VENTURES AFRICA – Ethiopia has called on investors from the United Arab Emirates to take advantage of the enabling environment provided by the country. Ethiopian Industry State Minister, Taddesse Haile reiterated this while speaking at forum organized by the Dubai Chamber of Commerce and Industry and the Ethiopian Chamber of Commerce and Sectoral Association.
The Minister said investors can expect high return from investment opportunities in Ethiopia due to favourable factors including low price of land, cheap labor and suitable investment environment. Ethiopia also has a range of incentives in place to encourage investment Taddesse noted.
According to the President of the Addis Ababa Chamber of Commerce and Sectoral Associations, Ayalew Zegeye, trade exchange and investment activities between the United Arab Emirates and Ethiopia has been encouraging.
Chairman of the Dubai Chamber of Commerce and Industry, Abdul Rahman Saif Al Ghurair also said that the Dubai chamber can help investors consider the opportunities in Ethiopia including those in the sectors of agriculture, construction, mining, tourism and manufacturing to further enhance the economic relationship between the two countries even further. He added that the discussions offer a significant opportunity to enhance trade relationships and to work together in various areas of mutual interest .
The chairman further stated that two countries are suited for economic partnership and the current mission will increase cooperation and partnership to a higher level he said.
Ethiopia is strategically located for Middle Eastern and European investment and Emirati investors are interested in coming to Ethiopia according to Al Ghurair.
Earlier this year, Ethiopian Prime Minister, Meles Zenawi forecast a 11 per cent growth in the economy, although he hinted on the challenges of high inflation rate expected to average 32 percent. The prime minister also indicated that his government was undertaking studies to invite foreign investors into the country in various fields.
Ethiopia’s economy is based on agriculture, which accounts for almost 45% of GDP, and 85% of total employment.
Source: Ethiopian News Agency