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Ethiopia, UK promote trade and investment

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Addis Ababa, October 22, 2018 (FBC) – Africa’s fastest growing economy Ethiopia held its highest-profile investment outreach on the international stage over the weekend in London, United Kingdom.

Ethiopia and United Kingdom communed to have a business forum as both nations look to strengthen and deepen their bilateral partnerships through trade and investment.

The country has made headlines since the opening up of its economy to attract and accommodate foreign businesses. It has become the region’s investment hub as foreign investors continue to swarm in the country to establish looking to have a slice of the pie.

With a GDP growth prediction of 8.5% in 2018 by the International Monetary Fund (IMF), potential investors are keen to venture into the Horn of the African market, according to the Exchange.

Arkebe Oqubay (Ph.D.), a special economic advisor to Prime Minister Dr Abiy Ahmed, leading a delegation consists of 30 companies also briefed the participants of the forum concerning the investment opportunities and incentives available in the 105 million populated nation as of 2017.

Ethiopia has high potential in various areas which he encouraged the UK businesses to take advantage.

Among the sectors with a high return on investments include textile, leather products, tourism, agro-processing, mines and energy, and other manufacturing sectors. The latter is a topic of interest which has attracted investments from foreign firms.

He highlighted the customary changes undertaken by the government of Ethiopia to create a conducive business environment both for local and foreign companies to be productive in their operations in the economy. The business incentives should offer a steady and competitive business climate for the entrepreneurs.

Great Britain was among the first countries to open an embassy in Addis Ababa, while Ethiopia was the first African country to establish an embassy in London. Since then, both parties have rich diplomatic relations in various areas.

The UK has been and remains one of Ethiopia’s most dependable partners in its fight against poverty, the latter being the second largest recipient of UK development support after India.