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 in 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 reforms being carried out to attract foreign direct 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 a friendly business environment, removing regulatory obstacles that hamper business and privatizing the largest public enterprises were 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 vital to the development of the nation, 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.

Noting the opening up of the telecom sector to foreign companies and the on going privatization processes of public enterprises including sugar factories, she said the government is  committed to encouraging the engagement of foreign investors  in Ethiopia.

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

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

Senior Legal Advisor at the Ethiopian Investment Commission, Habtamu Simachew on his part, said Ethiopia has a huge comparative advantage among African countries in terms of FDI.

It is a market of 120 million which significant portion of the population is young, he said, adding the country itself is huge in terms of land mass, conducive climatic conditions with a huge potential to attract agricultural investment.

Economic sectors such as mining, services and ICT could also be mentioned as potential strong holds to attract foreign direct investment to Ethiopia, he added.

Today’s discussion is organized to communicate investment related updates, to plan future collaboration strategies, set up a workable communication platform for stronger partnerships with various embassies based here in Addis, Dr, Habtamu said.

The ambassadors and economic and trade attachés of various countries who attended the briefing said that the peace agreement reached is important for Ethiopia’s future investment climate.

Head of Economic and Trade Affairs at Finland Embassy in Ethiopia,  Jouko Eskelinen said  with the peace agreement, Ethiopia is increasingly becoming an attractive investment destination along with other things.