ADDIS ABABA– The government’s active engagement in investment promotion and related activities are entitled to the increasing flow of Foreign Direct Investment (FDI), the Ethiopian Investment Commission (EIC) said.
EIC Commissioner Hana Aryaselassie told the Ethiopian Press Agency (EPA) that the government’s involvement in promoting investment opportunities through business forums and diplomatic missions is instrumental to Ethiopia experiencing significant growth in the FDI inflow. “This year alone, eight business forums with foreign investors have been conducted. We plan to organize an additional two or three in the coming months.”
The Commissioner further highlighted that foreign investors in industrial parks have created substantial jobs. The total job creation in these parks has reached 75,000, which is a considerable contribution to the employment sector. EIC remains engaged in continuous negotiations with various foreign companies to further boost investment opportunities. The recent visit by a Pakistani business delegation underscores this commitment, Hana emphasized.
According to her, creating a conducive investment environment remains a top priority for the EIC. “Ethiopia now ranks first in Eastern Africa in terms of FDI flow. However, there is still much potential to be realized.”
The government is actively providing incentives to attract foreign firms. Additionally, investments in infrastructure and energy supply are on the rise, facilitating easier operations for businesses.
“The availability of raw materials and a large human resource base necessitate infrastructural development to support business activities, “the Commissioner noted, adding that the on-going policy reforms are expected to further ease investment processes.
Despite the abundant opportunities, Ethiopia continues to experience unbalanced trade relations with other countries. However, the increasing flow of FDI is anticipated to help narrow this imbalance. “The growing FDI is expected to balance the trade disparities,” Hana concluded.
With continuous efforts and strategic promotions, Ethiopia is on a promising path to becoming a leading destination for FDI in the African continent.
BY YESUF ENDRIS
THE ETHIOPIAN HERALD WEDNESDAY 29 MAY 2024
