Commissioner Briefs Europeans on Conducive Investment Options in Ethiopia

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Addis Ababa December 11/2020 (ENA) Investment Commissioner Lelise Neme briefed today dozens of investors from European countries and representatives of EU organizations about the conducive investment opportunities in the country.

In her welcoming remark, the commissioner said investment policy reforms undertaken since 2018 focused on creating a conducive environment for attracting Foreign Direct Investment in priority sectors.

The modernization of Ethiopia’s investment regime, the ongoing efforts to create user-friendly investment environment by improving ease of doing business and the decision to privatize state owned enterprises are the most important reform measures undertaken in 2019, according to the commissioner.

The approval of a new investment proclamation in January 2020 signals the country’s major shift in investment policy, she further noted.

“The new proclamation has opened sectors and activities that were previously closed for foreign investors,” Lelise said, adding that it eased investors to identify allowed areas of investment and introduced transparent dispute settlement mechanism.

The Home Grown Economic Reform has also created favorable condition for Foreign Direct Investment (FDI) in Ethiopia.

Last year, the government began implementing the Home Grown Economic Reform, a short term reform program to find solutions to macro-economic imbalances, particularly foreign exchange constraints.

EU Development Cooperation Head, Erik Habers said on his part the economic reforms and liberalization in Ethiopia are promising for European investors.

“The EU stands fully behind Ethiopia’s Home Grown Economic Reform agenda as it indicates that a stable macro-financial system supports growth and job creation by providing investors predictability and the finance they need to invest on job creation projects,” the head stated.

The continued economic reforms and advancing liberalization activities are promising, he added.

“We are about to launch a new program for a total of 10 million Euros to support Ease of Doing Business reform initiative of the government,” Habers said.

More than 300 European investors, mainly engaged in manufacturing, agriculture and services, are active in Ethiopia, it was learned.