Ethiopia in Better Position to Attract Investments: Investors

Addis Ababa April 29/2023 (ENA) Investors who took part at Invest Ethiopia 2023 International Forum said that Ethiopia has better investment climate to attract foreign investments as the government has opened the economy to the private sector.

The investors who visited the Eastern Industrial Zone (EIZ) located about 40 km south of Addis Ababa, where over 130 companies are operating in the park, witnessed the infrastructure development undertaken by the government to attract investors.

Somaliland based Below Capital CEO- Ahmed Ali Mohamed told ENA that the Eastern Industrial Zone was very huge and he was impressed by the layout, the structure, and the infrastructure in the park.

He added that he i interested in investing in manufacturing sector in Ethiopia in the future as there are developed industry parks, cheap electricity and huge population that consume the products.

The best time to invest in Ethiopia is now, as we have attended Invest Ethiopia Forum for the past three days, he said, adding: “I have got so much knowledge and insight about the commitment and willingness of the Ethiopian government to open the economy,” inviting investors in identified priority areas, he said.

The government has put everything in place for the private sector and for the investors to come in and invest without problems. So, I think it is a very interesting time for Ethiopia and for the Horn of Africa, he said.

“If the Ethiopian economy opens up for the private sector, it will provide so much opportunity for local investors, Horn of Africa investors and global investors and so much opportunity for the young Ethiopian as well. So, it is good time to invest in Ethiopia” he said.

He added:”I was so fascinated because when I came in, I had little information about Ethiopia although we are neighbor (Somaliland), I didn’t have that much information. The three day interactive meeting with higher officials and foreign investors were great opportunity.”

“I am so much energetic to move ahead with much initiative to invest in Ethiopia. It was absolutely one of the best conferences that I have honestly attended in the region and everywhere I have been too,” Ahmed said.

He mentioned that the government is opening up banks, telecom, mining, ICT manufacturing for foreign investors.

Representing Agrorista Global Manufacturing Private Ltd from Sri Lanka, Wajira Darmadasa, said he visited Ethiopia for the first time and he has seen several infrastructure investments.

“Before visiting this country, we had completely different mindset; however, after the investment forum, it has completely changed our mindset. Now, we see how good your country is to attract new investment,” he said.

Ethiopia is a good destination for potential investors , he said adding: “We are basically in food manufacturing sector; we are seeing how we can capitalize this opportunity in the future,” he added.

Representative of Umoja Company from UK, Roza Abebe, on her part said they want to engage in agriculture sector and export quality products.

“Everything is in Ethiopia,” there are untapped resources in the country. What I understood from my recent visit to Ethiopia is, the government is telling us to provide everything. This is most encouraging and it is more than my expectation,” she said.

According to her the government needs to have quality control for products and promote local products.

Invest Ethiopia 2023’ international investment forum, held in Addis Ababa for the last three days has been successfully concluded.

Source: Ethiopian News Agency