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Kenyan Banks,Investors say Desirous to Invest in Ethiopia

Kenyan Banks _Investors _ Ethiopia
Ethiopian Ambassador to Kenya Meles Alem, speaking during Kenya-Ethiopia business Forum. Photo credit : Ethiopian Embassy in Kenya

December 18, 2019 

(ADDIS ABABA) –  Kenyan investors including a number of Kenyan Banks have expressed their interest to invest in Ethiopia at a business workshop held on Wednesday in Nairobi.

The Ethiopian Embassy in Kenya on Wednesday hosted the second business Workshop where some 60 different Kenyan companies attended.

At the workshop, the attending Kenyan companies and investors were briefed on the incentives for investment opportunities in Ethiopia.

At the occasion, Ethiopian Ambassador to Kenya, Meles Alem, said his embassy is closely working with the government in Nairobi to further translate the long-standing political ties between the two neighbours into economy to boost the economic benefit of the people of the two sisterly countries.

According to the Ethiopian Embassy in Kenya, participants including major Kenyan Banks have expressed their desire to engage in the financial and on other various business sectors in Ethiopia.

“Many banks have also shown interest to invest in Ethiopia. Equity bank, one of the most influential banks in the region has already opened  Liaison office in Ethiopia” Ambassador Meles Alem told Borkena from Nairobi on telephone conversation.

Kenyan Ministry of Foreign Affairs, Kenya Chamber of commerce and industry have also attended the business forum.

Omarsadik Mohamed, vice president of Kenya National Chamber of Commerce and Industry (KNCCI) to his side said the Council will work in collaboration with its Ethiopian counterpart.

A representative from Kenya’s Economic diplomacy Affairs at the Ministry of Foreign Affairs, said the country is ready to further strengthen its economic relations with Ethiopia.

Ambassador Meles further told Borkena that the completion of a modular Moyale border service as well as the completion of the advanced Lamu port work will enormously benefit the two countries.

“We [Officials of Kenya and Ethiopia] are also working to open the Moyale-one border post and discussions are well underway to bring it into operation,” said Meles.

According to the Ethiopian diplomat, currently over a 100 Kenyan investors are engaged in Ethiopia’s investment sector.

“Major Kenyan companies are engaged in agriculture, agro processing, manufacturing and IT among others,” he added.

It is to be recalled that a few months ago, Kenyan President Uhuru Kenyatta, accompanied by some100 Kenyan investors had paid a visit to Ethiopia in a bid to strengthen economic relations between the two countries.

Ethiopia, Africa’s second most populous nation is one among the fastest growing economy in the world.

The horn of Africa’s country has huge potential in various investment sectors among others on Agriculture, manufacturing, construction, supply, medical, education, mining, energy, tourism, information and communication opportunities.

The Government of Ethiopia has given due attention for foreign direct investment (FDI) by making a wave of economic reforms including privatization of major institutions such as Telcom which has long been under state control.

The reforms coupled with the tremendous incentives and support the government extends are attracting giant foreign companies to move-in to Ethiopia for investment.

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