Population (2017): 105.4 million
GDP (2017): US$80.9 billion (S$109.2 billion)
World Bank “Ease of Doing Business” Rank (2018): 161
Bilateral Trade with Singapore (2017): S$67.9 million
Ethiopia is the fastest-growing, non-energy African economy, having seen strong growth averaging over 10% a year from 2006 to 2016. Although its early rapid growth was attributed to agriculture, the economy is increasingly being diversified into other industries including mining, manufacturing and services, which form an increasing share of output.
The Ethiopian government has been driving massive infrastructure projects, with large-scale investments and a modern funding mechanism to improve ground transportation. Ethiopia is also becoming an air transport hub for the region, with Ethiopian Airlines as one of the key African airlines. Flights between Singapore and Addis Ababa, capital of Ethiopia, with an hour-long stopover in Bangkok are now available. Under the second phase of its Growth and Transformation Plan, running till 2019/20, the government will also continue building up physical infrastructure to transform Ethiopia into a manufacturing hub.
In Ethiopia, the safety of your investments is guaranteed. The country is a signatory to the main international investment-related institutions: Multilateral Investment Guarantee Agency (MIGA) and the Convention on the Settlement of Investment Disputes between States and Nationals of Other States. As such, foreign investments are guaranteed constitutional protection from expropriation. The Ethiopian Investment Agency (EIA) also offers a professional one-stop shop for foreign investors.
With a population of over 100 million, Ethiopia is the second-most populous country in Sub-Saharan Africa. One of the world’s oldest civilisations, Ethiopia is also one of the world’s poorest countries, but the government aims to reach middle-income status over the next decade.
Although Ethiopia does not have major natural resources, it has been championing industrialisation-led growth. Addis Ababa’s continental and international air links have strengthened its bid to become a strategic air hub in East Africa.