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Ethiopia hauls in investments against the odds
Africa Confidential
Ethiopia has become the latest African country to roll out the red carpet for investors – and it appears to be paying off. In March, Prime Minister Abiy Ahmed’s government announced a 10-year ‘golden visa’ for investors prepared to inject at least US$10,000 into the economy. The annual ‘Invest in Ethiopia’ business summit, which concluded on 27 March, secured more than $13 billion in promised investment. Abiy will present that as evidence that the zeal for economic liberalisation which defined the early years of his premiership in 2018 has not been extinguished by years of conflict in Tigray.
But the lion’s share of the money is coming from Chinese firms, led by the Ming Yang Smart Energy Group, which plans to invest more than $10bn in hydrogen and green ammonia projects. That will strengthen Beijing’s economic and diplomatic influence in Ethiopia, where it already accounts for more than half of annual foreign direct investment. The sums pledged also dwarf the commitments made by the EU and European firms to Ethiopia’s renewable energy infrastructure last year. They will also challenge the Gulf States, rivals for influence in Ethiopia now locked in their own conflict.
Mauritius and South Africa were among the first to offer generous visas for individual investors, and Ethiopia is following suit, joined by Botswana and Kenya. Kenya secured $2.9bn at its own foreign investor gathering last week.
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