31 July 2013

Ethiopia: FDI to Ethiopia Second Best in Africa

Japan says the fact that Ethiopia achieves 1 billion dollar Foreign Direct Investment (FDI) flow in to the country shows how focused the government is to develop the sector.

This came as the 4th Industry Development Policy Forum was held at Sheraton Addis in the Capital Addis Ababa.

The Forum is intended to solicit views of the public on foreign direct investment performance of the country, and provide the inputs of the discussions to policy makers.

Hiroyuki Kishino, Ambassador of Japan to Addis Ababa, says Ethiopia has given priority to food security, infrastructure development, human resource development and FDI to make significant transformation as part of its 5 year strategic plan.

The Ambassador takes the development of the FDI to show the progress happening saying in just a couple of years Ethiopia's FDI grows from 300 million dollar to 1 billion dollar, which he labeled as significant upward spiral.

Japan is committed to prop up the industry sector in Ethiopia and is working with Ethiopian government, Kishino affirmed the position of Japan.

Director General of Ethiopian Investment Agency, Fitsum Arega said among the challenges identified by the GTP to the industry sector are poor influx of FDI and poor saving rate of the country.

Recent trend shows these weaknesses have begun to be addressed as government intervention in the sector begin to pay off intended targets; saving is increasingly growing and FDI is now second best in Africa next to South Africa, Fitsum noted.

FDI is expected to facilitate technology transfer in the industry sector, bring in huge capital and machineries, create employment opportunities and increase global market share, the Forum underlines.

As for our staff reporter Solomon Tsegaye, the Forum looks into Indonesian best practice on FDI and Malaysian and Thailand's best performance in linking FDI to technology transfer.

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