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Friday, 10 April 2015

Ethiopia : "a huge potential" for foreign brewers

International brewers are helping transform Ethiopia's business landscape; the former communist state is slowly opening up to foreigners drawn to one of Africa's fastest growing economies. Brewers recognize the huge potential in Ethiopia. Even though per capita income is still below Sub-Saharan Africa's average at just $470 a year, according to World Bank figures for 2013, annual economic growth rates are 8 to 9 percent and the political outlook is stable. Ethiopia has started to attract foreign investment; the IMF estimates foreign direct investment will reach $1.8 billion in fiscal year 2014-2015. Nonetheless, investors will have to wait for entry into many areas of the economy, which is still dominated by the state. It rapidly opened up the beverage sector, but has moved more cautiously in other industries. Telecoms remains in state hands while banks and retail businesses are off limits to foreigners.

Source: theafricareport.com