiopian Investment Commission has been introducing various platforms where Ethiopian Diasporas and other investors could invest in Ethiopia. The Commission has announced multiple collaborative works with other institutions. For instance, the Commission posted on its official Face book account saying Minister of Trade H.E Gebremeskel Chala, and Commissioner Lelise Neme discussed on teaming up for comprehensive investment strategy in mining. It is also said that they have the ability to transform the living standard of our people through the growth- promoting policies and we continue to push to realize these opportunities.
The Ethiopian Investment Commission launched EIC Diaspora Investment Forum and Exhibition at Skylight Hotel from Jan. 12- 16, 2022. This forum had many activities such as presentations, panel discussion and exhibitions of potential investment opportunities.
It has also the objective of attracting Ethiopians and friends of Ethiopian Diasporas. It is also to consult about investment opportunities and incentives to the Diasporas. Lelise Neme, Ethiopian Investment Commissioner highlighted that the investment priority areas are manufacturing, agriculture, industrial parks development specializing in ICT, health and logistics sectors. Girma Seifu, Addis Ababa’s Investment Commissioner on his part said, “Our main target is enabling the diaspora to look at the untapped investment potentials of Ethiopia and invest in various areas in their motherland.”
The Commission has also introduced a better profit for the ones who invest in Ethiopia under hospitality sector. It is said that there will be a zero profit tax for new investors in nearly seven tourist attraction sites in the country.
Therefore, with untapped natural resources and attractive investment destinations, Ethiopia will be one of the major investment sites in the coming days.
The government of Ethiopia has done marvelous actions to attract investors by taking plenty of steps towards promoting the investment opportunities and benefits when people, investors, the diaspora community and other interested bodies are actively engaged in investing in the country especially combating the illegal move regarding the mining sector.
As Ethiopia does have a number of investment opportunities, a lot needs to be done towards making it the most preferred investment destination
The Ethiopian Herald 26 February 2023
