Addis Ababa, August 15, 2021 (FBC) – Tourism Ethiopia said that it has prepared an outline entitled: “National Tourism Investment Profile” and identified 50 prospective investment sites to help Ethiopia reap tourism sector potential for the next 10 years.
Tourism Ethiopia Director, Sileshi Girma told The Ethiopian Herald that they have identified 50 potential sites for investment in the coming 10 years in the tourism industry.
“We need to make about 30 investment alternatives in 50 places for the domestic and foreign investors. We have started working together with various private institutions serving as intermediary to attract foreign investors,” he said.
“The government of Ethiopia is attaching due emphasis to the tourism sector. We have identified 7 places and they are given 5 years of tax free and special tourism investment incentives,” he stated.
“The Bale Mountain, Semen Mountain, Nechi Sar and others have lots of visitors, but they lack enough accommodations and hotel services. The government has provided them with 5 years of tax free opportunity if investors build hotels, lodges, resorts with a view to encouraging them to do more,” he noted.
He stated that the participation of the private sector in tourism and hospitality sectors has been good over the past years.
However, there are challenges such as lack of access to loan from banks and most of the tourism destinations are far from the capital of Ethiopia, he added.
With a view to contributing its share to the sector an as private sector participation is of paramount importance in developing the tourism industry, Tourism Ethiopia has signed an agreement with Oz Hospitality and Business Group to support the tourism sector, he explained.
The agreement will enable Ethiopia to provide the international community with accurate information, increase investment in the sector, strengthen tourism services and host annual festivals in Ethiopia with international organizations.