Africa-Press – Ethiopia. Ethiopia’s favorable investment climate adds impetus to foreign investors to come and invest in the country, Ethiopian ambassadors said.
Ambassadors who represented Ethiopia indifferent countries said that favorable conditions for investment have beencreated in Ethiopia, including the expansion of infrastructure.
They expressed their commitment to working hard to promoteinvestment potential of the country, increase the flow of foreign directinvestment (FDI) and expand market destinations for Ethiopia’s products.
Ethiopia’s ambassador to Canada Fitsum Arega said that manydevelopment activities have been carried out and expanded power supply inEthiopia, he said adding the expansion of industrial parks is helpful toattract investors.
The government will continue with its efforts and commitment to promoting Ethiopia’s potential resources, urging Ethiopian diaspora and foreign investors to come and invest in Ethiopia. He said
Infrastructure facilities and energy supply are readied for investment for foreign and diaspora investors, the ambassador said adding that the power supply and land provision fulfilled in the industrial parks and agro-processing or integrated agro-parks as well as for special economic zones investments.
“In the current situation, Ethiopia has many favorable conditions,where the investment law and the commercial law have been updated. Sectors thatwere not allowed to foreign investors such as telecom, banking, finance ingeneral are now open for them. There are favorable conditions created ingeneral. These are important infrastructure for the growth of the businesssector and investment. We are introducing these favorable conditions.Especially now, with the peace afreement, the demand is increasing,” he said.
Deputy Head of Mission at Ethiopian Embassy in Brussels, Ambassador Shamebo Fitamo on his part said that efforts will be exerted to find global markets for Ethiopian products.
Ethiopia has a great potential forinvestment, he said, adding that we are promoting this potential to those withfinancial capacity and long-time experience, who we think will benefit if theycome and invest in Ethiopia.
“Ethiopia has a large trade and investment potential, geophysicalattachment to European countries and we are in the Horn of Africa. This meansit connects the EU and the Middle East. Because of this location advantage, wetraditionally have a long-term trade relationship with the EU. We are workingto expedite this and introduce new products to the market.”
Newly appointed Ethiopian Ambassador to Russia, Cham Ugala on his part said that there is another good opportunity for the two countries to enter into business.
Russia opened business center in AddisAbaba (Coordinating Committee on Economic Cooperation with African Countrieswhich is abbreviated as, AFROCOM in 2022). This is a good opportunity for us.It will facilitate to bring Russian business people to Ethiopia and vice versa.
“Russian investors are currently turning their attention toAfrica, Asia and Latin America. This is a very good opportunity for us. As youmight know, Russia is an old friend of Ethiopia. Our airline flies three timesa week to Moscow. This is a good opportunity for tourists to come to Ethiopiaand use this airline as transit to other African destinations. This is creatinga very favorable situation for us,” the ambassador said.
Ethiopia also exportsflower, coffee and kidney bean to Russia. Efforts are also underway to increasethe volume of export items in the future.
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