Ethiopia, located in the Horn of Africa with wide acre of fertile land, trainable as well as economical human labor and alluring investment climate, has emerged as a promising destination for investors, who are seeking opportunities in diverse and dynamic areas, and lots of potential sectors. The nation is thus with feasible prospects to benefit much out of the sector, too.
Having a nation with rich cultural assets, tangible and intangible heritages, a rapidly growing population, cheap labor force, among others, the government is committed to undertaking a range of social, economic and even political activities with a view to bringing about vivacious socioeconomic reforms. Of the notable moves on which the government has capitalized, investment has come to the forefront especially these days as the nation has possessed a number of good-looking destinations, levelheaded and productive population, plausible investment sector and answerable bodies to effectively run activities along this line.
Ethiopia has been establishing remarkable ties with emerging nations, too, like Saudi Arabia, Pakistan, for instance, and it has been in a position to be at the forefront of being continental investment corridor.
These ideal continental or international partners should have the potential to unlock opportunities and streamline interactions with the government and other concerned bodies thereby significantly facilitating the overall investment relationship. Ethiopia is really proud of be hub of investors with a huge and accessible workforce, a wonderful climate and other tempting factors.
Undeniably, the country boasts a population exceeding 120 million, making it the second-most populous country in Africa, and this demographic dividend provides it with a significant labor force, essential factors for sustainable economic growth, investment promotion and overall change across all sectors. The young labor force here is relatively indicating a potential of the nation for long-term economic productivity. Interestingly, the country has been recording remarkable changes out of the sundry agriculture, manufacturing, and service sectors including investment trajectory.
Needless to state, Ethiopia has a strong agricultural sector making a significant contribution to its GDP and its fertile lands offer opportunities for investment in a range of sectors.
Cognizant of all the facts, the government has been implementing initiatives to modernize sectors so as to make them more attractive for investors, be they are local or foreign ones. These days, there are many more indicators that portray making the nation a preferable continental investment destination quite easy. Captivatingly, Ethiopia has been actively promoting industrialization through its industrial parks and development zones. Hence, investors can explore opportunities in textile and garment manufacturing, leather and footwear production and other industries, and widely invest in them.
That is why the government has been well focusing on creating a favorable and conducive environment for investors and has been confidently attracting them. Yes, Ethiopia has been investing heavily in infrastructure projects as part and parcel of its vision for feasible socio-economic transformation. To make this a reality indeed the country has embarked on infrastructure like roads, railways, energy, among others, sectors.
Ethiopia does increasingly recognize the importance of technology and innovation, energy and investment in driving economic growth. The nation has therefore been working towards reinvigorating investment across all its corners via fostering processes, providing investors with license and information and the required support as well.
In sum, government’s commitment to liberalizing key sectors and attracting foreign investment has created a favorable environment to industry as well. Since the nation widely presents significant opportunities, investors need to utilize them to hit the target they set earlier. A range of activities are being carried out to strengthen Ethiopia’s investment activities and economic development via creating opportunities for investors and companies to engage in a new way of venture. The country has thus to well continue to work on the current political environment to be more hospitable to investors. As Ethiopia has been taking encouraging strides to create favorable investment climate with the objective of attracting foreign direct investment in various sectors, it has to prettily focus on meeting priorities, indeed!
The Ethiopian Herald May 28/2024
