Ethiopian Review

Addis Ababa – Trade and Industry Minister Girma Birru briefed Turkish investors about the various investment opportunities in Ethiopia during his visit to an industrial zone in Istanbul (Turkey) last week.

During his short visit to the industrial zone, the minister discussed with various Turkish investors working in the industrial zone and other business persons interested to invest in Ethiopia.

“Ethiopia has variety of opportunities for investors, who look for not only investment opportunities but also market potentials,” the minister said.

Girma said Ethiopia, which is not far from Turkey and located at only five-hour-flight distance is a gateway to many of African countries.

“Any business well established in Ethiopia can easily reach to markets in Europe, the Middle East and the rest of African countries,” he said explaining the various market opportunities in and outside Ethiopia.

“Someone who succeeds in having competitive product in Ethiopia, can sale the product in COMESA member countries of 380 million populations, in European markets of duty-free and quota-free as well as in the U.S. big markets through Ethiopia’s right for AGOA [The African Growth and Opportunity Act].

The minister also referred to political stability and strong bilateral relations between Ethiopia and Turkey as investment opportunities.

The country has sound economic and investment policies that make businesses and commercial activities competitive and profitable, he said.

“Competitive advantages in Ethiopia’s investment sector also include cheap skilled labor, low cost of land and provision of loans from the country’s development banks,” he added.

In addition, he said, Ethiopia is undertaking construction of big dry port 70-km away from the capital Addis Ababa to make import-export transits smooth and accessible.

Responding questions regarding shortages of electric power, the minister said Ethiopia is constructing various hydroelectric power generation plants to meet the growing demand for energy.

“We are about to finalize the 120-meggawat in northern Ethiopia and the 420 megawatt hydroelectric power generation in south-west Ethiopia in few weeks time,” he said.

“Before 2010, the country will launch 320, 420 and 460 megawatt hydroelectric power generation projects in various areas,” he said, adding, Ethiopia is also constructing another power generation plant to get 1870 megawatt hydro electric power.

Power will not be problem in Ethiopia after two months or so as the country has been engaged in various projects, he assured the investors.

The minister also briefed the investors with the number of business and commercial incentives set for foreign investors such as tax exemptions and grace period.

During his visit the minister was accompanied by Ethiopian Ambassador to Turkey, Dr. Mulatu Teshome, President of the Ethiopian Chamber of Commerce and Sectoral Association, Getachew Ayenew and members of Ethiopian business community from Addis Ababa.

(ENA)