Ethiopia’s Economic Reforms Attract Foreign Investment, Says Austrian Ambassador

ADDIS ABABA: Ethiopia’s ongoing economic reforms are drawing interest from global investors by providing a more reliable business environment, according to Austria’s Ambassador to Ethiopia, Simone Knapp.

According to Ethiopian News Agency, Ambassador Knapp highlighted that Ethiopia has implemented significant reforms in macroeconomic and fiscal policies, which are attracting investors worldwide, including Austrian companies. The ambassador emphasized that these changes facilitate a better understanding of regulations, making it easier for companies to invest.

Knapp noted that the economic reforms offer a new landscape for businesses, enhancing the reliability of Ethiopia’s business climate. She also pointed out the longstanding relations between Austria and Ethiopia, spanning cultural and developmental cooperation. The recent Austria-Ethiopia Business Forum in Addis Ababa aimed to strengthen economic ties between the two nations.

The ambassador underscored the potential within Ethiopia, citing the countr
y’s resources, skilled workforce, and capacity to provide necessary services and products for both domestic and regional markets. Ethiopia’s reforms have included liberalizing sectors such as telecommunications, finance, trade, and logistics, thereby enhancing the investment landscape. Over the past six years, Ethiopia has opened various sectors to foreign and domestic investment, supported by substantial legal and administrative changes.