PM Hailemariam Desalegn has called upon western companies to take part in the positive investment regime in Ethiopia. Noting that investors from Africa, Asia, and the Middle East have already established themselves, the PM urged representatives of American businesses he met in New York to consider investing in Ethiopia's untapped investment potential.
Prime Minister Hailemariam has also explained Ethiopia's investment policies, regulations and incentive; and responded to questions raised by the attendees of the event regarding ICT, banking services and privatization of state owned public enterprises.
In a study presented in Prime Minister Hailemariam's meeting with representatives of American businesses, manufacturing, mining, construction, hotel and tourism, and healthcare were identified as areas of engagement promising to the American businesses.
Routinely praised for its pro-poor development policies, Ethiopia has been one of the fastest growing economies in the world for the past ten years. And although the share of Foreign Direct Investment to as a share of the GDP growth has not been satisfactory, recent trends have shown a significant hike in the amount of annual foreign direct investments. The government's focus on attracting FDI as a means of stocking up capital and technology transfer has paid off dramatically. FDI stood at 300 million USD in 2010, and three years on it has now reached at an incredible 1 billion USD, making Ethiopia the second biggest destination for FDI in Africa, next to South Africa.
Among the countries of origin in Ethiopia's inflow of foreign investment, emerging economies and other countries from Africa, Asia and the Middle East hold the lion's share. And western companies are expected to enter Ethiopia and invest in the numerous possibilities shortly.
The business representatives afterwards expressed their satisfaction with the discussion and affirmed their commitment to start working along the lines of their interests.