Deputy PM Says Home-grown Economic Reform Will Help Attract FDI

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Ena January 21/2020 Ethiopia’s home-grown economic reform will create favorable opportunity to attract more foreign direct investment (FDI), according to Deputy Prime Minister Demeke Mekonnen.

The deputy premier who was in London to attend the UK-African investment summit, said the ongoing reform measures will help to lure more foreign direct investment.

The reform is in line with the changing nature of the country, Demeke noted, adding that it will help to fill the gaps in investment and trade, and consolidate the best experiences to achieve faster results.

The ongoing home-grown economic reform in the energy and logistics sectors would in particular provide significant support for foreign direct investment flow, he reiterated.

“We have also revised our investment law to ensure that the domestic market is business friendly and to open up sectors that were previously closed to foreign investment,” the deputy premier stated.

He stressed that the country “ wants to create attractive investment environment, empower the private sector, build production capacity and create dynamic and competitive Ethiopian enterprises.”

Demeke called on UK’s businesses to enhance their engagement in Ethiopia in multifaceted spheres.

Senior Policy Adviser to the Prime Minister, Mamo Mihretu said on his part the ongoing  homegrown economic reform is of paramount importance to boost the participation of the private sector.

Furthermore, he stated that the reform would create capacity in solving problems during the implementation process, in addition to attracting more foreign direct investment.

Finally, he expressed his belief that the UK-Africa Investment Forum would create a good opportunity to multifaceted trade and investment cooperation between Ethiopia and UK.