The Ethiopian Investment Commission

On May 4th, 2022, we had the pleasure of having officials from the Ethiopian Investment Commission (EIC) visit our MMCY Tech office in Addis. EIC is an autonomous government institution that focuses on private and foreign direct investment (FDI).

Our senior management welcomed Mrs. Fantu Faris and Mrs. Feven Dagnachew from the International Finance Corporation (IFC) and the Deputy Commissioner of EIC, Mr. Daniel Teresa.

We gave them a presentation about the Business Process Outsourcing (BPO) industry in Ethiopia and MMCY Tech’s 15-year-long journey within the industry. We also highlighted the challenges currently present in trying to grow the market. 

Afterwards, we gave them a tour of the office, explaining the day-to-day activities of our different business units. The office tour allowed the officials to see the full scope of our operations and envision a future partnership between us.

Overview of MMCY Tech and the BPO Industry

We started the presentation by giving them a summary of what MMCY Tech does and how long we’ve been in the business. We also wanted to provide EIC with relevant information about the current state of the BPO industry, both in Ethiopia and around the world. 

In 2019, the global market size of outsourced services was valued at 92.5 billion U.S. dollars, increasing approximately seven billion U.S. dollars from the previous year.

Beyond being a 92.5 billion-dollar industry worldwide, the BPO industry generates 10 million dollars annually in Ethiopia. However, the sector has yet to realize its full potential.

Ethiopia has the potential to become a leading African player in this industry. Furthermore, the growth of the BPO industry in the country would mean opening doors for global companies, such as IBM, Amazon, and Microsoft, to enter the market.

The development of the BPO industry would raise Ethiopia’s GDP, lower energy costs, increase the talent pool of young workers, and so much more. 

MMCY Tech’s Sales and Marketing Director, Bisrat Girma, expressed his appreciation for the current Government Driven Digital Transformation Initiatives set by the Ethiopian government to expand the telecom industry. Bisrat explained that this initiative would be beneficial for the BPO industry.

The BPO industry has its unique challenges, which we brought up for discussion. Some of the challenges we discussed included high taxation on imported products such as laptops and computer accessories, poor internet connection, and the lack of internet service providers (ISPs).

BPO companies usually work on a 24/7 schedule and are expected to be available at any given time. Such disruptions can cost the companies a lot and can be very challenging to the industry.

We ended the presentation by explaining our goals and solutions to these challenges. Finally, we showed our dedication to this industry and interest in working with EIC to see the BPO industry flourish and be a part of Ethiopia’s economic growth. 

Tour of the Office

Bisrat introduced the EIC officials to our senior management during the tour. 

They met Nebiyou Elias, our Cvent business unit leader, who described what cvent is and what his team members do. 

Cvent is an event and hospitality technology provider. They offer web-based software solutions for in-person, virtual, and hybrid events, including online event registration, venue selection, event marketing and management, virtual and onsite solutions, and attendee engagement.

Other department heads and managers the EIC officials met included Kalkidan Goitom (Business Support Manager), Beruh Yayehyirad (Director of Technology), Caleb Gedion (Creative Director) and Rebka Eshetu (People Operations Manager). Each department head showed the officials their teams’ corners and gave brief explanations of their work.

Conclusion

At the end of our presentation and tour, the EIC officials expressed their interest in supporting Ethiopia’s BPO industry and their appreciation towards MMCY Tech for contributing to Ethiopia’s national economic growth. They also highlighted our culture of providing job opportunities for Ethiopia’s young and talented workforce.

We are looking forward to a future working with EIC and other government institutions to support the growth of companies such as ourselves throughout the country. Such involvement will improve working opportunities and conditions while boosting the industry to reach new heights. 

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