ADDIS ABABA – Economic policy reforms designed to liberalize Ethiopia’s economic structures and foreign exchange system are expected to stimulate Foreign Direct Investment (FDI) inflows, according to Investment Commissioner.
Speaking at the second Ethio-China Friendship Cooperation Forum, Commissioner Hanna Aryasellassie highlighted that Ethiopia’s macroeconomic policy reforms are designed to attract FDI.
She noted that these reforms would allow investors to access opportunities previously controlled by the government.
Ethiopia, which has seen rapid growth in FDI, has opened up several sectors including energy and telecommunications. Accordingly, Commissioner Hanna invited Chinese firms to invest in Ethiopia utilizing the new macroeconomic policies and government incentives.
Mentioning Ethiopia’s significant achievements in attracting FDI, the Commissioner has reaffirmed her government’s commitment to explore investment opportunities with Chinese government and companies.
Hanna observed an “increase in the number of Chinese investors” participating in various sectors of Ethiopia’s economy, including ICT, agro-processing, and manufacturing.
Water and Energy State Minister, Sultan Welle, also remarked that the energy sector, one of the recently liberalized sectors, holds untapped potentials for foreign investment.
He expressed optimism that Chinese companies, as key investment partners, would make substantial investments in the future. The government, according to Sultan, is prepared to offer incentives to bolster investments in the sector, with plans to expand energy grids within and beyond Africa in the long term.
In related news, Investment Commission and the Ethio-China Friendship Committee signed a letter of intent to support Ethiopia’s industrialization process through the “Light up Villages Program
BY YESUF ENDRIS
THE ETHIOPIAN HERALD FRIDAY 2 AUGUST 2024
