Iran aims to encourage its investors to put money into Ethiopian industrial parks, with both nations' BRICS membership enhancing this initiative, Ethiopia's Industrial Parks Development Corporation (IPDC) said on Monday.
During their discussion, IPDC CEO Fisseha Yitagesu and Iranian Ambassador to Ethiopia Ali Akbar shared ideas on how to deepen long-term relations through investment, according to the IPDC.
Fisseha emphasized that the BRICS membership of both countries will be a cornerstone for their investment ties. He reiterated Iran’s desire to join IPDC’s efforts to attract global investment and diversify the investors in its hubs.
The CEO also highlighted that preliminary tasks, such as organizing the Ethiopia-Iran Investment Forum, should be collaboratively undertaken.
In turn, Akbar pointed out that Ethiopia's recent significant development, particularly in the energy sector, has created favorable conditions for investment. He added that he will focus on attracting Iranian investors in sectors such as agricultural processing, vehicle manufacturing, and assembly.
Ethiopia is a promising destination for investment. Earlier in June, the World Investment Report said that Ethiopia took the lead in attracting foreign direct investment (FDI) in East Africa in 2023, attracting $3.3 billion in FDI.