UNCTAD/DITE/WID Country Profile - Ethiopia

Ethiopia A. Definitions and sources of data The Ethiopia investment code defines a foreign investor as "… a physical or juridical person of foreign nationality which has invested imported capital" (Investment Proclamation No. 15/1992, article 2). The responsible organ for collecting the data on foreign direct investment (FDI) is the statistic and information technology service, which is part of Ethiopian Investment Authority (EIA). The EIA is the institution responsible for approving FDI projects for both the pre and post-investment phases. Detailed data on outward investment from Ethiopia are not available. The International Monetary Fund (IMF) also provides data on FDI in Ethiopia in its balance-of-payments statistics. FDI into Ethiopia started to grow since the liberalization of control of the economy in 1992, just after the institution of democracy. The new regime sought to eliminate the constraints on FDI and to establish an enabling environment for foreign investors. The authorities began to promote Ethiopia more vigorously as a location for FDI in early 1998. In 1999 a new investment guide for potential foreign investors in Ethiopia was published. The liberalization of the economy prompted improved incentives and more efficient marketing in the country. The gradual shift to private ownership, which is being overseen by two government agencies, the Ethiopian Investment Authority and the Ethiopian Privatization Agency, began with the sale of small retail outlets and medium-sized hotels and restaurants. The telecommunications and energy sectors were thrown open to foreign investors later. The disposal of state farms and agro-industrial plants was a little more problematic however, partly because of continued wrangles over the allocation of land titles by regional authorities. However, further state-owned enterprises, notably hotel chains, state farms and plantations are slated for sale in the economic programme agreed with the IMF. Ethiopia is endowed with a geological environment hosting a wide variety of promising mineral resources. Initial explorations have confirmed the existence of deposits of gold, platinum, tantalite, soda ash and phosphate. Dimension stones, geothermal, petroleum and other metallic, industrial, and chemical minerals have also been found. Despite all these occurrences, mineral development remained limited. The Government of Ethiopia is taking steps to attract foreign investment in these areas. The country has also improved its position in providing excellent market access for many products. Ethiopia is a member of the African Union, New Partnership for Africa's Development, Common Market for Eastern and Southern Africa, and is eligible for the United States' African Growth and Opportunity Act and the European Union led "Everything But Arms" initiatives. It is also a beneficiary of the generalized system of preferences and is party to the Convention establishing the Multilateral Investment Guarantee Agency. Since the inception of the new regime and gradual liberalization of the economy, quite a great deal of interest had been shown by foreign investors in the country.

Posting date: November 2006

B. Statistics on FDI and the operations of TNCs

Table 1. Summary of FDI

(Millions of dollars)

Variable Inward Outward1. FDI flows, 2002-2005 (annual average) 367.6 ..2. FDI flows as a percentage of GFCF, 2002-2005 (annual average) 24.2 ..3. FDI stock, 2005 2 752.5 ..4. FDI stock as a percentage of GDP, 2005 24.6 ..Source: Based on tables 3, 4 and UNCTAD, FDI/TNC database.

UNCTAD WID Country Profile: ETHIOPIA Page 3 of 14

Table 3. FDI flows, by type of investment, 1980-2005


Inward investment Outward investment

Year

1980 .. .. .. 1.0 .. .. .. ..1981 .. .. .. 0.1 .. .. .. ..1982 .. .. .. 2.0 .. .. .. ..1983 .. .. .. -2.6 .. .. .. ..1984 .. .. .. 5.1 .. .. .. ..1985 .. .. .. 0.2 .. .. .. ..1986 .. .. .. -0.6 .. .. .. ..1987 .. .. .. -2.6 .. .. .. ..1988 .. .. .. 1.7 .. .. .. ..1989 .. .. .. -0.5 .. .. .. ..1990 .. .. .. 12.0 .. .. .. ..1991 .. .. .. 6.0 .. .. .. ..1992 .. .. .. 0.2 .. .. .. ..1993 .. .. .. 3.5 .. .. .. ..1994 .. .. .. 17.2 .. .. .. ..1995 .. .. .. 14.1 .. .. .. ..1996 .. .. .. 21.9 .. .. .. ..1997 .. .. .. 288.5 .. .. .. ..1998 .. .. .. 260.7 .. .. .. ..1999 .. .. .. 70.0 .. .. .. ..2000 .. .. .. 134.6 .. .. .. ..2001 .. .. .. 349.4 .. .. .. ..2002 .. .. .. 255.0 .. .. .. ..2003 .. .. .. 465.0 .. .. .. ..2004 .. .. .. 545.1 .. .. .. ..2005 .. .. .. 205.2 .. .. .. ..

