Ethiopian Prime Minister Abiy Ahmed has announced plans to let foreign nationals to own real estate and to open retail to international corporations.
The declaration came as Africa’s second most populous country, with over 120 million inhabitants, sought to strengthen its finances.
“We will pass a law allowing foreigners to own property,” Abiy said at a conference of business executives carried by state media late Saturday.
He indicated the legislation was nearing completion.
Furthermore, Abiy stated that the government intended to loosen regulations in the retail sector and open it up to worldwide companies, not just Ethiopians.
The landlocked country has over $28 billion in external debt and is also dealing with skyrocketing inflation and a lack of foreign currency reserves.
After taking power in 2018, Abiy launched an ambitious reform program to liberalize Ethiopia’s tightly controlled economy.
However, in recent years, the economy has deteriorated dramatically, and the desire to continue changes has virtually frozen.
Ethiopia has, however, partially opened up the telecommunications sector by awarding a licence to Kenyan telecoms giant Safaricom and announced plans to sell a stake in state-owned Ethio Telecom.
The government has also announced plans to enable foreign participation in the banking sector.