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Country Guide > Africa > Ethiopia | |
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Business Profile Economy Ethiopia is one of the world’s least developed countries, with an average annual per capita income of US$100, minimal infrastructure and a serious shortage of skilled labour. Economic development has also been hampered by the effects of the long-running civil war and, more recently, a series of military clashes with both neighbours (notably Eritrea) and internal opposition. The Eritrean war is estimated to cost Ethiopia around US$3 billion – half the country’s entire annual economic output. To this litany of ill-fortune can be added severe drought and flooding, which have hampered post-war reconstruction work. The economy is largely dependent on subsistence agriculture, which employs almost 90 per cent of the workforce. Coffee is the main export earner. After the end of the civil war, the government set about dismantling the command economy established by the Mengistu regime, not least in an attempt to tackle the country’s huge debt burden. Not surprisingly, Ethiopia relies on substantial quantities of food aid. The manufacturing and service sectors are both small. However, there is one bright prospect in the form of a large natural gas field, development of which is now beginning and which promises substantial future revenues. Ethiopia’s main trading partners are the USA, which buys most of its coffee crop, and Germany. Business Businesspeople should wear suits and ties for business visits. English is widely used for trade purposes but Italian and French are also useful. Nonetheless, knowledge of a few words of Amharic will be appreciated. Some of the more useful are Tena Yistillign – ‘Hello’; Ow – ‘Yes’; Aydellem – ‘No’; and Sintinew – ‘How much is this?’. Normal courtesies should be observed and business cards can be used. Best months for business visits are October to May. Office hours: Mon-Fri 0800-1200, 1300-1700. Commercial Information The following organisations can offer advice: Commercial Bank of Ethiopia, PO Box 255, Unity Square, Addis Ababa (tel: (1) 515 004; fax: (1) 514 522; website: www.combanketh.com); or Addis Ababa Chamber of Commerce, PO Box 2458, Mexico Square, Addis Ababa (tel: (1) 513 882 or 515 055; fax: (1) 511 479; e-mail: aachamber1@telecom.net.et; website: www.addischamber.com); or Ethiopian Trade Promotions Section, 17 Princes Gate, London SW7 1PZ, UK (tel: (020) 7589 7217; fax: (020) 7584 7054; e-mail: info@ethioembassy.org.uk; website: www.ethioembassy.org.uk). Conferences/Conventions Information is available from the United Nations Conference Centre, PO Box 3001, Addis Ababa (tel: (1) 514 874 or 514 945; fax: (1) 513 155; e-mail: uncc-aa@un.org; website: www.un.org). |