Chapter IX
Economic Development
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Foreign Capital Participation
Nov. 02, 1960
... In Our efforts to improve the life of Our people, We have constantly sought to attract private
capital to Ethiopia for investment in both industrial and agricultural undertakings.  Our efforts have
not, unfortunately, met with the full measure of success which they warrant.  But Our Empire's
development cannot be delayed because private capital is scarce or unwilling to invest in Ethiopian
enterprises, and We have been obliged to initiate ourselves in past years a number of projects
which could equally well have been financed with private assistance.  Today, however, fuller
recognition is being accorded to the importance of Africa in the world's economic structure, and
closer attention is being paid to the possibilities for private capital investment here.  Despite past
disappointments, Ethiopia continues to welcome private investment, and We are confident that it
has a vital role to play in Our country's continuing growth.

But it must be remembered that investment in any under-developed country, be it Ethiopia or
another, is in the nature of a partnership.  We, seeking to attract capital, must recognize that the
investor is entitled to a fair and reasonable profit, and we must be prepared to accord those
reasonable concessions which are necessary to meet the needs, the desires and the fears of private
investors.  But, conversely, the investor must recognize that he has certain obligations to fulfil to
the country in which he is investing.  His investment must make a real contribution to the
development of the economy of that country.  He must recognize that he has obligations not only to
the workers who labour for him, but, in a very broad and general sense, to the entire population of
that country.  The partner who places his own short-range ambitions ahead of the long-range
interests of the partnership has embarked on a course which will ultimately result in the
dissolution of the partnership itself...
Haile Selassie the First - November 2, 1960