Ethiopia is attracting attention from Austrian investors, with seven companies expressing interest in establishing a presence in the country. According to the Austrian Ambassador to Ethiopia, these businesses range from individual entrepreneurs to small and medium-sized enterprises, as well as larger corporations, all motivated by a desire for international cooperation and a commitment to Ethiopia’s growth.
The Ethiopian government has been actively liberalizing sectors previously closed to foreign investors, including banking, telecommunications, logistics, and retail. These reforms are significant steps toward creating a more open and inviting business environment for international partners.
Ambassador Simone Knapp emphasized the importance of familiarizing Austrian companies with Ethiopia’s business landscape. “We want Austrian companies to look at the business environment here,” she stated during the “Austrian-Ethiopian Business Forum,” which aimed to strengthen economic relations between the two countries. The ambassador noted that the diplomatic relationship between Austria and Ethiopia dates back over a century, with formal ties established in 1905.
Ambassador Knapp introduced several companies interested in investing in Ethiopia. Two of these firms operate in the health sector: one specializes in producing implantable hearing aids, while the other supplies medical laboratory and pharmaceutical products globally. Additionally, two companies focus on plastics; one is a supplier of high-quality plastic products, including pipes and piping systems, while the other is a leading producer of woven plastic packaging.
State Minister of Finance Semerita Sewasew highlighted the Ethiopian government’s commitment to fostering public-private partnerships. “We have established a framework that enables the private sector to participate in developing and delivering social and economic infrastructure services,” she said. Semerita emphasized the importance of listening to the private sector’s voice as Ethiopia navigates its various social and economic reforms.
The growing interest from Austrian companies reflects Ethiopia’s potential as an investment destination. As reforms continue and sectors open up to foreign investment, the collaboration between Austria and Ethiopia could pave the way for enhanced economic growth and development in both nations.
