Ethiopia’s Economic Growth Offers Vast Potential for BRICS Investment, PM Abiy States

MOSCOW: Prime Minister Abiy Ahmed highlighted Ethiopia's burgeoning economy as a lucrative opportunity for investment, economic collaboration, and trade, especially for BRICS nations, during a video address to the BRICS Business Forum's plenary session.According to Ethiopian News Agency, the Prime Minister emphasized that BRICS countries, comprising nearly half of the global population and a significant portion of global GDP, are strategically positioned to contribute meaningfully to global economic growth and sustainable development. He pointed out that Ethiopia's rapidly growing economy offers substantial opportunities for investment and economic cooperation, particularly for BRICS nations.Abiy elaborated on Ethiopia's wealth of natural and agricultural resources, which provide access to extensive and varied markets across Africa and beyond. He noted that this advantage is bolstered by the Ethiopian Airlines, the largest in Africa, which leads in international cargo and passenger transport. Additionally , he highlighted Ethiopia's affordable and increasingly renewable energy infrastructure and its young, skilled workforce as key factors that make the country an attractive investment destination.The Prime Minister detailed the ongoing economic reforms in Ethiopia aimed at creating a more business-friendly environment, including significant changes in sectors such as telecommunications and finance, and the adoption of a market-based foreign exchange regime. These reforms are intended to strengthen Ethiopia's competitiveness in the global market and offer substantial returns for investors, Abiy underscored.Abiy also addressed the need for BRICS to fully realize its potential by advocating for a more representative, inclusive, and responsive global governance structure that meets the needs of developing and emerging economies. He called for comprehensive reform of the global financial system to create a more equitable framework, suggesting that BRICS should lead by example through enhancing mutually benefici al economic cooperation within its membership.The Prime Minister expressed hope that BRICS could become a model for economic collaboration, serving as a standard bearer for a reformed global financial system, which would not only meet the needs of its members but also support the development goals of other emerging economies.