Ethiopia is the oldest independent country in Africa and today's rapidly growing economy. It offers a unique opportunity, with a population of more than 100 million and an annual rate of economic growth of 10% over the past 15 years. it is an ideal location for entrepreneurs to invest in and is being one of the most sought places to venture into a business. Let us find out, what makes it an ideal place to attract businesses from all across the globe?
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1. Political Stability
In sub-Saharan Africa, historically known as one of the most autocratic and politicized countries, open-mindedness and democratic procedures have been progressively pursued. Democratization has been carried out in domestic politics together with an international approach to reconciliation and peace. A border dispute was initiated by the country with Eritrea and relations with Somalia and Djibouti are being normalized.
Several parties, notably the European Union, the World Bank, and the IMF, have given Ethiopia new political and financial assistance. The Ethiopian Diaspora, a major contributor to the economy, was also favorably accepted under the new policy.
2. Potential of Youth
More than 70% of Ethiopian people are under the age of 30 and about 50% are under the age of 15. In 2017, a World Bank analysis indicated that the number of higher education enrollments has tripled by five since 2005, going from 8 to 36 in public institutions in that timeframe. The Government has also developed a higher education policy at 70:30, which covers 70% of students in science and technology and 30% in social science and science. These are the kind of education policies that are fitted to the current global environment in a world in which the services sectors account for 65 percent of worldwide GDP. The industries of technology and knowledge have the potential to flourish.
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3. Privatization of State-Owned Enterprises
It's a growing trust that privatization of state-owned companies may be a strategy of attracting new investments and encouraging the economy, and Ethiopia is one of the world's largest untapped marketplaces. For example, this is also one of the less connected nations in the world, and just 15% of internet penetration was achieved in 2016 compared with 12% in the preceding year (ITU). Five industrial parks were established by the government that encouraged 45,000 people to construct a total of 30 and to raise production from 5% to 20% of GDP.
4. Boosting Start-Up Environment
A start-up movement might change local difficulties in the area of transport, agriculture, infrastructure, and healthcare to the country of Ethiopia. The establishment of a local start-up ecosystem is needed to sustain a thriving Ethiopian economy. This is an ecosystem that will be crucial - in which entities like universities, big businesses, service providers, research and funding organizations meet to help local entrepreneurs to step up and grow up.
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Finding the right startup business is one of the most popular subjects today. Starting a business is no easy endeavor, but the time, effort, and challenges can be worth it if you succeed. To give yourself the best chance to be successful, take your time to carefully find the right business for you.
Visit the site for sorting out the questions arising in your mind before starting any business and know which start-up you can plan for at https://www.entrepreneurindia.co/project-identification.
We, at NPCS, endeavor to make business selection a simple and convenient step for any entrepreneur/startup. Our expert team, by capitalizing on its dexterity and decade's long experience in the field, has created a list of profitable ventures for entrepreneurs who wish to diversify or venture. The list so mentioned is updated regularly to give you a regular dose of new emerging opportunities.
5. Advantageous Location Amidst Europe and Asia
Besides its key location as a center for long-haul transport, Ethiopia is becoming an increasingly significant manufacturing location, particularly for the ready-made garments (RMG) industry. RMG suppliers are being urged to minimize the turnaround time between design and final delivery with the success of Zara's business model.
A closer connection to brands is one of the easiest ways to do that. But most global companies now have no appealing options nearby to their areas which, for cost reasons, rely significantly on nations such as Bangladesh and Vietnam.
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Bangladesh’s RMG manufacturing industry is gradually moving towards Ethiopia to keep its low-cost edge and, further, stay closer to important brands in Europe. With a strategic location and low-cost labor, Ethiopia is perfectly positioned to flourish in the clothing manufacturing industry, providing they can teach their young people to produce the requisite quality.
NPCS sets the standard for integrated Consultancy services. Our belief in open communication and partnership, which is at the heart of everything we do, helps us in providing our clients with the best of the knowledge and business insights that can help them attain their individual business goals.
Our team has streamlined the process for you by offering a "Free Instant Online Project Identification & Collection" (Choosing the Best Business Startup) search facility to classify businesses/projects based on various search criteria related to project costs/investment, namely: Plant & Equipment Expense, Overall Capital Investment, Project Cost, Rate of Return Percentage (ROR), and Break-Even Point (BEP). You will filter the projects/businesses based on the above criteria and find an appropriate business/startup/project that fits your investment requirements, follow this link below!
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