Ethiopian Prime Minister Abiy Ahmed announced that the country seeks to enact legislation allowing foreigners to own real estate, as part of a broader economic opening plan aimed at attracting investors. The official television reported late Saturday that Abiy Ahmed stated in a meeting with major taxpayers in the capital, Addis Ababa, that his government is finalizing a new bill permitting foreign property ownership, although he did not disclose when the bill would be presented to parliament.
Abiy Ahmed said, "We will introduce a law that will allow foreigners to own properties," adding that the government also intends to amend existing laws to open the retail sector, which is currently restricted to Ethiopians. He continued, stating that the economy "has been closed, but we will push it towards a bit of openness. Therefore, we want you to be prepared for that as well."
In recent years, Abiy Ahmed's government has begun implementing measures to open some areas of the economy, which is under strict state control, such as the telecommunications and banking sectors, to foreign investment. This is part of a plan to enhance foreign capital inflows and drive growth, aiming to create job opportunities in a country with over 100 million inhabitants.
