Ethiopia is taking over East Africa as the region’s top preferred investment hub.
The 8th largest economy in Africa registered a foreign direct investment decline of 10 per cent to $3.6 billion in 2017 as compared to the previous year, according to a United Nations report.
However, since the onset of the New Year 2018, the economy continues to attract more investments.
The world’s largest container shipping company A.P. Moller – Maersk has announced its interest to invest in the Horn of Africa country.
The Danish company, like other foreign firms, has identified business investment opportunities in the nation. The business conglomerate is seeking to expand its world-class services in the logistics sector to Ethiopia.
During his visit to Denmark for both an official visit and the International Conference on Partnership for Green Growth and the Global Goals 2030, President Mulatu Teshome of Ethiopia met with the international company’s representatives who expressed their strategic plan to venture into the fast-growing economy in Africa.
The company’s CEO Soren Skou said Moller Maersk said a delegation of Maersk would visit Addis Ababa in November and explore the business opportunities on the ground.
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Maersk which registered an operating income of $ 6.767 billion in 2016 already operates in 130 countries and employs nearly 80,000 people.
Its presence in Africa’s fastest growing economy will create more employment opportunities.
While commenting on the company’s initiative to invest in East Africa, President Mulatu assured: “The government of Ethiopia will render all the necessary support so that it would be successful in all its endeavours.”
As Ethiopia looks to increase the inflows of FDI in the country, the government has improved the business environment to accommodate such investors.
Earlier this year, Ethiopia admitted on foreign investments in the logistics sector.
As they look to spur trade and industry developments, this is one of the sectors that will boost its economic performance.
