BY TAMERU REGASA
ADDIS ABABA- The government has made commendable measures to attract foreign direct investment (FDI) that is demonstrated by Ethiopia’s possession of promising investment courses amidst the northern conflict and coronavirus pandemic, a noted financial analyst and entrepreneur stated.
Speaking to Prime Media, the financial analyst Mohammed Ababulugu (PhD) said legal frameworks related to investment opportunity have been significantly amended so as to lure quality investment and the government opened strategic areas including telecommunication and logistics that were restricted to foreign firms.
Explaining his investment experience, Mohammed highlighted that he has been engaged in real estate development in Dire Dawa City Administration and own manufacturing firm at Oromia capitalizing on the conducive business climate set by the government. .
Citing the article written by Business Insider Africa Magazine, the entrepreneur indicated Ethiopia will become among the most preferable African countries to invest in the year of 2022 owing to its large population, untapped natural resources and other potentials. The first-time electricity generation of the Grand Ethiopian Renaissance Dam (GERD) and the active operation of Ethiopian Airlines Group are also another opportunity to invest in Ethiopia. Ethiopian has been increasing its destinations to almost all parts of the world.
As to him, soaring forex crunch and inability of business entities to get some services via on line system are the major bottlenecks hampering flow of investment to Ethiopia.
It is to be recalled that Business Insider Africa magazine ranked Ethiopia as the second largest African flower exporter and among the biggest producers of coffee worldwide. As to the magazine, having a population of over 115 million, Ethiopia is rewarding for investors and the country’s economy recorded a 6.1 percent growth between financial years 2019 and 2020 and its Gross Domestic Product (GDP) stood at 93.97 billion USD.
The magazine reported that investors can benefit from Reuter’s prediction that the Ethiopian economy will expand in 2022 by 8.7 percent.
The March 10/2022