Note : FDI inflows: OECD for 1980-1988, World Bank for 1989-1991 and National Bank of Ethiopia for1992-2004, 2005 data is based on annualizing data from National Bank of Ethiopia for the first threequarters. FDI outflows: Not available.

Source : UNCTAD, FDI/TNC database.

Equity Reinvested earnings

Intra-company

loansTotal Equity Reinvested

earnings

Intra-company

loansTotal


Table 4. FDI stock, by type of investment, 1980-2005


Inward Investment Outward Investment

Year

1980 .. .. .. 109.6 .. .. .. ..1981 .. .. .. 109.7 .. .. .. ..1982 .. .. .. 111.7 .. .. .. ..1983 .. .. .. 109.1 .. .. .. ..1984 .. .. .. 114.2 .. .. .. ..1985 .. .. .. 114.4 .. .. .. ..1986 .. .. .. 113.8 .. .. .. ..1987 .. .. .. 111.2 .. .. .. ..1988 .. .. .. 112.9 .. .. .. ..1989 .. .. .. 112.4 .. .. .. ..1990 .. .. .. 124.4 .. .. .. ..1991 .. .. .. 130.4 .. .. .. ..1992 .. .. .. 130.6 .. .. .. ..1993 .. .. .. 134.1 .. .. .. ..1994 .. .. .. 151.3 .. .. .. ..1995 .. .. .. 157.1 .. .. .. ..1996 .. .. .. 179.0 .. .. .. ..1997 .. .. .. 467.5 .. .. .. ..1998 .. .. .. 728.2 .. .. .. ..1999 .. .. .. 798.1 .. .. .. ..2000 .. .. .. 932.8 .. .. .. ..2001 .. .. .. 1 282.2 .. .. .. ..2002 .. .. .. 1 537.2 .. .. .. ..2003 .. .. .. 2 002.2 .. .. .. ..2004 .. .. .. 2 547.3 .. .. .. ..2005 .. .. .. 2 752.5 .. .. .. ..

Source : UNCTAD, FDI/TNC database. Note : FDI inward stock: Data prior to 1995 are estimated by accumulating inflows since 1970, 1995 isbased on National Bank of Ethiopia, 1996-2005 are estimated by adding flows to the 1995 stock. FDIoutward stock: Not available.

Equity Reinvested earnings

Intra-company

loansTotal Equity Reinvested

earnings

Intra-company

loansTotal


Sector/industry 1992 1993 1994 1995 1996 1997 1998 1999 2000Total 0.2 3.5 17.2 14.1 21.9 288.5 260.7 70.0 134.6

Primary .. .. 0.1 0.1 0.9 173.6 1.7 4.1 40.5Agriculture, hunting, forestry and fishing .. .. 0.1 0.1 0.1 .. 0.0 4.1 14.5Mining, quarrying and petroleum .. .. .. .. 0.9 173.6 1.7 .. 26.0

Secondary .. 0.3 0.1 14.0 19.1 101.9 125.0 51.0 83.7Food, beverages and tobacco .. .. .. .. 16.9 69.2 106.1 12.8 37.7Textiles, clothing and leather .. 0.3 .. .. 0.7 26.4 0.8 28.1 8.6Wood and wood products .. .. .. 5.6 .. 1.6 .. 0.3 0.3

Paper and paper products .. .. .. .. .. 1.6 .. 0.3 0.3Chemicals and chemical products .. .. .. 4.5 .. 0.6 0.2 1.8 18.4

Manufacture of other chemical products .. .. .. .. .. 0.1 0.2 1.7 14.6Manufacture of pharmaceuticals and medicinals .. .. .. .. .. 0.1 0.2 1.7 14.6

Rubber and plastic products .. .. .. .. .. 0.2 0.3 4.8 1.8Metal and metal products .. .. .. .. .. 0.1 10.7 0.1 0.1Electrical and electronic equipment .. .. 0.1 2.8 0.1 3.9 5.6 0.9 4.3Other manufacturing .. .. .. 1.2 1.4 .. 1.4 2.3 12.4Tertiary 0.2 3.2 17.0 .. 1.9 13.0 133.9 14.8 10.4Construction 0.2 3.2 17.0 .. 1.9 11.3 2.2 5.7 3.7Hotels and restaurants .. .. .. .. .. 1.3 131.5 8.3 6.4Business activities .. .. .. .. .. 0.3 0.1 0.6 0.3Health and social services .. .. .. .. .. 0.1 0.2 0.2 0.1

Source: Ethiopian Investment Authority, unpublished data.

