Ethiopia’s Macroeconomic Reform Critical Step in Opening Up New Markets

Addis Ababa, August 30, 2024 (FBC) – Ethiopia’s macroeconomic reform is a critical step in opening up new markets for the nation by attracting both domestic and international investors, Expert in Social Development focusing on Africa Sunil Verma remarked.

The government of Ethiopia announced recently that it has embarked on full implementation of macroeconomic reform policy which is believed to guarantee national development by creating stable, comprehensive and sustainable economy.

Talking to ENA, Verna described this macroeconomic reform as an exciting phase for the country’s sustainable development.

“This is an exciting phase for Ethiopia. I am confident that every Ethiopian citizen is proud of the new steps that have been taken up by the government,” he elaborated.

However, Verma emphasized the need for patience as the reforms are implemented and their impact on investors both local and foreign is assessed.

He articulated eagerness to see how these reforms will enhance access to finance, boost competitiveness, and eliminate trade barriers, thereby creating new market opportunities.

Although the benefits may take time to fully materialize, Verma viewed the reform steps as a thrilling prospect for Ethiopia’s business community and foreign direct investments.

He expressed optimism that investors would now be watching Ethiopia more closely, keenly interested in emerging opportunities.

Moreover, Verma highlighted the establishment of industrial and agro-industrial parks in Ethiopia as a notable advancement in creating favorable opportunities for investors.

Looking forward, he anticipated that improved access to finance, foreign currency, and open markets, along with increased transparency, will enable investors to better leverage government-supported initiatives and reduce reliance on external aid.

Verma underscored that this macroeconomic reform represent a promising development, poised to attract a diverse range of investors and significantly impact Ethiopia’s economic landscape.

It also creates significant opportunities for investors by improving economic conditions and fostering a more robust and favorable business environment, he added.