Investors Impressed by Vast Market, Untapped Potential in Ethiopia

Foreign investors, who attended the recent Invest Ethiopia 2023 Forum in Addis Ababa, said the country's vast market and untapped investment potential has impressed them.

PowerLink Company CEO, Nur Hussien told ENA that Ethiopia is a country with lots of resources in energy, manpower, land and water. “That is why it will be the best destination for investment.”

According to the CEO, “all countries have their own positive and negative things. But in terms of investment, it is time now to invest in Ethiopia because there are 120 million people —consumers, and at the same time producers. This market is only enough for you, even if you are not exporting. Only the market of Ethiopia will make you to grow and double size your profit.”

Hussien believes that millions of investors will flood this country in the next two years. “When you come to this country, you are not coming only for investment. The life is very nice, the enjoyment, the tourism, the culture and the people, everything. That is why I think it will be the best destination.”

He, however, points out that a country always needs to have open policy. “If you see countries around Ethiopia, like Kenya, Uganda and Tanzania, all have open policy in terms of foreign currency, land and everything.

“So, if we go in that direction I think we will triple the economic growth of this country and easily make 20-30 billion USD in a short period of time from the current 4 billion USD Foreign Direct Investment.”

Hussien stated that his company is willing to have an office here and come to invest in this country. This is decided by the Board also; and we are coming in the energy sector and agricultural technology, he added.

Novafrica Developments General Manager, Marc Schneider said that he knows Ethiopia quite well and organized many conferences to explain about Ethiopia's investment, market, and potential to French companies.

“We have already organized last year many conferences just to explain to our French companies that the potential is there and market is very large. I think Ethiopia is the second most populace country in Africa and growth is in double digit. I am sure that many things will happen here in the coming years,” he elaborated.

Energy China Representative, Sun Jinlong said his company has been in Ethiopia for over 20 years since the construction of Tekezze Hydro Power Station.

We have taken a lot of projects like hydropower and water supply in the country; and still want expand our projects in construction and other investment areas, Jinlong stated.

“Ethiopia is a big country. We have industry in Ethiopia in areas of renewable energy and hydro power station, and some rural projects and cement as well as building materials.”

The representative said that he hopes more Chinese companies will come to Ethiopia “as we recommended friends and partners to invest in Ethiopia.”

According to him, the Invest Ethiopia 2023 Forum was very important as it helps to know Ethiopia more in terms of investment opportunity in the country.

The forum, which concluded last week, was held with the aim of enabling the participants explore and unlock investment opportunities in Ethiopia. It brought together investors, business leaders, policymakers, and entrepreneurs from around the world.

Source: Ethiopian News Agency