Ethiopia Committed to Attract Foreign Investment to Sustain Economy | plenglish.com

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Saturday July 07, 2018 - 11:23:51 in News In English
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    Ethiopia Committed to Attract Foreign Investment to Sustain Economy | plenglish.com

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Addis Ababa, Jul 6 (Prensa Latina) Ethiopia must do its best to attract foreign investment and boost international trade, said Prime Minister Abiy Ahmed during a debate in Parliament.

Ahmed noted that the economy grew more slowly than expected in 2017-2018 and that export earnings were well below targets.

'We need to work so that the contractors have full confidence in the country,' he said, adding that the government should be more efficient and prudent in its spending.


The legislature approved a budget of 346.9 billion birr (12.71 billion dollars) for 2018/19, which represents a contraction compared to the previous year.

In turn, the President acknowledged that the effort to increase manufacturing profits is now insufficient. 'We are getting the lowest income in the region,' he said.

Although growth averaged almost 10 percent in the last decade, starting from a very low base, analysts said that the economy is stifled by the shortage of foreign exchange caused mainly by strong public investment in megaprojects.


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