Business News of 2014-01-20

‘Trade barriers hinder growth of African economies’

The Director of the Ethiopia Investment Agency, Mr Aklilo Kedebe, has attributed the slow pace of the African economy to the trade barriers existing among them.

According to him, one of the key ways to boost business activities among African countries is to remove the trade bottlenecks that prevent African countries from trading among themselves.

Speaking at a forum organised by the agency in Accra, Mr Kebede said until the issue was properly addressed, it would be extremely difficult for economic activities on the continent to grow.

Mr Kebede said the economic atmosphere in African gave countries on the continent advantages to expand their trade activities. He added: “By so doing we pave the way for mutual trade to exist, which would lead to the creation of employment for the people of Africa”.

The purpose of the forum, according to the organisers, was to highlight economic and investment opportunities in Ethiopia.

Ethiopian economy

According to Mr Kebede, agriculture, energy, mining and tourism sectors have enormous benefits and opportunities for Ghanaian investors to tap into, “Each of these sectors has been designed to create a favourable business environment for investors.”

“The Ethiopian government has put in place effective measures to ensure that investors who plan to invest in the country will receive the needed incentives and support to grow their business,” he said.

Why invest in Ethiopia

Mr Kebede said apart from the excellent climate and fertile soil, abundant trainable labour force, competitive incentive packages, the current political and social stability in Ethiopia would pave the way for foreigners to do their business.

“It is only Ethiopia that has the lowest crime rate in the world. The level of security of persons and property is high,” he added.

According to him, with a population of over 80 million people, investors can expand their business without having to face any internal or external hindrances.