Desire of Foreign Companies to Invest in Ethiopia Growing: Ethiopian Ambassadors

Addis Ababa: The desires of several companies across the globe to invest in Ethiopia have been growing due to the existing favorable investment opportunities in the country, Ethiopian ambassadors disclosed. The ambassadors told ENA that that a growing number of companies located in various countries are desirous to invest in Ethiopia due to the country's current favorable investment climate. The diplomats went on to say that Ethiopia's development initiatives are instrumental to establish international market linkages. Ethiopian Ambassador to Pakistan Jemal Beker said Ethiopian ambassadors and head of missions across the globe are engaged in a variety of activities to attracting Foreign Direct Investment and business interactions with foreign companies as economic diplomacy is one of the main tenets of Ethiopia's foreign policy. The main objective of the economic diplomacy is to draw investments that are essential to bolstering product and productivities, ambassador Beker said pointing out Ethiopia's enor mous potential in manufacturing, agriculture, chemical industries, manufacturing and pharmaceuticals, among other sectors. The envoy also spoke of Pakistan's eagerness to further elevate its economic cooperation with Ethiopia, citing the visit made by an 80-person Pakistani investment delegation to Ethiopia last year. Similar promotion activities have also been underway to bring a large number of Pakistani investors to visit Ethiopia with a view to help them explore the huge potential in the country. Belarus Countries Deputy Mission Head, Ambassador Shamebo Fitamo for his part said investors of several European countries are very much desirous to engage in Ethiopia in various economic sectors. According to ambassador Shamebo, beginning this month, several investors from European countries who wish to engage in various sectors in Ethiopia are expected to visit the country. 'There are companies that have already been granted investment licenses to engage in horticulture and pharmaceuticals in Ethiopia. The re are also other companies in process and requesting to invest. Additionally, we have been contacting several large corporations in Europe to persuade them to work in Ethiopia. The feedback we've been getting is quite positive. There are scheduled visits to Ethiopia by other companies too.' Ethiopia's ambassador to Japan, Daba Debele stated that initiatives are in place to entice Japanese investors to work in Ethiopia's mining, energy, and agriculture sectors. He also indicated about efforts being exerted to strengthen technology and knowledge transfer from Japan to Ethiopia. The ambassador mentioned that three Japanese investment delegations had recently visited Ethiopia to look into potential investments and had discussions with relevant officials. Other delegations consisting of influential Japanese corporations are also anticipated to make similar visits in March. Source: Ethiopian News Agency