The Ethiopian Investment Commission has received 21 applications for investment licenses from foreign investors looking to tap into newly opened retail and export sectors. The Ethiopian Investment Board recently issued a directive opening nearly all trade sectors to foreign investors. Since its implementation in July, 13 licenses for import and eight for export, primarily coffee, have been applied for. Mesfin Tafesse & Associates (MTA) LLP, a 17-year-old firm, hosted the ‘Ready Business Roadshow’ under the auspices of the African Legal Network (ALN) to explore Ethiopia’s business and investment opportunities. The forum featured prominent government leaders, including Eyob Tekalign (PhD), State Minister for Finance, Brook Taye (PhD), CEO of Ethiopia Investment Holdings, Habtamu Simachew (PhD), Senior Advisor at the Ethiopia Investment Commission, and Ermias Eshetu, former board chairman at Zemen Bank. MTA has been instrumental in advising the government on economic and commercial laws, including the 2021 Commercial Code. Eyob highlighted a significant shift in the government’s attitude towards partnerships over the past six years. Habtamu discussed efforts to transform industrial parks into special economic zones, incorporating essential services and technology to align with government policies. He noted that 80 of 100 reform agendas have been addressed, with 85 legislations introduced or amended. The Ethiopian government’s 10-Year Development Plan prioritizes seven sectors: Agriculture, Manufacturing Industries, Mining, Tourism, Urban Development, Innovation and Technology, and Energy. Habtamu also mentioned that the AfCFTA steering committee is working to align with Ethiopia’s 22 bilateral trade agreements while Brook emphasized that Ethiopia Investment Holdings oversees 33 entities and collaborates with local investors, particularly in the real estate and hospitality sectors.
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