Region/economy 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004Total world 0.2 3.5 17.2 14.1 21.9 288.5 260.7 70.0 134.6 349.4 255.0 465.0 545.1

Developed economies .. .. 0.1 0.0 0.5 69.8 17.0 45.6 19.5 103.1 48.8 209.2 264.5Europe .. .. 0.1 0.0 .. 67.2 12.8 41.5 16.8 36.0 26.4 75.0 123.7

European Union .. .. 0.1 0.0 .. 67.2 12.7 12.3 8.0 36.0 26.4 75.0 123.7Unspecified Europe .. .. .. .. .. .. 0.0 29.2 8.8 .. .. .. ..

North America .. .. .. .. 0.5 2.7 4.2 4.1 2.6 67.1 21.3 130.4 129.9Canada .. .. .. .. 0.1 .. 0.0 .. .. .. .. 48.2 6.8United States .. .. .. .. 0.4 0.5 0.1 .. 0.3 67.1 21.3 82.2 123.1Unspecified North America .. .. .. .. .. 2.1 4.1 4.1 2.3 .. .. .. ..

Unspecified developed countries .. .. .. .. .. .. .. .. 0.1 .. 1.1 3.8 10.9Developing economies 0.2 3.5 17.2 14.1 21.5 218.4 207.7 23.6 113.3 231.6 194.4 233.1 218.4Unspecified developing countries .. .. .. .. .. .. .. .. .. .. 1.2 7.1 4.0

Africa .. 0.3 .. .. .. 0.7 0.9 0.8 0.7 8.8 7.7 52.1 52.0Asia 0.2 3.2 17.2 14.1 21.5 217.8 206.8 22.8 112.6 222.8 185.5 173.9 162.4

West Asia 0.2 3.2 17.2 14.1 20.8 217.6 206.0 20.7 100.1 .. .. .. ..Unspecified Asia .. .. .. .. 0.8 0.2 0.8 2.1 12.4 222.8 185.5 173.9 162.4

Unspecified .. .. .. .. -0.1 0.2 36.0 0.8 1.9 14.7 11.8 22.7 62.2Source: Ethiopian Investment Authority, unpublished data.

Region/economy 1995Total world 992.7

Developed economies 226North America 136.2

Canada 100.2United States 36

Other developed countries 6.9Japan 6.9

Europe 82.9European Union 82.9

Italy 82.9Developing economies 766.7

Africa 17.3Kenya 17.3

Asia 749.4West Asia 746.7

Saudi Arabia 743.3Yemen 3.4

East Asia 2.7China 1.6Korea, Republic of 1.1

Source: Ethiopian Investment Authority, unpublished data.

Table 12. FDI stock in the host economy, by geographical origin, 1995(Millions of birrs)

Table 5. FDI flows in the host economy, by industry, 1992-2000


Table 6. FDI flows in the host economy, by geographical origin, 1992-2004



Economy 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003Germany 4 3 3 .. .. .. .. .. .. .. .. .. .. ..Italy .. 4 .. 3 .. 2 .. 2 .. .. .. .. .. ..United States 1 1 1 2 2 2 3 3 3 2 3 3 3 3Source : UNCTAD, FDI/TNC database.Note: Data are based on information reported by the economies listed above.

Table no. Variable 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 200121 Number 1 1 2 2 2 2 2 1 1 1 1 128 Assets .. .. .. .. .. 47 .. .. .. .. .. ..33 Employment .. .. .. 0.4 0.5 0.5 0.5 .. 0.4 .. .. ..38 Wages and .. .. .. 7 8 8 9 .. 8 .. .. ..43 Sales .. .. .. .. .. 44 .. .. .. .. .. ..48 Value added .. .. .. 12 14 13 15 .. 14 .. .. ..

