A high level delegation of government officials and leading business companies in Ethiopia held a very successful business summit with US Investors in Los Angeles California.
The summit main theme was Strategic Partnership for Economic Development and was attended by President DR Mulatu Teshome, Foreign Minister DR Tedros Adhanom, Amb Girma Birru and other high government officials of Federal Democratic Republic of Ethiopia.
Over three hundred investors that include General Petraeus from the KKR group and many other leading investment company representatives were present.
Amb Girma in his opening speech welcomed the participants and introduced the key note speaker President DR Mulatu who welcome all attendees and thanked the mayor of the city of Los Angeles.
President Mulatu explained the deep relationship that existed with the United States for many years with the exception of the hiatus that existed during the Derge regime.
The president was hopeful the current summit as well as the opening of the US Trade office in Addis Ababa will foster the US private sector investment in Ethiopia going forward
The president invited all investors to visit Ethiopia and also explained the opportunities that exist in Agro Industry, Rail Road and Energy sector to mention few
Following the president speech Mr Zemedeneh Negatu from Ernst & Young Ethiopia, presented overall economic picture of Ethiopia and the 10 most important reasons why investors should invest in Ethiopia.
He highlighted the fact Ethiopia is the second most populous country as well as the safest country with a double digit economic growth over the last few years. He noted despite
Ethiopia being land locked the country has the largest shipping lines as well as modern and profitable airline with a very efficient cargo service. Mr Zemedeneh reminded participants that Ethiopia was recently rated by the three largest credit rating agencies for the first time.
The summit also heard from current foreign investors who were eager to share their positive experiences as well the few challenges they faced while investing in Ethiopia. Most of the pioneer fund managers and investors who trail blaze investing in Ethiopia when it was considered a very high risk were quick to note the reward in investing in Ethiopia was huge.
They noted the Obama Power Africa and AGOA initiatives are two key US government initiatives investors should try to exploit when doing business in Ethiopia.
The KKR group who recently invested 200 million us dollars was also seeking to expand and double their investment soon.
WAFO, a joint business promotion company, owned by Waltainfo and Radio Fana presented a short video that showed highlights of Ethiopia’s rapid development and opportunities waiting.
Government officials from the Investment Office and Privatization Agency assured investors that the government is determined and ready to work with all investors. They explained the many tax holiday options available for investors that invest in key investment sectors.
DR Tedros who was the moderator of the panelists after thanking the more than 300 investors for coming asked the attendees to acknowledge Mr Zemedeneh for his well-presented economic facts of Ethiopia and investment opportunities in Ethiopia.
Participant raised many questions that include women participation in the economy and on ways of finding strategic partners inside Ethiopia. Questions came from many investors including Canadian and Senegalese investors.
During a luncheon break former Congressman Tom Campbell and current University Dean gave a speech on hydroelectric power politics and the Nile.
The summit ended with a one to one session with government ministers and Directorates from six key investment areas that include tourism, agro industry, manufacturing and energy. (Aigaforum)