The following press release was issued by the Eastern Africa Association.

The Eastern Africa Association (EAA) was established forty years ago, to represent the interests of foreign investors in the region.  The area now covered includes nine countries, with members originating from eighteen different countries from around the world.

The Association’s activities are entirely funded through subscriptions and its main purpose is to liaise with national governments, the donor and diplomatic communities and local business organisations on behalf of the 225 members.

In February 2003 the EAA hosted a luncheon meeting with H.E. the Prime Minister, Meles Zenawi, where he met various members with an interest in Ethiopia.  Following on from this initial meeting, and with the help and support of the Ethiopian Ambassador to London, Mr Fisseha Adugna, the EAA-Ethiopia Business Forum was formed, to help to promote dialogue between foreign investors and the Ethiopian government.

The planned investment mission to Ethiopia, organized by the EAA in conjunction with the Ambassador, is a direct consequence of these discussions.  The mission will take place from 31^st May – 2^nd June and will include a high level delegation from around 10 companies interested in investing in the country.  These include several multinational and international organizations, as well as a few smaller enterprises. 

On 25-26^th May, the EAA will be hosting a major Investment Promotion Exhibition in Nairobi, in which five regional investment promotion agencies will be participating, including the Ethiopian Investment Authority.  The current investment mission to Ethiopia will follow on from the exhibition and it is hoped that these two events will stimulate further interest to invest in the country.

The chief executive of the EAA, Mr John Small, will be heading the delegation and he has outlined his aims and hopes for the mission as follows:-

“We are visiting Ethiopia to explore what investment opportunities there are and to review with the government some of the critical issues facing potential investors.  We are aware that there have been problems in the past with regard to both private sector and foreign investment but we come with an open mind, reassured and encouraged by H.E. the Ambassador that the business environment in the country has changed significantly and is now much improved.”

“We understand that the government has implemented various economic policies, making the country more conducive for business and more open for foreign investment.  A number of important reforms have been carried out and more are in the pipeline.  We hope to hold discussions with the Prime Minister, government ministers and other officials, members of the diplomatic and donor community and other foreign investors already doing business in the country. We are keen to see at first hand what investment opportunities there are and to hopefully play a significant role in the future development of the country.”

ENDS