Companies feeling more secure with opening up of Ethiopian economy: French Ethiopia Chamber Chair

Ababa, June 30, 2024 (FBC) – The recent opening up of the Ethiopian economy for foreign investors allows companies to feel more secure and more organized, French Ethiopia Chamber of Commerce and Industry Chairman Olivier Poujade said.

In an exclusive interview with ENA, the chairman stated that the opening up of the Ethiopian economy for foreign investors is allowing companies to feel more secure and more organized in this new business climate.

Poujade stressed the need for more collaboration among pertinent stakeholders for the full implementation of the reform and the continued improvement of the business climate in the country.

Through collaboration, we can improve the business climate in the country, benefiting both local and international investors, the chairman noted.

According to him, the historic return of CCI FI to Ethiopia after 90-years is recognition that the country is becoming a key destination for French companies on the African continent.

Having this chamber is a big sign of bilateral collaboration between the two countries, he added.

For the chairman, Ethiopia is becoming a key destination for the development of French Companies on the African continent as France has always been connected with Ethiopia.

France has always been a close country to Ethiopia since the imperial time, Poujade elaborated, adding that the return of the chamber is a proof of a trust that some investors and companies have been here for a long time; and they are big operators in the country.

Citing the recent anniversary of the 125 years of cooperation between the two countries, the chairman said Ethiopia is one of the first countries where there was a diplomatic representation and ties established for France on the continent.

Recall that Planning and Development Minister Fitsum Assefa recently affirmed that the Ethiopian government “ is committed to creating a conducive environment for investment with policies and initiatives designed to attract and support foreign investors.”

Ethiopia has been undertaken significant economic reforms to open up the economy, including the liberalization of the telecom sector, opening up of the financial sector, the liberalization of trade and the logistics sector for foreign investors.

Over the past five years, more than 60 sectors and sub-sectors have been opened up for domestic and foreign investment to make Ethiopia a business friendly nation.

The country has also implemented over 80 legal and administrative reforms during the stated period.