Ethiopia has been among Africa’s most impressive growth performers over the past decade, averaging 10.9% annual growth between 2004 and 2014, despite being a non-oil producing country. The government’s economic strategy has been premised on sound macroeconomic policies, diversification by promoting agriculture and industrial development, and creating a business environment that is conducive to investment, supported by infrastructure development.
Home to the continent’s second largest population of 90 million people in 2015 and a forecasted almost 100 million in 2020, the country is positioned as a yet untapped investment opportunity in Eastern Africa. To become successful in Ethiopia, firms need to understand and appreciate the Ethiopian government’s efforts to transformation and opening up of the economy, given opportunities of positioning as first movers in a variety of industries.
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