Ethiopia: Mohammed Al Amoudi Calls For Industrial Transformation

In the latest issue of MIDROC Ethiopia’s corporate magazine Tiret, Mohammed Al Amoudi has called for the continued industrial transformation of Ethiopia. The IMF (International Monetary Fund) has recently projected growth rates in excess of 8 per cent in 2016 (much the same as in 2015) but around 90 per cent of Ethiopian GDP is still being driven by agriculture (in which the Sheikh is a major investor) and by other services.

Industrial development is a central plank of the Government’s national strategic drive to build a secure and stable economy that can banish poverty and food insecurity. MIDROC is committed to supporting this process.

Mr Al Amoudi said, “At present, we stand at a crucial phase in our industrial transformation. The increased economic activity witnessed at the national level coupled with the global search for new business hubs in Africa reminds us that our own investment activities should be ready for more competition.” He then added,  “To make up-to-date management decisions, I think we also need to keep a watchful eye on developments regarding various new financial regulations and directives being put in place by the Government of Ethiopia.”

“I also want to remind all in my companies here in Ethiopia that change is inevitable. We should be prepared for it. We need to do our best to maintain our contributions to economic growth, living up to our motto Committed to Development, especially by staying alert, being visionary, keeping track of new global trends and applying all available contemporary technologies to our day-to-day business activities.”  He concluded, “I once again want to reassure all the management and employees of my companies that I will remain by your side and play my part in the realisation of our plans.”