A German business delegation led by Ulrick K. Rieger, deputy head of the department of Internationalization, accompanied by delegates from Bavarian Ministry of Economic Affairs and Media, Energy and Technology is visiting Ethiopia. The delegation was briefed yesterday on the business and investment potentials as well as incentives put in place to luring more companies.
Fitsum Arega, Commissioner of the Ethiopian Investment Commission briefed the delegation stating that, “Ethiopia, with the fastest growing economy, untapped natural resources and a population of almost 100 million and good access to lucrative domestic and external markets, is a desirable investment destination.”
The availability of labor force with minimum wage, vast arable land, livestock and mineral resources are few among the country`s endowments, the Commissioner added. The business delegation is expected to visit industrial parks the country has been developing as part of the strategy to attract more industries as well as textile and garment, leather, agro processing, chemicals and pharmaceuticals and metal engineering industries, among others.
Regassa Kefale, State Minister of Foreign Affairs on his part said that the nation is engaged in development of infrastructure so as to facilitate the situation for structural transformation.
“We have set-out important strategic goals that geared towards structural transformation in the economy focusing on industrialization. Light manufacturing industries will play a key role in this regard. This is a country with a huge comparative advantage on the development of massive agriculture resources cheap and trainable labor,” he added.
Exemption from customs duties and two to ten years of exemption from income tax for investments on priority areas are some of the incentives. Investors also enjoy the preferential trade opportunities with the US and EU, he added.