- World’s perception of Africa should change
- Once an aid-dependent continent today plays a key role shaping global value chains and sustainable development
- Setting up a coordination or financial base in Dubai, key for Sri Lanka to enter African market
It’s time the world changes its perception about Africa from an aid-dependent continent to a region that is actively shaping its role in global value chains and sustainable development, said a Sri Lankan diplomat of a fast emerging economy of the region.
Ambassador Theshantha Kumarasiri
“Africa is transforming at a pace. Countries such as South Africa, Ethiopia, and Egypt are now part of the BRICS alliance, while global powers, including the United States, Canada, the EU, China, Japan, South Korea, India, Vietnam, and the Gulf states, are forging long-term strategic partnerships across the continent,” said Ambassador of Sri Lanka to Ethiopia, Djibouti and Somalia, Permanent Representative to the African Union and United Nations Economic Commission for Africa, K.K. Theshantha Kumarasiri.
He said the time has come for the world to look at Africa through new lenses. It is no more a continent that extends its hand for foreign assistance. It has transformed itself to a continent that is actively shaping its role in global value chains and sustainable development.
“The Embassy has been closely monitoring Ethiopia’s recent economic trajectory. In recent years, the Government of Ethiopia has undertaken a broad set of macroeconomic reforms aimed at stabilising the economy and boosting foreign direct investment (FDI). Priority sectors include agriculture and agro-processing, manufacturing, energy, ICT and digital technology, logistics, and more,” the Ambassador said.
He said that Ethiopia is strategically leveraging its geographic location, large and youthful population, and policy liberalisation to position itself as a key economic player in Africa. These reforms include the gradual opening of key sectors such as banking, finance, and telecommunications, significant infrastructure modernisation, and proactive participation in regional initiatives such as the African Continental Free Trade Area (AfCFTA).
The Ambassador said, at the Ethiopia Investment Forum 2025, on May 12 the Minister of Finance of Ethiopia presented the Government’s reform journey since 2018. He underscored how these efforts have supported export growth and unlocked over USD 10 billion in investment opportunities. He also highlighted investor-friendly measures including tax holidays and streamlined regulatory processes, alongside the government’s continued dialogue with stakeholders to address challenges and enhance the business environment.
Ethiopia’s growing appeal to global investors is evident. A notable example is Safaricom Telecommunications of Ethiopia, which has invested USD 2.5 billion in telecom and IT infrastructure. In only one year, Safaricom has deployed over 3,100 towers, extended 4G coverage to 50% of the country, and surpassed 10 million subscribers. During the forum, the company’s CEO highlighted Ethiopia’s standing among the top three African countries for ease of doing business.
The Sri Lankan embassy has identified agriculture and agro-processing (including plantations), textile and garments Industry, minerals and mining industry, pharmaceutical industry, manufacturing (garments, leather, EVs, construction materials, chemicals), energy (hydropower, solar, wind, geothermal — with over 60,000 MW in generation capacity), pharmaceuticals, construction and Real Estate, ICT and Digital Economy, tourism and mining (especially cement and critical minerals, supported by recent legal reforms) as potential sectors for collaboration between Sri Lanka and Ethiopia, the Ambassador said, adding that there are opportunities in Djibouti and Somalia, despite certain logistical and security challenges. Many countries continue to engage these markets strategically capitalising on their location and trade links.
“I believe that setting up a coordination or financial base in Dubai, through which most goods enter Africa and where a significant portion of financial transactions are managed, would be advantageous for Sri Lankan businesses seeking entry into the African market,” the Ambassador said while reiterating the embassy’s commitment to bridging the information gap between Sri Lanka and Africa, an emerging region of vast potential.
