German Companies Expected to Invest More in Ethiopia in 2019

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volkswagenResults obtained from a business outlook survey of German companies in Ethiopia indicated that the German firms hold a positive view of the ongoing business growth and economic transformation. The survey, conducted by a Delegation of German Industry and Commerce in Eastern Africa (AHK) is the first of its kind.

AHK's Country Director Maren Diale-Schellschmidt remarked, “To have 64 per cent of companies express satisfaction in their current investment is no small feat. Of course, there are still some challenges such as the forex shortage which has hampered international business. Nevertheless, this country is ripe with opportunities for partnership, trade and investment. For this reason, I am proud to announce we plan to open a permanent presence in Ethiopia in 2019."

The country director also added, "We want to be closer to our clients and the market to be able to provide faster and more efficient service.”

Germany's ambassador to Ethiopia, Brita Wagener, noted that the ongoing development activities and economic reforms are very encouraging. Stating that the business community recognizes the reforms and is willing to venture in Ethiopia, she said, "Ethiopia has great potential for business."

Volkswagen, which is well established in Rwanda and Kenya, is one of the German firms that showed interest in investing in the automobile industry in Ethiopia.

Top Image Source: Volkswagen Kenya

Sources: The Exchange, Fana BC

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