Ethiopia revised commercial law, enacted new investment proclamation: Finance Minister

Addis Ababa, April 26, 2023 (FBC) – Invest Ethiopia 2023, an annual Investment Forum organized jointly by the Ethiopian Investment Commission (EIC) and the Ministry of Foreign Affairs of Ethiopia and other Gov’t sectors under the theme “Invest and Grow in Ethiopia: The Land of Attractive Investment Opportunities,” kicks off today in Addis Ababa in a hybrid format.

Speaking at the opening ceremony, Ahmed Shide, Minister of Finance, said that “Ethiopia is open for business and the Government is committed to steadfastly increase investment attraction and retention.”

The Minister said that Ethiopia was ranked among the top 5 FDI destinations in Africa in 2021, with FDI inflow increasing by 79% from 2.4 billion in 2020 to 4.3 billion in 2021, adding that the total FDI stock reached 31.6 billion USD the same year.

He also explained the wide range of economic reforms and liberalization programs and the homegrown economic reform programs taken by the Government in the past four years.

Ahmed said Ethiopia’s Commercial Law was revised, a new investment proclamation was enacted and a comprehensive privatization and liberalization program has been taken to encourage private sector participation in the economy and to create a more conducive environment for investors.

The Finance Minister said with a population of 120ml and access to regional market through the AfCFTA, Ethiopia is the central market for investment.

He added that with flights to almost all cities in the world through Ethiopian airlines, Ethiopia is the most connected country to live & invest in, he said.

Investment Commission Commissioner, Lelise Neme on her part explained Ethiopia’s key potential investment areas and what makes Ethiopia an attractive investment destination, and invited investors to explore and take advantage of the enormous potential Ethiopia offers.

State Minister of Finance, Eyob Tekalign, also gave a brief presentation on “The Economic Outlook for Ethiopia: A Story of a Rising Economy,” and said that Ethiopia is ready to launch the second Homegrown economic reform 2.0.

A panel discussion was also held involving various Government sectors and their Leadership, including the governor of the National Bank of Ethiopia.