The move comes as Ethiopian Airlines, Africa’s largest carrier, continues its rapid expansion with a recent order of 124 new aircraft.
Currently, Ethiopia’s existing airport infrastructure can accommodate approximately 20-25 million passengers per year.
The new airport is expected to significantly boost the country’s tourism and service sectors, which are projected to grow by 7.1%.
To further enhance connectivity, Prime Minister Abiy has outlined plans to connect the existing airport with a railway system. This integrated approach will allow both airports to operate in tandem, further stimulating Ethiopia’s economy.
The Prime Minister emphasized the strategic importance of institutions for landlocked countries like Ethiopia. In the past three months, Ethiopia has attracted $3.4 billion in foreign direct investment, a substantial increase compared to the same period last year.
This surge in investment is attributed to the government’s macroeconomic reforms, which have created a favorable business environment.
Ethiopia’s abundant natural resources, skilled workforce, and ongoing economic liberalization have made it an attractive destination for investors. The country has experienced a remarkable economic resurgence in recent times, driven by bold reforms that have unlocked its potential.
Key economic indicators highlight this positive trajectory:
Export Earnings: Ethiopia has generated $1.5 billion in exports in the last three months, a $1 billion increase compared to the previous year.
Gold Trade: The country has earned $500 million from gold trading, thanks to government efforts to curb illegal trade.
Revenue Collection: Government revenue has increased to 180 billion Birr in the last three months, up from 109 billion Birr the previous year.
Agricultural Sector: This vital sector is projected to grow by 6.1% in the current fiscal year.
Industrial Sector: The industrial sector is poised for 12.8% growth, driven by improved energy supply and increased production capacity.
As Ethiopia continues to implement its reform agenda, the country is well-positioned to achieve sustainable economic growth and improve the lives of its citizens.
