FDI, Technology Transfer Will Be Focus Areas of Economic Diplomacy of Ethiopia: Ministry

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Addis Ababa, October 17,2021 (ENA) Promotion of Foreign Direct Investment (FDI) and technology transfer will be the primary focus of the diplomatic activities of Ethiopia over the coming years.

Director General of Foreign Direct Investment Promotion and Technology Transfer at the Ministry of Foreign Affairs, Ambassador Ababi Demissie said attracting foreign investment and promoting technology transfer the key focus areas to achieve the 10-year development plan of the country.

In this regard, Ministry of Foreign Affairs will play critical role by intensifying economic diplomacy with a view to attracting FDI in to the country, he added.

Special economic diplomacy will be underway to attract large and medium-sized investors from around the world to engage in manufacturing, agro-processing and other investment opportunities in Ethiopia, Ambassador Ababi said.

According to the Director General, there is conducive environment to investment activities in Ethiopia as the nation has taken several measures to amend policies and laws related to investment and trade among other things  to create favorable conditions.

The measures being taken by the government to enhance FDI would positively influence foreign investors to invest in Ethiopia.

He further said that by enhancing FDI, the nation will also be able to create opportunities to transfer knowledge and technology in to the country, which are vital for economic development.  

The Director General further stated that local investors will be encouraged to work with foreign investors to take over the industry through technology transfer.

Besides promoting FDI and technology transfer, expanding market access and attracting tourists will also be the other focus areas to attain quality economic growth stated in the ten year development plan of the country.

It was learned that Ethiopia has been implementing a 10-year development plan based on indigenous economic agendas, focusing on health, investment, tourism, agriculture, among other sectors.

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