Tuesday, June 09, 2015

Ethiopia is new investment destination in Africa

(Jun 09, 2015, (New Telegraph))The buzz at the World Economic Forum on Africa, an annual summit of the continent’s rich and powerful, is all about Ethiopia, where the economy is flourishing and government embracing select foreign capital.

According to Bloomberg News, executives from General Electric Co., Dow Chemical Co., Standard Bank Group Limited and Master- Card Inc. attending the June 3-5 gathering in Cape Town all singled out the East African nation as a market with strong potential.

Ethiopia was Africa’s eighth-largest recipient of foreign direct investment last year, up from 14th position in 2013, a report released by accounting firm, EY, on June 2 showed.

The number of projects in Ethiopia surged 88 per cent, the most of all countries ranked, while those in Nigeria slumped 17 per cent. “It’s got a government that is managing economic development in a very deliberate, cautious manner,” Dow’s president for sub-Saharan Africa , Ross McLean, said in an interview. “It’s the secondmost populous country in Africa. Read more from New Telegraph »

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