Ethiopia receives World Bank Group’s Global award for effective foreign direct investment

The World Bank Group has granted a global ‘Star Reformer Award’ to the Government of Ethiopia for its effective foreign direct investment (FDI) related reforms and the resulting success.

According to a press release the Ethiopian Investment Commission (EIC) sent to EBC today, a high-level Ethiopian delegation headed by Dr. Arkebe Oqubay,  a minister and Special Adviser to Prime Minister Hailemariam Desalgne, received the award at the World Bank Group Investment Competitiveness Forum held in Vienna same day.

Presenting the award, the World Bank Group appreciated the high-level political commitment the Government of Ethiopia has demonstrated towards FDI attraction and facilitation through the realization of targeted policy reforms.

According to the World Bank Group, conventional international indicators used for measuring reforms around the ease of doing business by small and medium firms do not capture the transformational investment policy and promotion reforms that can enhance flow of FDI. Thus key reforms impacting FDI and its spillover effects on the domestic economy may go unnoticed.

The ‘Star Reformer Award’ thus aims to increase the visibility of such transformational reforms and showcase success stories realized by committed governments such as that of Ethiopia.

Such an award forms the highest level of international recognition to the tireless effort of the Government of Ethiopia in attracting and facilitating transformational investments into Ethiopia. This is testament yet that Ethiopia is rightly positioned to realize its vision of becoming a leading manufacturing hub in Africa by 2025.

Source: EIC