Addis Ababa — The Ethiopian Investment Commissioner, Lelise Neme called on global companies to boost investment in the ever emerging investment sector of the country.
This was disclosed at the international form prepared by Ethiopian Investment Commission (EIC) under the theme: “Invest Ethiopia2023” with the view to attracting giant companies from the rest of the world into Ethiopia, a country with enormous potential for investment and business.
In her opening speech, EIC Commissioner Lelise underscored that Ethiopia has embarked on new development trajectory driven by government commitment to promoting private sector-led growth, improving infrastructure and creating conducive investment finance.
Mentioning Ethiopia’s strategic location to key international markets and abundant resources, the commissioner said these advantages make the country to attract more Foreign Direct Investment (FDI).
To this end, the government has put in place a range of policy reforms, including opening up of key sectors like telecommunication, energy, logistics and the financial sector, she pointed out.
As Ethiopia is diversifying its investment sectors and bringing emerging sectors, Lelise urged companies to maximize their engagement in the spheres.
“Ethiopia has identified priority sectors for investment such as agriculture, manufacturing, mining, tourism and ICT. We also have emerging sectors such as renewable energy, health, transport and logistics and housing development. One of the driving forces for our industrialization strategy is the establishment of eco-friendly parks and attracting investment in textile and garment production, leather, pharmaceutical and agro-processing.”
She also highlighted that several world class industrial parks that have been established across the country are equipped with modern infrastructure with a range of incentives to lure more investors.
“Our industrial parks have already attracted significant manufacturing investments with companies from around the world establishing operations in Ethiopia to leverage our favorable business environment and strategic location. These parks have created new jobs, boosted local economies and contributed to the growth of the export sector,” Lelise said.
She also expressed government’s commitment to further expanding the industrial park focusing on value chains, enabling the county’s production capacity and competitiveness in key sectors.
The commissioner added that Ethiopia has made remarkable progress in developing renewable energy sources, with focus on hydropower and geothermal energy.
“This development has steadily increased energy production availability, offering a reliable source of power for our investors. Indeed, Ethiopia is a country with enormous potential for investment. Under the leadership of our Prime Minister Abiy Ahmed, the country has gone through several revolutionary reforms. These reform agendas are changing Ethiopia and the country’s future with confidence and clarity.”
For example, the recent reforms have opened investment opportunities for our investors, which previously were closed, she noted.
For the commissioner, foreign investors are now enjoying the benefits of investment in Ethiopia, which for a long time were allowed only for domestic investors.