Ethiopia’s Economic Reform Gives Foreign Companies Reliability: Austrian Ambassador

Addis Ababa, October 26, 2024 (FBC) – Ethiopia’s economic reform is opening up to investors from around the world, giving them the reliability of business climate in the country, Austria’s Ambassador to Ethiopia Simone Knapp said.

Ethiopia has been undertaking massive economic reforms in recent years in various spheres, including the opening of various sectors for foreign companies.

In an exclusive interview with ENA, Ambassador Knapp said Ethiopia has just undertaken major reforms in the macroeconomic policy and fiscal policy, among others.

For Knapp, the reforms are opening up Ethiopia to investors from around the world and particularly to Austrian investors and companies who want to do business venture with Ethiopian businesses.

Noting that the reform provides a different environment for companies, she underscored it is easier for companies to understand and follow the regulations and invest.

Understanding the process that is being undertaken in Ethiopia is crucial for Austrian companies, the ambassador said.

Emphasizing the advantages that the reform brings, the ambassador said “It gives the companies the reliability of the business climate here in Ethiopia.”

Regarding the relations between the two countries,  Knapp stated that Austria and Ethiopia have long-standing relations in different fields from culture to development cooperation.

The recent Austria-Ethiopia Business Forum, held in Addis Ababa was aimed at bolstering the economic ties of the two countries.

Stressing that bringing the Austrian business delegation to Ethiopia forges bilateral relations between Ethiopia and Austria, she added “we want this economic partnership to become deeper and wider in all dimensions.”

Ethiopia is a big country not only in size but also with its potentials in various sectors, she affirmed.

“There is a lot of potential in Ethiopia because you have the resources, you have the people, the skills and the labor that is needed and also provide the services and products for your country and for the region.”

Ethiopia has 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 six years, various sectors and sub-sectors have been opened up for domestic and foreign investment to make Ethiopia a business friendly nation alongside implementing plenty of legal and administrative reforms during the stated period.