Fortune News | Dec 17,2022
Jan 30 , 2023
Officials of the Ministry of Industry and leaders of the Europan business lobby in Ethiopia have agreed to form a joint committee to implement policy recommendations the later tabled today at the Hyatt Regency Hotel.
The European Union Business Forum Ethiopia (EUBFE) has commissioned two policy briefs on the role of mid to small-scale foreign direct investments and the problems industries face in accessing foreign exchanges. A policy brief identified "undesirable" foreign currency and fiscal regimes as well as unfavorable tariff structure; substandard quality, and poor logistics; and weak institutional capacity undermining European businesses' ability to source inputs from the domestic market.
These policy recommendations are well noted, according to Lelise Neme, Ethiopia's Investment Commissioner, who disclosed that Ethiopia has attracted 1.8 billion dollars in foreign direct investment this year, an increase of 60pc from last year. Investments flowed from the EU two years ago reached over 50 billion Br, generating over 3,000 permanent jobs.
Europeans are not new to Ethiopia, said Roland Kobia, EU's ambassador to Ethiopia, recalling Portugal's diplomatic presence for 500 years. The EU is one of the three most significant structurally placed foreign investors in Ethiopia, according to the Ambassador.
"My Ministry appreciates the business relationship we have with European businesses," said Hassen Mohammed, state minister for Industry, who signed the memorandum of understanding with the Union.
The Union, established in 2012, has 155 members, including Unilever and Heineken. They have an aggregate capital of four billion dollars and paid five billion Birr in tax in 2019.
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