Source : UNCTAD, FDI/TNC database.Note: Data are based on information reported by the United States.

Table no. Variable 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 200330 Assets .. .. 7 49 .. 23 64 58 57 .. 41 39 38 3340 Wages and salaries 2 2 2 3 2 1 2 2 2 .. 2 2 2 250 Value added a .. .. .. .. 17 38 48 49 54 .. 8 9 21 28

Source : UNCTAD, FDI/TNC database.Note: Data are based on information reported by the United States.a Majority-owned affiliates of United States TNCs.

Economy 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003Italy .. 0.8 .. 0.4 .. 0.2 .. 0.2 .. .. .. .. .. ..United States 0.4 0.4 0.4 0.5 0.7 0.5 0.6 0.6 0.6 .. 0.2 0.2 0.2 0.2Source : UNCTAD, FDI/TNC database.Note: Data are based on information reported by the economies listed above.

Economy 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003Italy 145.1 .. 71.2 .. 61.0 .. 59.5 .. .. .. .. .. ..United States .. 12 76 .. 14 97 115 105 .. 105 119 120 130Source : UNCTAD, FDI/TNC database.Note: Data are based on information reported by the economies listed above.



Table 35. Employment of affiliates of foreign TNCs in the host economy, by geographical origin, 1990-2003

(Thousands of employees)

Table 45. Sales of affiliates of foreign TNCs in the host economy, by geographical origin, 1991-2003

Table 23. The number of affiliates of foreign TNCs in the host economy, by geographical origin, 1990-2003

Tables 21, 28, 33, 38, 43 and 48. Number, assets, employment, wages and salaries, sales and value added of affiliates of Ethiopian TNCs in the United States, 1990-2001

(Thousands of employees and millions of dollars)

Tables 30, 40 and 50. Assets, wages and salaries and value added of affiliates of United States TNCs in Ethiopia, 1990-2003


Table 86. Largest home-based TNCs, 2004

(Millions of dollars and number)

Company Industry Sales Employees

A. Industrial

.. .. .. ..

B. Tertiary

Ethiopian Airlines Transport and storage 386 4 531

C. Finance and Insurance Assets Employees

Commercial Bank of Ethiopia Finance 2 903 6 669 a

a 2000.

Sources: The Banker's Almanac, 2003 (London, Reed Information Services, 20003); ThomsonAnalytics (http://analytics.thomsonib.com); Who Owns Whom database(https://solutions.dnb.com/wow); L'intelligent Jeune Afrique, "The Africa Report: Top 500companies" (March 2006).


Table 87. Largest foreign affiliates of home-based TNCs, 2004


Company Host economy Industry Sales Employees

A. Industrial

.. .. .. .. ..

B. Tertiary

Ethiopian Airlines United Kingdom Transport and storage .. ..


Commercial Bank of Ethiopia Djibouti Finance .. ..

Sources: The Banker's Almanac, 2003 (London, Reed Information Services, 20003); Thomson Analytics (http://analytics.thomsonib.com); Who Owns Whom database (https://solutions.dnb.com/wow).


Table 88. Largest affiliates of foreign TNCs in the host economy, 2004


Company Home economy Industry Sales Employees

A. Industrial

Ethio-Japanese Synthetic Textiles Share Co. Japan Textiles and clothing .. 3 340 a

Addis Tyre Company Slovakia Rubber and plastic products .. 830 b

B. Teriary

Mobil Oil East Africa United States Wholesale trade 108 1 810 c

Total Ethiopia France Wholesale trade 95 130 c

Paul Ries & Sons Panama Wholesale trade 3 450 a

Equatorial Business Group United Kingdom Wholesale trade .. 10 000 b

The Motor and Engineering Company of Ethiopia United Kingdom Wholesale trade .. 400 b

Shell Ethiopia United Kingdom Wholesale trade .. 330 b

Addis Ababa Hilton International United Kingdom Hotels and Restaurants .. 320 b

ABB Midrock Industrial Services Switzerland Wholesale trade .. 88 b

AFCOR United Kingdom Wholesale trade .. 50 b

GCS - NCR Ethiopia United States Wholesale trade .. 35 b

Siemens Private Limited Germany Wholesale trade .. 20 b

Ayderus Hussien Mohammed Farag India Wholesale trade .. 20 b

BASF Germany Wholesale trade .. 17 b

Rabeco East Africa Sweden Wholesale trade .. 10 b


Addis Insurance Brokers United States Insurance .. ..

a 2002. b Estimate. c 2003.

