Ethiopia and Austria Commit to Strengthening Economic Relations

ADDIS ABABA: Ethiopia and Austria have expressed their commitment to enhancing economic ties, focusing particularly on trade and investment opportunities. This development was underscored at the Austria-Ethiopia Business Forum held in Addis Ababa, which aimed to foster economic collaboration between the two nations.According to Ethiopian News Agency, State Minister of Finance Semerita Sewasew emphasized the importance of strengthening relations in trade and investment during her address at the forum. She highlighted Ethiopia's extensive reforms over the past six years, including the liberalization of the telecom, banking, and logistics sectors. The state minister also pointed to the recently launched macroeconomic reform as a key factor in addressing foreign exchange challenges and improving the business climate, thereby increasing foreign direct investment (FDI) inflow.Simone Knapp, Austria's Ambassador to Ethiopia, described the forum as an opportunity to enhance economic cooperation. She noted that Aus tria is well-equipped to offer quality and skills through its diverse range of companies, both small and large. Austrian companies present at the forum represented sectors such as health and manufacturing.Ethiopian Investment Commission Commissioner Zeleke Temesgen spoke about the impact of new investment opportunities and the establishment of special economic zones on improving the business environment and attracting FDI in Ethiopia. He encouraged Austrian companies to invest in sectors like pharmaceuticals, agriculture, agro-processing, mining, and tourism.The Austria-Ethiopia Business Forum was organized jointly by the Ethiopian Investment Commission and the Austrian Embassy in Addis Ababa, reflecting the shared interest of both nations in deepening their economic relationship.