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Foreign direct investment (FDI) from the US to Ethiopia has been increasing after the latest US-Africa forum earlier this month. In his latest press briefing, Redwan Hussein, minister of the Government Communication Affairs Office, stated that the interest of US based companies is growing.
Even though most of the investment interest in Ethiopia is still dominated by growing economies like China, India and Turkey, Western Europe and the US have been taking notice of Ethiopia in recent years.
Redwan said that the latest Ethio-US Business and Investment Summit in Houston and Los Angeles attracted US based multinational companies who are interested in investing in Ethiopia. Several companies involved in mining, agriculture, tourism and energy among others may now want to get involved in what has become one of the world’s fastest growing economies.
“Chevron, one of the top three companies in the world, has showed an interest to begin oil exploration in the country,” Redwan added.
“Previously the US companies were not that much interested in investing in Ethiopia, a country with a small economy, but now they are assessing the investment directions in the country,” he explained.
Other companies that are already engaged in investment are also interested in expanding their business. “There are also many companies that would like to construct five star hotels,” the minister added.
He said that the US-Africa Business Forum has also been a good opportunity for the country to promote itself. During the recent event held in Ethiopia between the US government and African countries, several US based energy firms stated that they are interested in engaging in the power sector and some of them have already contacted the relevant government offices to engage in the sector.
“We will strongly follow up and support the investors, who will be part of our development and interested to come into Ethiopia,” Redwan said.
He mentioned that the US-Africa event has been also very successful for the country, while it has presented its experience about development.
Top government officials including Mulatu Teshome (PhD), president of Ethiopia, and Prime Minister Hailemariam Desalegn attended the investment summit and US-Africa events.