Sources: The Banker's Almanac ,2003 (London, Reed Information Services, 20003); Thomson Analytics(http://analytics.thomsonib.com); Who Owns Whom database (https://solutions.dnb.com/wow).


C. Legal frameworks for transnational corporations In Ethiopia, a number of legal instruments adopted at national, bilateral and international levels exist to facilitate and regulate the activities of foreign direct investors and transnational corporations. The key among these instruments include: I. National framework Civil Code Proclamation No. 165/1960 Source: Negarit Gazeta of the Empire of Ethiopia, 19th year Extraordinary Issue No.2. The Maritime Code Proclamation No. 164/1960 Source: Negarit Gazeta of the Empire of Ethiopia, 19th year Extraordinary Issue No.1. Commercial Code Proclamation No. 166/1960 Source: Negarit Gazeta of the Empire of Ethiopia, 19th year Extraordinary Issue No.3. Mining Proclamation No. 52/1993 Source: Negarit Gazeta of the Transitional Government of Ethiopia, 52nd year, No. 42, page 368. Export Trade Duty Incentive Scheme Proclamation No. 249/2001 Source: Federal Negarit Gazeta of the Federal Democratic Republic of Ethiopia, 7th year, No. 39, page 1591. Value Added Tax Proclamation No. 283/2002 Source: Federal Negarit Gazeta of the Federal Democratic Republic of Ethiopia, 8th year, No. 33, page 1832, as amended. Investment Proclamation No. 280/2002 as amended by the Investment (Amendment) Proclamation, ratified by the People's Representatives Council on 27 October 2003. Source: Federal Negarit Gazeta of the Federal Democratic Republic of Ethiopia, 8th year, No. 27, page 1768*. Investment Incentives and Investment Areas Reserved or Domestic Investors Council of Ministers Regulations No. 84/2003 Source: Federal Negarit Gazeta of the Federal Democratic Republic of Ethiopia, 9th year, No. 34, page 2092. Income Tax Proclamation No. 286/2003-12-04 Source: Federal Negarit Gazeta of the Federal Democratic Republic of Ethiopia, 8th year, page 867. Commercial Registration and Business Licensing Proclamation No.67/1997 Source: Federal Negarit Gazeta of the Federal Democratic Republic of Ethiopia, 3rd year, No. 25, page 367. Development Bank of Ethiopia Establishment Council of Ministers Regulation No. 200/1994 Source: Federal Negarit Gazeta of the Transitional Government of Ethiopia, 52nd year, No. 109, page 483. Labour Proclamation No. 42/1993 Source: Federal Negarit Gazeta of the Transitional Government of Ethiopia, 53rd year, No. 27, page 268. Monetary and Banking Proclamation No. 83/1994


Source: Federal Negarit Gazeta of the Transitional Government of Ethiopia, 53rd year, No. 43, page 226. Licensing and Supervision of Banking Business Proclamation No. 84/1994 Source: Federal Negarit Gazeta of the Transitional Government of Ethiopia, 53rd year, No. 44, page 244. Federal Government Commercial Registration and Licensing Regulation No. 67/1997 Source: Federal Negarit Gazeta of the Federal Democratic Republic of Ethiopia, 3rd year, No. 28, page 433. II. International Framework A. Ethiopia is a party to the following multilateral and regional instruments: Convention on the Settlement of Investment Disputes Between States and Nationals of Other States of 18 March 1965. Entered into force on 14 October 1966. Convention Establishing the Multilateral Investment Guarantee Agency of 11 October 1985. Entered into force on 12 April 1988. An observatory status at the World Trade Organisation. Market for Eastern and Southern Africa (COMESA). Fourth ACP-EEC Convention signed at Lomé on 15 December 1989, Official Journal L 229, 17/08/1991 p. 0003 - 0280 Partnership Agreement Between the Members of the African, Caribbean and Pacific Group of States of the one Part, and the European Community and Its Member States, of the Other Part, Signed in Cotonou, Benin on 23 June 2000 B. Bilateral treaties 1. Bilateral investment treaties for the protection and promotion of investments: Italy 1994, Kuwait 1996, China 1998, Malaysia 1998, Switzerland 1998, Yemen 1999, Sudan 2000, Turkey 2000, Denmark 2001, Algeria 2002 and Netherlands 2003. 2. Bilateral treaties for the avoidance of double taxation: United Kingdom 1977, Algeria 2002.


