Abebe Abebayehu, Commissioner of Ethiopian Investment Commission (EIC) said many labor-intensive foreign companies are showing interest to work in Ethiopia.

Mr. Abebe said this is a result of the changes the country is going through currently.

The commissioner said the companies can help boost Ethiopia’s export performance and improve the country’s work culture, in an interview with FBC. He mentioned the German automaker Volkswagen, and the Abu Dhabi-based property developer Eagle Hills, among others, as the companies attracted by the reforms Ethiopia is going through.

Abebe indicated that “works are underway to equip industrial parks with the necessary infrastructure and revise the country’s investment law,” in an effort to create ease for incoming investors.

He further emphasized the need for economic reform. He said this is important to create more employment opportunities for the youth, as it helps sustain the economic growth and ensure fair benefits of the people as a whole.

Volkswagen (VW) signed a memorandum of understanding (MoU) with the Ethiopian Investment Commission (EIC) earlier this year intending to set up an automotive industry in Ethiopia. VW’s establishment will be a facility for vehicle assembly, localization of automotive components, introduction of mobility concepts such as app-based car sharing and ride hailing as well as the opening of a training center.

Last November, the Abu Dhabi based real-estate giant Eagle Hills launched its “La Gare” project, set to be one of the largest mixed-use developments in Ethiopia and offering more than 4,000 residences.

Abebe also noted floriculture companies are on process to commence development in Kunzila, Amhara region. Other new investors are expected to start venturing in Oromia and other regions soon.

Source: Fana BC