Ethiopia Outruns Sri Lanka?

February 16, 2017

Last regime’s African sensation was Swaziland. Under the good governance government, it’s Ethiopia.

Economy wise, Sri Lankans used to believe that it has at least developed than many African countries.

But the picture has changed. Ethiopia, a country located in the Horn of Africa is one of the fastest growing economies in the world. Its capital, Addis Ababa is home for African Union headquarters. Ethiopia is the most populous landlocked country in the world, as well as the second-most populous nation on the African continent after Nigeria.

On the contrary, Sri Lankan Rupee and altogether economy is experiencing quite a bad luck.

Meanwhile Sri Lanka became one of the newest additions to Ethiopia's blooming investors fleet. Others are being China, India, Belgium, Spain, France, Hong Kong and Indonesia. Foreign direct investment in Ethiopia dropped by a fifth in the first half of the country’s fiscal year after violent anti-government protests in which foreign-owned businesses were targeted. And the government allegedly used not so great tactics to overcome the situation.

At present, the exchange rate value between the Sri Lankan Rupee and Ethiopian Birr is:

The Embassy of Sri Lanka was opened on 2nd February by the Foreign Ministers of Sri Lanka and Ethiopia during the Sri Lankan Foreign Minister Mangala Samaraweera’s official visit to Ethiopia. Minister was much enthusiastic and hopeful regarding the new arrangement.

Nevertheless, according to Deputy Foreign Minister, Dr Harsha de Silva, Sri Lankan economy is in poor state not due to new government's actions.

© 2017 Asian Mirror (pvt) Ltd