Ethiopia logistics is now open to foreign investors,a state agency overseeing investments in the country has confirmed.
The Ethiopia Investment Board said that foreign firms will now be allowed to take stakes of up to 49 percent in logistics businesses.
The board has lifted the restrictions imposed under Article 3.1(b) of the Investment Regulation No. 270/2012, “including the provision of bonded warehouse, consolidation and de-consolidation services, and allow joint venture participation of international logistics service providers holding up to 49% or less stakes,” read the statement in part.
Article 3.1(b) of the Investment Regulation states that “packaging, forwarding and shipping agency services” are “exclusively reserved for Ethiopian nationals.”
In lifting restrictions to the logistics sector, Ethiopia Investment Board observed that logistics is key to boosting international trade, supporting industry growth and a major catalyst to investment attraction.
Betachew Mekuria, Commissioner of the Ethiopian Investment Commission told local media that the logistics sector is “now open for joint venture arrangements. A great, move towards improving competitiveness of Ethiopia in manufacturing for export.”
Prime Minister Abiy Ahmed has presided over a shake-up of one of the most heavily-regulated economies in Africa since his appointment in April. Mr Abiy heads the Ethiopian Investment Board.
Target Corporation issued a sobering update on Wednesday, confirming that the retailer’s efforts to regain…
Enterprise software is undergoing a transformative shift, and Snowflake is leading the charge. With the…
Bitcoin, the world’s most prominent cryptocurrency, has recently fallen to $101,000, surprising many investors as…
Those new vehicle registration rules you've been hearing about? They're not happening this month after…
Toyota has given fans a first glimpse of the next-generation Hilux, and the teaser hints…
Keeping your banking information up to date with the South African Social Security Agency (SASSA)…