Addis Ababa, June 5, 2024 (FBC) – Ethiopia’s government has embarked on a comprehensive reform to create a business friendly environment, Minister of Planning and Development Fitsum Assefa underscored.
Addressing the two-day Ethio-Saudi Arabia investment and trade forum which kicked off in Addis Ababa today, Fitsum stressed the visit of the Saudi Investment and Trade delegation to Ethiopia symbolizes that the bilateral relations of the two countries is taking a new stronger trajectory.
“Your visit symbolizes that the bilateral relations of our two great nations is taking a new stronger trajectory. We are excited about the prospect of the growing new investment opportunities that will benefit both countries,” Fitsum revealed.
Considering Ethiopia as a land of immense potential and opportunities with its strategic location, the minister emphasized the country’s growing economy and its vibrant and huge young population to attain a desired economic development. And the minister stated that Ethiopia is poised for remarkable growth.
“Our government believes only through partnership with the private sector, we can deliver a shared prosperity to this nation. Accordingly, we are committed to creating a conducive environment for investment with policies and initiatives designed to attract and support foreign investors,” Fitsum pointed out.
The minister mentioned in particular, Ethiopia’s wealth of untapped investment opportunities would be offered for Saudi investors.
She further elaborated that our agricultural sector with vast arable land and favorable climate conditions present significant prospects for agri-business like crop production, livestock and agro processing.
Besides, the manufacturing sector particularly textile, garments, leather products and pharmaceuticals is growing and offers numerous investment opportunities, she said, adding tourism and renewable energy sectors also present immense opportunities for investment.
Speaking on the reform that has been undertaken by the Government, the minister noted “Over the past five years, we have undertaken significant economic reforms to open up our economy.
These reforms include liberalization of the telecom sector, opening up of the financial sector, the trade sector liberalization and the logistics sector for foreign investors.”
Stating that over 60 sectors and sub-sectors have been opened up for domestic and foreign investment to make Ethiopia a business friendly nation, Fitsum confirmed the country implemented over 80 legal and administrative reforms in the past five years alone.
Regarding the immense opportunities of Ethiopia’s Investment opportunities, Ethiopian Investment Commissioner Hanna Arayaselassie emphasized Ethiopia’s growing market, strategic location, the largest economy in sub-Saharan Africa, and the robust economic growth with attractive incentives for investors.
National Bank of Ethiopia Governor Mamo Mihretu for his part stated that Ethiopia has robust domestic financial institutions that can offer opportunities to foreign investment.
We have banks, insurance companies, and micro finance institutions providing capital to domestic and foreign investment in this country. What we are currently working on is to open up the Ethiopian financial sector to foreign participation very soon,” the governor affirmed.
Chairman of the Federation of Saudi Chamber Hassan Mujib Bani Huwayz on his part said Ethiopia is endowed with natural resources as Saudi has the desire to engage in the agriculture sector and other investment areas.
Mentioning the long-standing relations of Ethio-Saudi Arabia particularly in trade and investment, he stressed the need to strengthening and reinforcing efforts to further elevate the relation, as called by ENA.
The delegation aims to explore opportunities in agriculture, mining, tourism, energy, transport and other sectors, it was learned.
During the forum, the Saudi Chamber of Commerce signed a Memorandum of Understanding (MOU) with the Ethiopian Chamber of Commerce and Sectoral Association, marking a significant milestone for enhanced trade relations between the two countries.