28 June 2014

Ethiopia Becomes Investment Hub - MoFA

The prevalent peace in Ethiopia and its favorable investment policy are attracting leaders and investors of various countries, said Ministry of Foreign Affairs (MoFA).

American Affairs Director-General with the Ministry, Ambassador Taye Atskeselassie, said Ethiopia has become a trade and business destination for foreign companies.

The director-general, who quoted the saying that "leaders trace the trail of investors", indicated that the visits of America's Energy, Commerce and Foreign Secretaries of State to Ethiopia within one month shows that the country is being a hub for international trade and investment.

During the visits, officials of the two countries conferred on ways of extending AGOA and how Ethiopia could become the leading beneficiary from Obama's Power Africa Initiative, he noted.

The initiative is expected to benefit 20 million Africans as well as on international issues and on ways the two countries could collaborate with respect to peace and security.

According to Taye, the recurrence of such visits will create closer cooperation for the realization of the agreements and pledges concluded between the countries.

Canadian and Brazilian investors' interest to widely engage in trade and investment in Ethiopia demonstrate that the country is the preferred destination for trade and investment, he noted.

Meanwhile, Asia and Oceania Affairs Director-General, Genet Teshome, said the stable macro-economy of Ethiopia, in addition to the rapid economic growth, is attracting foreign direct investment.

The encouraging investment and trade policies issued by the government have also helped in making foreign leaders bring investors to Ethiopia, he added.

Countries such as China that are making structural transformation from labour- intensive projects to capital-intensive big industries want to hugely invest in Ethiopia, according to Genet.

The Director-General, who recalled the recent visit of Japan Prime Minister Shinzo Abe's visit to Ethiopia, stated that leaders have been working to strengthen their relationship with Ethiopia after assessing the actual situation in Ethiopia.

Accordingly, the Japanese government is expected to open soon its investment office in Ethiopia, he added.

Moreover, Ethiopia is carrying out joint mega projects with South Korea and India, Genet noted, the countries have been playing pivotal role by supporting sugar projects, investment, road, geothermal and energy as well as provision of low-interest loans.

Source: ENA.

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