Hundreds of local and foreign business leaders attended the opening as Invest Ethiopia 2023 Investment Forum kicked off today in Addis Ababa.
The forum was officially launched at SkyLight Hotel under the theme “Time To Invest and Grow In Ethiopia: The Land of Attractive Investment Opportunities”.
In his opening remarks, Finance Minister Ahmed Shide said the government took a wide-range of economic reforms and liberalization programs in the past four years in a bid attract foreign direct investment (FDI).
The reform push involved revising Ethiopia’s Commercial Law, and enacting a new investment proclamation.
A comprehensive privatization and liberalization program has also been carried out in the same period, Ahmed said.
These moves, he said, were aimed at encouraging private sector participation in the economy and creating a more conducive environment for investors.
Ethiopia is now “open for business and the Government is committed to steadfastly increase investment attraction and retention,” the Minister said.
Authorities encourage for foreign investors to engage in nearly a dozen of sectors that they see as priority areas.
The sectors include agriculture, mining, energy, tourism, health, transport and logistics, manufacturing, lCT, and Special Economic Zones or SEZs.
Today, ministers in charge of each sector briefed investors attending the opening event on investment opportunities in the country.
More than 600 business leaders and investors from various corners of the World attended the opening of the Invest Ethiopia forum.
Chief of the Ethiopian Investment Commission Lelise Neme urged the investors “to explore and take advantage of the enormous potential Ethiopia offers.”
Invest Ethiopia will continue to be held until Friday with various panels, events, and exhibitions.
These programs – which are expected to be attended by thousands of corporates, investors, and businesses – aim to showcase different investment opportunities available in the country.
They are also expected to serve as a platform where success stories will be shared by investors engaged in various parts of the country.
Invest Ethiopia is an annual event organized by the EIC for the second time in a row, after its inaugural event last year.
Authorities expect this event to spur the FDI flow that is showing an improvement this year as the country continues to emerge from various challenges of internal conflict and external pressures.
Nearly 1.9 billion US Dollars worth of foreign direct investments flew into the country in the first half of the current fiscal year, up by 16% from a similar of the previous year, according to government figures.