Although dwarfed as a destination for foreign direct investment by its African neighbors South Africa, Egypt and Nigeria, Ethiopia has attracted increasing levels of FDI, according to data from the United Nations Conference on Trade and Development (UNCTAD): $2.2 billion in 2015 from $279 million in. Tjan, the child with the golden voice, returns with one other wonderful music, “Your Smile”. In a voice that takes you again to the true R&B really feel of the 90’s, over the wonderful Cobhams Asuquo’s instrumentals, Tjan finds the love his life, his actual “eminado”.
July 22, 2016Author:For more information on Ethiopia, check out our.Although dwarfed as a destination for foreign direct investment by its African neighbors South Africa, Egypt and Nigeria, has attracted increasing levels of FDI, according to data from the United Nations Conference on Trade and Development (UNCTAD): $2.2 billion in 2015 from $279 million in 2012. In 1999, Ethiopia attracted a mere $12 million.Undertaking a project in Ethiopia means recognizing its differences from other African nations. History heads the list. Many former colonies have a legacy, mentality, administrative structure or set of ownership structures from their colonial eras, but Ethiopia has no such traditions, according to Melissa Cook, managing director of African Sunrise Partners and a member of president Obama’s Advisory Council on Doing Business in Africa. By comparison, she explains, “If you go to Gabon or, you can very much feel the French influence.”Although Ethiopia is resource-poor, its location on the Horn of Africa, relatively stable political environment and government leadership, and generous incentives explain its attraction for foreign investors, Alemayehu Geda, economics professor at Addis Ababa University, asserted in March. The path to this expansion started in 1991, with the downfall of the Derg regime and its centralized command system and the rise of the Ethiopian People’s Revolutionary Democratic Front. The Front leans toward a free market philosophy.Moreover, in its second Growth and Transformation Plan, which runs to 2020, the government maintains a tight focus on bringing its people out of poverty.
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This aim makes its priorities and approach to attracting investors different from other countries.“It’s very focused on bringing a lot of people out of poverty and taking a much more egalitarian approach,” Cook says. FDI priorities include projects that will provide large numbers of jobs, affordable products for low-income individuals and exports to generate foreign currency. Thus, areas of focus include agribusiness and consumer goods, infrastructure, leather, textiles, engineering, tea, coffee and manufacturing.Above all, the plan is not a mere doorstop but a blueprint for decision-making. “You have to follow the plan very closely,” says Cook. “Ethiopia is not just a free-for-all (where) you go in and see an opportunity and decide you want to do it.” Wondwosen, Standard Bank: Foreign firms aren’t entirely shut out of Ethiopia, but finance is a protected sector.Although the Ethiopian government has a very large welcome mat out for some industries, it keeps others closed to foreign investors, including banking, telecommunications, retailing, aviation and logistics.
Foreign banks cannot participate directly in Ethiopia’s financial sector, but can open representative offices to support clients who have obtained financing internationally, explains Taitu Wondwosen, head of Johannesburg, South Africa-based Standard Bank’s representative office in Addis Ababa. Standard chose to enter the market, even with just a representative office, because the market was open to various clients, Wondwosen says.