Ethiopia’s investments will improve with macroeconomic reforms: Pakistan’s Ambassador to Ethiopia

Addis Ababa, September 1, 2024 (FBC) – The investment climate in Ethiopia will improve with the macroeconomic reforms, providing greater comfort and confidence to investors, Pakistan’s Ambassador to Ethiopia Atif Sharif Mian said.

Ambassador Atif Sharif Mian highlighted the ties between Ethiopia and Pakistan is showing positive momentum.

In an exclusive interview with ENA, the ambassador described the relationship between the two countries as cordial and friendly, adding “Our relations are progressing well, with a positive momentum.”

He stated that the Ethiopia’s macroeconomic reforms facilitate better trade between the countries.

“I think now, with these reforms and with this market based exchange rate and the IMF program; I think things will get better. The investors will have more comfort and more confidence in Ethiopian market.”

Citing the challenges of foreign currency that both countries faced to promote foreign trade, the ambassador stated that with the recent macroeconomic reform of Ethiopia’s new IMF program and our own (Pakistan) anticipated IMF agreement, we expect improved liquidity.

Moreover, ambassador Sharif added that Ethiopia’s efforts to open up its economy to private and foreign investment are likely to enhance competition, efficiency services, positioning the country for continued rapid growth.

Both sides are working to enhance cooperation in areas such as the economy, trade, investment, education, healthcare, and international affairs, including within the United Nations, he noted.

Ethiopia is one of the fastest-growing economies in Africa, and the Ethiopian government is taking commendable steps to reform its economy, he said, adding “I am optimistic that this growth will continue.”

Over the past two years, “I have witnessed a significant increase in Ethiopian business delegations visiting Pakistan for trade and exhibitions across various sectors, such as textiles, healthcare, food, engineering,” according to the ambassador.

Similarly, many Pakistani business delegations have come to Ethiopia to explore investment opportunities and this growing connection and knowing each other’s potential is promising, he elaborated.

He added that the feedback from visiting businessmen has been positive, noting the low cost of electricity, well-equipped facilities at the industrial parks, and strong government support.

“Our role as an embassy is to inform Pakistani businesses about the investment opportunities in Ethiopia.”

In this regard, both embassies should continue to promote investment potential between our countries.

Hence, Pakistani companies are looking for investments in Ethiopia, particularly in textiles and other sectors, Ambassador Atif Sharif Mian pointed out.