Despite the recent turmoil in some parts of the country, the Ethiopian economic outlook for the past months has reportedly been not bad. The Ethiopian Investment Commission recently announced that the "unrest has not caused serious impact on Foreign Direct Investment (FDI) flow into the country." According to the Commission's website, investments with capital of 560 million USD were registered during the quarter and this does not show significant decrease from the performance of same period last Ethiopian year. Some 124 investors have also expressed interest to do business in Ethiopia with 3.5 billion USD capital, it stated, adding that of those 74 are Chinese. Companies from Asia have growing interest to particularly invest in labour intensive projects such as textile, leather and electronics. It also further stated that an agreement was reached with a Chinese company for the construction of an industrial park in Oromia State, despite the unrest.
The fact that the unrest did not have a significant impact on investment flows into the country also indicate that the country's recently found reputation as a very viable destination of investment is planted on a stable foundation for it to be revoked easily. Despite the unrest, investors from across the globe showed their faith in the Ethiopian people's sensibility to lasting peace and stability. Ethiopia's economic growth and development stood the test of political instability months after it managed to fend off the tremendous challenge of a yearlong drought that proved to be the most severe in fifty years. If there is anything that shows us, it is that the economy is now mature enough to survive both natural and man-made challenges that come its way.
Yet another one of the reports states that Moroccan investors who accompanied the country's king Mohammed VI to Ethiopia have said that they are willing to do business in Ethiopia. The report states that the Moroccan King was in Ethiopia accompanied by a 43-person delegation of Moroccan investors for the official state visit to the country. Moroccan Agro-processing and renewable energy companies have shown interest to invest in Ethiopia.
After recent international reports on Ethiopia fundamentally carrying a pessimistic tone about the country's future, the short time it has taken to turn things back to their former glory is a testament to the resilience of the Ethiopian people to keep the development going no matter what. The short span of the recent negative reports about the country has also reminded the people of how close the chance to slip down is. For the people of Ethiopia have seen a glimpse of the length towards prosperity their current path could take them, they have resorted to protecting the journey.
The light at the end of the tunnel seems to constantly glow brighter as great news of the better future that awaits the country never seems to stop. The country enjoyed a few of those along the line. Ethiopia has been identified as one of the fastest growing economies in the world right along China and India. It has also been touted as one of the countries set to replace China as the world's manufacturing hub.
Changing a country that was once used to explain famine and drought in English dictionaries to a beacon of hope for all developing countries around the world is one special transformational feat. Although they are at the center of all the changes happening in the country and therefore no stranger to these achievements, the Ethiopian people are encouraged and motivated by such acknowledgments.
Source: All Africa