Ethiopia’s Untapped Investment Opportunities Revealed for Firms, Institutions at Global Investment Forum - ENA English
Ethiopia’s Untapped Investment Opportunities Revealed for Firms, Institutions at Global Investment Forum
Addis Ababa January 26/2023 /ENA/ Ethiopia’s Untapped Investment Opportunities Revealed for Firms, Institutions at Global Investment Forum.
/The two-day “Invest Origins”, which is designed to draw high-caliber, diverse investment into Ethiopia's expanding market by sharing information on landholdings ready for project co-designing and incubation to full maturity, among others, has continued by revealing the untapped investment opportunities in the country.
Opening the forum, Health Minister Dr. Lia Tadesse said pharmaceutical medical manufacturing is one of the investment opportunities in Ethiopia.
The government is committed to enhancing economic growth as the country places an investment opportunity for health as well.
According to the minister, studies by the African Development Bank have shown that 70 percent of the needed medicine in Africa is imported from other continents.
Manufacturing is therefore the focus area of not only the continent but also the country, she noted, adding that as a country more than 90 percent of the needed medicine supplies of Ethiopia are imported.
Land Bank and Development Corporation CEO, Lensa Mekonnen said that identifying investment portfolios has been one of the priorities of the corporation, alongside working on designing how to engage with investors.
“We will discuss with private actors on forming the kind of partnership with them. Our next job is to bring investment and work on the ground as now is the time of action.”
The forum is targeted to be used as a stepping stone to engage companies with financial capacity into actual operation, she stated.
Capital Market Authority Director General, Brook Taye said on his part that there is a huge untapped potential in Ethiopia.
One of the financial sector strategies is liberalizing the banking sector by inviting foreign banks and establishing the capital market, he stated.
He revealed that one of the mandates of the authority is to develop capital market by launching Ethiopian Securities Exchange (ESX).
“We are drafting several directives that would allow us to establish the Ethiopian Securities Exchange where people could exchange equities,” the director-general pointed out.
According to Trade and Development Bank (TDB) Senior Adviser, Reginald Max the bank has been supporting the importation of fertilizer, wheat, and petroleum.
Stating that the bank is looking to engage in infrastructure projects, he said “we are discussing various initiatives around the stock markets and introducing bonds, among others.”
Max added that “as development bank we are here to ensure the development of the country, not only just in trade finance but in all sectors.”
The Senior Adviser noted that it is important to support Ethiopia and its development initiatives going forward as the nation is undergoing economic miracle.
“Looking Ethiopia as an outsider, we talk of the obvious. We talk of Ethiopian Airlines, we talk of GERD. But what is important to understand is that Ethiopia is undergoing in economic miracle,” Max stressed.
The well-known businessman Zemedeneh Nigatu said the nation’s economy did not collapse and the country stayed strong despite all the challenges it had faced, including COVID-19 and internal challenges, among others.
“So, this is an indication that we have the foundation to be even a greater economy in the next 15, 20 years.”
The global forum under the theme: “Invest in Ethiopia - the Next Economic Engines of Africa,” is taking place from 26- 27 January, 2023 in Addis Ababa.
This highly anticipated forum is where high-ranking industry experts are attending to provide a unique opportunity to showcase the skill sets and institutional capacities to build confidence for those that are ready to invest in Ethiopia.