Ethiopia Largest Beneficiary of FDI in Africa

Federal Democratic Republic of Ethiopia President Dr. Mulatu Teshome said Ethiopia has turned into the biggest beneficiary of Foreign Direct Investment (FDI) in Africa.

The seventh International Conference on Pulses, Oilseeds and Spices was set in motion with the subject ‘Africa the future pulse and oil seeds supply’. Talking on the event, President Mulatu mentioned that the latest United Nation Conference on Trade and Development (UNCTAD) report demonstrated that FDI flow to Ethiopia surged by 46 percent this year to achieve 3.2 billion USD regardless of the decrease in interest in other parts of Africa.

Moreover, he added that such an economic accomplishment is the clear indication of the government’s dedication in taking on important policy reforms and public expenditure over the previous decade that has brought about a developing and dynamic private sector.

The President additionally remarked that the legislature would proceed with its endeavors in policy and regulations rectification over an extensive span of sectors to maintain a distance from business operation obstructions. Big developments in physical infrastructure and considerable investment in social infrastructure to construct a solid human capital base are vital focuses of the legislature to propel the private sector and pull in more FDI, as indicated by him.

The agriculture export performance data of the past ten years show that oilseeds and pulses subdivisions have recorded 1.7% increase in volume, 8.14 in value and 20.1 average growth rates separately. “The increment observed is not only in export volume and value but also in the number of destination countries,” noticed the president.

Bekele Bulado, Minister of Trade said that the government is zealous to see the private sector assume a pivotal part and be the foundation of the country’s economy.

He noted that the country is endeavoring to build up a proficient marketing framework and there exists a highly beneficial investment opportunity in Ethiopia.

Diverse trading, import and export enterprises who contributed 22 to 13 million USD to the country’s forex income in the last financial year were felicitated in the ceremony.