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New strategy to draw businesses, private companies to invest in Ethiopia
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New strategy to draw businesses, private companies to invest in Ethiopia

New strategy to draw businesses, private companies to invest in Ethiopia

Ethiopia is not stopping at the heap of praises already bestowed to it by the press, analysts and investors. The East African country has embarked on strategies to beautify the business environment as it plans to build a steady and competitive economy in the region. Its economic comparison to China has caught the attention of businesses who are packing their bags to seize early business opportunities before they become scarce.

Various ambassadors have lauded the sub-Saharan nation for the reformation it is undertaking, backing the Government to do even more for the benefit of the state. The economic improvements already underway have yielded fruits already with countries seeking to strengthen their bilateral and economic relations with Ethiopia.

More potential investors continue to jostle for space in the business environment as others hold talks with the Parliament on the available investment opportunities The industrialisation sector, including textile and manufacturing, have significant opportunities in line with the President’s vision, in the coming years for a better economy.

Indian ambassador to Ethiopia Anuraga Srivastava said Indian investors are considering investment opportunities in the country, following the economic changes. Their focus of interest remains to be leather and garment as they look into plastic as well. The textile industry in Ethiopia offers a lucrative opportunity with the prospects of a better return on investments.

Turkish Ambassador Fatih Ulusoy was confidence that the opening of Ethiopia’s economy will catalyse the rate of foreign investments from Turkey. Turkey has invested much in Ethiopia than any other part in Africa, and their relations continue to get stronger. They are inclined to infrastructural development and have registered close to $1.2 billion worth of investment.

Finland’s Deputy Ambassador to Ethiopia Jukka Pajarinen added that private companies and more businesses need a business-friendly environment and Ethiopia’s effort to offer the same will result to economic advantage. Ethiopia’s betterment could stiffen regional competition and improvement in the Business Index.

Source: ANA|COMPATRIOT MAGAZINE

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