Ethiopia Becoming Investment Destination
Once known for its closed economy, Ethiopia is now an enticing prospect, with investors moving their money into many sectors. Katrina Manson, The FT’s East Africa correspondent, reports on Ethiopia’s growth and challenges facing foreign businesses.
Ethiopia is becoming an investment destination in the sub-region for the fast paced economic progress it has been experiencing, for the lucrative business opportunities it provides, and for its attractive investment incentives.
This time it is Kenyan officials and business delegation that flock to Addis Ababa to see for themselves the opportunities that can best benefit them. The Kenyan delegation stays in Addis for three days as of Monday 29, 2013.
State Minister of Industry, Sisay Gemechu said Ethiopia and Kenya has a growing business relations apart from the cultural and boarder relations that enable them to combat terrorism and work for peace and stability in the Sub-region.
The two countries are investing a huge sum of money to integrate the economy of the two countries in road, rail and electric power transmission infrastructures.
The hope is such infrastructure development significantly increases the trade volume between the two countries now estimated to be less than 50 million US dollar.
The delegates are informed, by the state Minister, that they can be best beneficial if engaged in in agriculture, agro-processing, food and medicine, garments and tannery sectors.
According to our reporter Solomon Abrha, Mrs. Phyllis Kandie who leads the Kenyan delegation to Addis Ababa said Kenyan businesses would hopefully invest in industry, agriculture and tourism for the time being and consider many more areas to advance their investment in Ethiopia.
Source: Ethiopian Investor