Addis Ababa: The Ethiopian Investment Commission (EIC) has been intensifying efforts to attract international corporations and leverage the country’s ongoing transformation. Commissioner of the EIC, Zeleke Temesgen, stated that Ethiopia is strategically positioning itself as a leading investment destination through significant reforms.
According to Ethiopian News Agency, with a dynamic and reformist government at the helm, Ethiopia is increasingly becoming a hub for international corporations looking to invest and expand. The country’s strategic location in the Horn of Africa and its large, growing market offer a conducive environment for businesses of all sizes.
The government is actively promoting investments by creating policies that foster economic growth and stability, ensuring a welcoming atmosphere for foreign investors. Zeleke highlighted key measures such as opening previously closed sectors to foreign investors and streamlining processes for import-export and wholesale-retail licensing as crucial steps to fostering a more investment-friendly environment.
He further shared that the government’s goal-oriented investment promotion strategy is currently in its second phase, with a target of attracting 3,000 leading companies. “We’ve already reached over 600, with several companies actively establishing operations, showing tangible results,” he noted.
Macroeconomic reforms, particularly addressing foreign exchange challenges, have played a significant role in enhancing the country’s attractiveness to foreign investors. The recent liberalization of the banking sector has notably increased foreign direct investment (FDI).
As the leading FDI hub in East Africa, Ethiopia is working to extend its reach across the continent. Companies from China, Singapore, India, Russia, Italy, the Netherlands, Japan, Malta, Turkey, Pakistan, and Saudi Arabia have chosen Ethiopia as their investment destination.