Investment Commission Calls Diplomats of Foreign Countries to Promote Ethiopia’s Investment

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Addis Ababa (ENA) December 1/2022 Ethiopian Investment Commission (EIC) has called on foreign diplomates based in Addis Ababa to promote investment opportunities in Ethiopia in their respective countries.

The Ethiopian Investment Commission organized a discussion forum with a view to promoting Ethiopia’s investment opportunities to foreign investors.

Ambassadors and economic and commercial attache’s of embassies of various countries based in Addis Ababa have participated at the forum.

During the occasion, Ethiopian Investment Commission Commissioner, Lelise Neme said Ethiopia is the most favored investment destination in East Africa.

She further briefed the diplomats about the reform being held to attract foreign investment including the measures taken to improve the investment law and business climate aimed at opening up the various investment sectors and economic activities to foreign investors.

According to her, relaxing the investment regimes to facilitate friendly business environment removing regulatory obstacles that hamper business and privatize the largest enterprises was aimed at attracting more FDI.

The logistic sector is partially liberalized with the view to attracting FDI with knowledge, experience and technology as well as management, she said.

The removal of barriers to foreign investment will improve the efficiency of the logistic service and enhance the competitiveness of Ethiopia’s export, she added.

The telecom sector is also licensed to foreign companies, she said adding the opening up shows the government of Ethiopia’s commitment.

“We invite investors of your countries to come to Ethiopia and explore the diverse investment opportunities” she said.

State owned enterprises including the sugar factories are on the bid for privatization, the Commissioner said. As Ethiopia is a country of big population we have a big market, she said.

She further said that since the peace agreement was signed, we are aiming for more investors from your country.

Before the outbreak of COVID-19 the government of Ethiopia has initiated a wide range of reforms that aimed at empowering the private sectors, liberalizing the country’s investment policy regime, improving the overall macro economy and business environment and attracting foreign investment.

These reforms are motivated by the need to enhance the role of private sector and the economy and create business friendly environment through streamlining the country’s investment low regulation and connection the macroeconomic imbalance.

Lelise Neme said Ethiopia plans to attract over six billion USD foreign direct investment (FDI) during the year 2023.

Despite COVID-19 and security problems last year, Ethiopia has managed to attract over 4.1 billion USD in FDI. Lelise said.

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