Ethiopia is a land of many opportunities. Its untapped investment potential makes it one of the ideal destinations of top businesspersons and renowned global companies.
Without merely boasting the potentials, Ethiopia is also working towards ensuring a better system of doing and sustaining businesses--which is an integral part of economic competitiveness and job creation. Previously, the country stood at 159th out of 190 countries in the global doing business rankings. And the target is to place Ethiopia among the top 190 DB ranking countries by 2021.
Since 2019, the country has specified measures to improve doing business rankings. Accordingly, the government planned short, medium and long-term goals to ease doing business in the country.
In this regard, the government's series of measures applied thus far are coming to fruition, particularly in the short and medium-term goals.
To cite but a few, it has enacted eight new laws while applying 40 procedural and administrative reforms in a period of five-month. By focusing mainly on 10 institutions, the government has seriously planned to score remarkable changes in ease of doing business.
Ever-since the implementations of those measures, some government institutions have registered remarkable results. For example, Customs Commission has introduced paperless services. Meanwhile, the Ethiopian Investment Commission is also making a lot of reforms to deliver faster and efficient services. These include one-window service at the headquarters and industrial parks, the amendment of investment law and regulation, not to mention the lifting of some requirements on investment registration, among others.
Currently, the government has successfully achieved the short and medium-term goals of the plan of realizing the ease of doing business. Based on the experience amassed so far and the commitment to put in place a conducive working environment for investment, there is a likelihood that the government will soon achieve the long term goals of improving the country's Business Doing Ranking.
The government has shown readiness to replicate some of these experiences in about 30 government institutions in the current fiscal year. Specifically, the plan focuses on delivering services online that Prime Minister Dr. Abiy Ahmed reiterated saying: "We will continue implementing technologically advanced service provision in all sectors to strengthen the economic growth"
There are some remaining obstacles in improving the country's rank in doing business. Yet, resolving these problems and ensuring a successful doing business environment is part of the long journey which is likely to succeed if all the concerned government and private institutions and stakeholders work with similar commitment. Hence Ethiopia can be on the right track to improve doing business ranking in the near future.