EU encourages companies to invest in Ethiopia, says Int’l Partnerships Commissioner
Addis Ababa, October 4, 2023 (FBC) – EU International Partnerships Commissioner Jutta Urpilainen has said that the continental body encourages European companies to invest in Ethiopia.
The commissioner stated that the European Union encourages and supports the private sector to invest in Ethiopia and the continent.
She said that the commission supports Ethiopia to further enhance its reform and increase ease of doing business which ultimately leads to attract more investment, ENA Reports.
‘‘It is important to continue to reform the business environment, which we are keen to support,’’ the commissioner stated.
This morning, as part of her official visit to Ethiopia, Urpilainen also visited the Creative Hub Ethiopia in Addis Ababa.
Established in 2021, the Creative Hub Ethiopia supports innovators, designers and business startups in various fields by deepening understanding of global design and industrial concepts, providing state-of-the-art working tools and resources, and enhancing the link between young innovators, industrial and governmental entities.
The Creative Hub received initial support from UNIDO and Italy and is now sustaining itself with events and business support services, it was learned.
Meanwhile, the EU Commissioner for International Cooperation has finalized her two-day working visit to Ethiopia.
Upon the completion of her two-day visit, Urpilainen revealed that her visit to Ethiopia was fruitful as the continental body provided 650 million Euro support, which she said is the first concrete step towards normalization.
The commissioner told ENA that she had fruitful discussions with senior officials of the Ethiopian government, the Chairman of the African Union Commission, Moussa Faki Mahamat, and regional delegations.
She also conferred with leaders of European companies in Ethiopia.
The commissioner noted that Ethiopia is a strategic partner for the European Union. Therefore, Urpilainen said ‘‘we want to normalize our relationship with the government.’’
The EU 650-million Euro support will be implemented from 2024 to 2027 and focus on three priority areas: Green deal, Human development, Governance and peace building.
Green Deal: This priority will support policies and structural reforms to trigger innovative financing and private sector investments to advance Ethiopia’s green transition.
Human Development: This sector will build on and expand the aid already provided for essential needs and services in response to the conflict situation 2021-2022, and focus on the reconstruction and delivery of key basic services to the population.
Governance and Peace building: This area will cover three sectors, namely Economic Governance, which focuses on the transition to a private sector-led and investment-friendly economy; Democratic Governance promoting democracy, the rule of law and human rights; and Peace building which focuses on inclusive actions that promote social cohesion, trust, and a culture of mutual respect and dialogue.