D. Sources of information Official Ethiopian Investment Agency Ethiopian Privatisation Agency (ethiomarket.com/epa). Secondary Bahru, Zewde (1991). A Modern History of Ethiopia (James Currey).

Befekadu, Degefe and Berhanu Nega (eds) (1999). Annual Report on the Ethiopian Economy, Vol. 1. 1999/2000 (Addis Ababa: Ethiopian Economics Association).

Bereket, Kebede and Mekonen Tadesse (1996). The Ethiopian Economy: Poverty and Poverty Alleviation (Addis Ababa).

Christopher, Clapham (1988). Continuity and Change in Revolutionary Ethiopia (Cambridge: Cambridge University Press).

Economist Intelligence Unit (EIU) (2002a). Country Profile: Ethiopia (London: EIU Ltd.).

_______________________(2002b). Country Report: Ethiopia (London: EIU Ltd.), September.

_______________________(2005a). Country Profile: Ethiopia (London: EIU Ltd.).

_______________________(2005b). Country Report: Ethiopia (London: EIU Ltd.), September.

Getachew, Yared and Abdulhamid, Bedri Kello (eds) (1994). The Ethiopian Economy: Problems and Prospects of Private-Sector Development (Addis Ababa).

Graham, Hancock (1993). Sign and the seal (New York: Touchstone Books).

International Monetary Fund (IMF) (2001). HIPC Decision Point Document for the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative (Washington D.C.: IMF).

_______________________(2002). Ethiopia: 2002 Article IV Consultation and Third Review Under the Poverty Reduction and Growth Facility Arrangement—Staff Report; Staff Statement; and Public Information Notice and News Brief on the Executive Board Discussion, October. K. Griffin (ed) (1992). The Economy of Ethiopia (London: St Martin’s Press).

_______________________(2006). IMF's Sub-Saharan Africa Regional Economic Outlook, March 10, 2006. (Washington D.C.: IMF).

Martin, R. Doornboos et al (eds) (1992). Beyond Conflict in the Horn (James Currey).

Markakis, John (1987). National Class Conflict in the Horn of Africa (Cambridge: Cambridge University Press).

Mekonen, Tadesse and Abdulhamid, Bedri Kello (eds) (1994). The Ethiopian Economy: Problems of Adjustment (Addis Ababa).

Soderbom, M. and F. Teal (2004). "Size and Efficiency in Africa Manufacturing firms: Evidence from Firm-Level Panel Data." Journal of Development Economics, 73. pp 369 - 394.


United Nations Conference on Trade and Development (UNCTAD) (1999). Investment Guide to Ethiopia (Geneva: UNCTAD/PricewaterhouseCoopers/International Chamber of Commerce).

_______________________(2002a). FDI in the Least Developed Countries at a Glance (Geneva: UNCTAD/ITE/IIA/6).

_______________________(2002b). Investment and Innovation Policy Review: Ethiopia (Geneva:

UNCTAD/ITE/IIA/6). _______________________(2005a). Investor-Disputes Arising from Investment Treaties: A Review.

UNCTAD Series of International Investment Policies for Development (UNCTAD/ITE/IIT/2005/4).

_______________________(2005b). A Survey of Support by Investment Promotion Agencies to

Linkages. Advisory Studies No. 18 (UNCTAD/ITE/IPC/2005/12). _______________________(2005c). FDI in least developed countries at a glance: 2005/2006

(UNCTAD/ITE/IIA/2005/17). United Nations Industrial Development Organisation (UNIDO) (1996). Ethiopia: New Directions of

Industrial Policy, Geneva, 1991; Ethiopia: Accelerating Industrial Growth Through Market Reforms (Vienna: UNIDO).

United States Trade Representative (2006). 2006 Comprehensive Report on U.S. Trade and Investment Policy Toward Sub-Saharan Africa and Implementation of the Africa Growth and Opportunity Act: The Sixth of Eight Annual Reports, May 2006. (Washington D.C.: US Government).


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UNCTAD/DITE/WID Country Profile - Ethiopia