Ethiopia sees surge in foreign investment interest – MFA

Addis Ababa, June 7, 2024 (FBC) – The Ministry of Foreign Affairs stated that the number of countries and investors that prefer Ethiopia for investment has increased. This was announced by the Spokesperson of the Ministry of Foreign Affairs, Ambassador Nebiyu Tedla, today during a press briefing to the media.

In relation to this, the visit of the seventy-nine (79) members of Saudi Arabia’s high-level business delegation to Ethiopia was aimed at enhancing the trade and investment relations between the two countries, the Spokesperson said.

Ethiopia and Saudi Arabia have more than 70 years of formal diplomatic relations, and the visit is a testament of the development of the relationship between the two countries.

Ambassador Nebiyu said that the Ethio-Saudi business consultation forum focused on the favorable investment and business environment and options in Ethiopia, raising awareness among the investors.

The statement also mentioned that the delegation held discussions with the relevant offices to understand the opportunities in various key economic sectors. The delegation’s visit to selected manufacturing sites enabled them to see business opportunities in reality.

The Spokesperson said that the signing of a memorandum of understanding between the Ethiopian Chamber of Commerce and Sectoral Associations and its Saudi Arabian counterpart will allow for the expansion of economic cooperation between the two countries.

In his statement, the Spokesperson explained that that Saudi Arabian investors have invested 260 billion birr in 233 investment projects in Ethiopia in the last two decades, creating employment opportunities for over 75 thousand Ethiopians.

He cited Ethiopia’s exports to Saudi Arabia in 2022/2023, which earned 325 million dollars, as an example of the growing trade relations between the two countries. He also underlined that the current visit will strengthen this trade and investment relationship.

Similarly, the business visit of a delegation of more than 80 Pakistani companies to Ethiopia for six days has contributed to the enhancement of relations between Ethiopia and Pakistan. The business consultation forum, visits to industrial parks, and business-to-business consultations made the investors aware of the diverse and favorable opportunities in Ethiopia, according to the statement.

He said that the MoUs signed by companies with the Industrial Parks and the Investment Commission are an indication that concrete results have started to be recorded.

The investment visit of more than 150 investors from the two countries to Ethiopia indicates the attention given by the ministry to economic diplomacy and the increasing interest of countries and investors who want to invest in Ethiopia.

In his statement, the Spokesperson also explored the major diplomatic events that took place during the week. He highlighted the political, social, and economic results of the visits of Prime Minister Abiy Ahmed to South Korea and Singapore, the visit of Minister of Foreign Affairs Taye Atske-Selassie to Saudi Arabia, and the benefits of Ethiopia providing training to South Sudanese diplomats for bilateral cooperation and regional peace.

He further highlighted that in the past two weeks alone, the ministry has collected more than 7 million birr in support for the ‘Clean Ethiopia’ movement. In general, 44.8 million birr has been collected, including the pledge to build model sanitation facilities for the movement.