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Ethiopians returning home, engaged in investment activities: website
Addis Ababa, September 30, 2007 (Addis Ababa) - Ethiopian Diaspora from the western world are returning to their homeland and engaged in various investment activities, Earthtimes.com reported. The returnees express joy over their business activities and living together with fellow Ethiopians.
The website reported recently that Ethiopian Diaspora from North America who lived more than 30 years in exile are engaged in trade activity. One of the returnees, Biniyam Ayele, 37, is now engaged in construction, entertainment and tourism sector in Addis Ababa.

"I will never go back," Biniyam says.

Another returnee, Tadiwos Belete who came back after 25 years to open an elegant spa in Central Addis Ababa, seeing an un-served market that he could address. He closed his two beauty spas in Boston's Posh Newbury Street, USA.

"We haven't even dented the potential of this country. It's a goldmine for anyone with a business mind," said Tadiwos. Tadiwos, who is back home five years ago, has opened a luxury resort-spa 45 kilometers outside of Addis Ababa, and is putting the final touches on another.

Abraham Agedaz, fellow Ethiopian living in Canada vacationing in Addis Ababa at present, said he is considering investing in farming at home.

"When I bought my first house in California, not even two years later I was looking at selling it and buying another one. I was caught up in a never-ending quest for money," said Issayas Gebremichael, 46, who returned with his family to Ethiopia five years ago to run his father's soap factory.

He now makes one-tenth of the 100,000-dollar salary he had in North America and insists he is happier, adding he spends more time with his wife and children. "I knew it was time to get out," says Issayas.

Wooed by the immense profits generated by remittances, the government has been keen to tap into the potential for economic growth from returnees who can invest in the country and has offered them incentives to return, the website reported.

"The government is mobilizing diasporas to come back home and help in the ongoing development of their country," the website quoting Demeke Atnafu, head of the country's expatriate department as saying.

The government has put in place various measures it says makes the relocation easier, permitting returnees to bring in a portion of their goods tax-free, allowing them to keep their other citizenship and making plots of land available for building homes.

Demeke said the only thing deterring the 1.5 million Ethiopians abroad from returning home is "misinformation" about what investment conditions might be like.

Despite the challenges of packing up and moving back, Ethiopians who are living abroad say it (coming home) is well worth of the challenges, the website reported.


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