Ethiopia

The second most populous country in Africa – and the most populous landlocked country on earth – Ethiopia is one of the world’s fastest-growing economies.

Over half of Ethiopia’s population is under 18 years of age, and historically job creation rates have failed to keep pace with population growth. There is much to commend Ethiopia to foreign investors, however – the country is relatively open to foreign trade, and infrastructure – especially the country’s rail network – is expanding rapidly. The Ethiopian economy is currently undergoing extensive privatisation. However, the banking, transport and telecommunications sectors remain in state hands.

In recent years, Ethiopia’s exports have diversified – coffee, formerly the country’s foremost export has been overtaken by oilseed. Coffee remains integral to the Ethiopian economy, however – around a quarter of the country’s workforce are employed in coffee cultivation. Other exports include live animals, leather, chemicals, gold, pulses, oilseeds, flowers, fruits and vegetables.

Despite a decline in exports, the Ethiopian economy fared relatively well during COVID. Exports showed an uptick in late 2020, and remittances have rebounded strongly.

The Ethiopian government has become increasingly open to foreign investors, particularly in the textile sector. Investors benefit from a ten-year tax exemption and can expect to pay rents much lower than the market rate. A number of major brands, such as Decathlon, H&M and Huajian, have a growing presence in the country. Trade agreements between Ethiopia and the European Union allow for duty-free exports.

Ethiopia is a beautiful country and home one the world’s oldest civilisations – there is tremendous potential for growth in the tourist sector.

HLB Ethiopia

HLB Ethiopia local team of professionals aims to help local and international clients reach their organisational objectives in this dynamic economy. HLB Ethiopia is one of the country’s oldest and best-regarded audit firms, and offer a wide range of services to clients, including accountancy, management studies and project design.

Location

TMS Plus PLC

Address: Quality building 1st and 3rd floor
and at Industrial Project Service building at Haayahulet Mazuria Bole Sub City Kebele 06 House no 305 , Addis Ababa, Ethiopia
Telephone Number: +251 930 03 43 57

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