Arab News:  Ethiopia, with its vast investment potential in tourism, holds bright prospects for investors, Arab News reported. "We want Saudis and other Arabs to explore the country and develop its tourism at a time when the number of overseas visitors is on the increase," Mohamoud Dirir, Ethiopia's Culture and Tourism Minister, told Arab News in an interview. "We encourage Saudi investors to visit and explore, as we don't consider them as foreigners. After all, our cultural ties are historically strong," he said.

The country, with its predominantly Christian and Muslim population, offers venues for regular interactions of different faiths, the minister said. "Ethiopians are friendly and hospitable. What we need to do is to develop the infrastructure. We can go an extra mile to welcome our Saudi and Arab investors and tourists," he said. In fact, all tourism sectors are open to foreign direct investment (FDI).

While Saudi and other investors can benefit from the vast opportunity Ethiopian investment law offers, the country could benefit in terms of fighting poverty and further consolidating its economy, he added. Hundreds of thousands of tourists have been visiting Ethiopia every year. Their number is expected to increase due to two factors: The country is concentrating on developing the infrastructure including better accommodation and roads at its important tourist destinations. "However, our immediate concern is that the FDI level has to increase.

According to the minister, the tourism sector is a promising one for investors. That is why a number of Ethiopians residing abroad have been returning to their home country and taking advantage of the situation that holds good for investment. Many other Ethiopians residing abroad have been investing in and promoting tourism. "These people are changing the face of tourism," he said.

The government has set the policy framework and is encouraging overseas investors by offering duty-free facilities and allowing them unrestricted profit remittances. United States Agency for International Development (USAID) has launched its new multi million dollar ecotourism program, with a view to contributing to the development of Ethiopia's unique and potentially very "lucrative" ecotourism sector.

The five-year program will protect natural resources and cultural heritage sites, as well as improve the livelihoods and quality of life of local communities. Up to 14 million USDs will be available for it. The number of hotels in Addis Ababa and other Ethiopian cities continues to increase.

Accor, the French group, is constructing two hotels at the center of the capital, while an Irish owned hotel is nearing completion. The report said the Sheraton Addis is one of the 10 luxury hotels dotting the capital. The country, which has designated world heritage sites, is suitable for promoting tourism, particularly because of its greenery, lakes, spas, flora and fauna, wild life, birds and spiritual and religious places.