ADDIS ABABA-The sweeping economic and political reforms in Ethiopia and the entry in to force of the African Countries’ Continental Free Trade Area (AfCFTA) are alluring more Italian companies to invest in Ethiopia, among the top FDI recipient countries in Africa.
Over 40 Italian investors have been exploring business opportunities in Ethiopia the just ended week. They met their Ethiopian counterparts to expand investments here.
The presence of representatives of more than 40 Italian companies coming from Italy to Ethiopia, together with those already engaged in various sectors in Ethiopia is testimony enough to the interest of the Italian private sector to the opportunities offered by the crucial economic reforms being undertaken by the Ethiopian government and by the coming in to force of the African single market area, stated the Deputy
Minister of Foreign Affairs and International Cooperation of Italy, Emmanuel Del Re.
She added, “Many Italian investors are participating in various investment sectors in Ethiopia. For Italy, Ethiopia is the most interesting African country thanks to its economic stability, high growth and the recent reforms path.”
Italy is ready to share its experience with Ethiopia on trade and investment, technology and other development sectors, said Deputy Minister Del Re. He went on to say that the involvement of so many Italian institutions in today’s event is a tangible sign of Italian good gesture towards Ethiopia.
The Ethio-Italian Business Forum held in Addis Ababa, June 19-20, 2019 had made ample opportunities to look in to the financial sector that Ethiopia is opening up for private investors, the Italian delegation stated in a press brief following the forum.
The forum was also attended by State Minister of Foreign Affairs Dr. Aklilu Hailemichael, State Minister of Ministry of Trade and Industry TekaGebreyesus, State Minister of Finance AdmasuNebebe, Deputy Commissioner of Ethiopian Investment Commission TemesgenTilahun and senior officials of both countries.
Speaking at the opening of the conference, Dr. Aklilu noted that Ethiopia and Italy have developed a number of interconnected ways. “The conference will play an important role in boosting trade and investment.”
Ethiopia has a comprehensive market for domestic investments with more than 100 million population, a flexible investment policy, a large labor trainable force, tax holidays and a number of investment incentives, according to him.
The investors, particularly those involved in processing agricultural products, textiles, leather and leather products, energy and pharmaceutical sectors will enjoy such reward, said Dr. Akililu.
The Ethiopian Herald June 23/2019
BY HAFTU GEBREZGABIHER
