Ethiopia's Finance Minister, Ahmed Shide, has hailed the country's recent macroeconomic reforms for creating "tangible results"in attracting foreign investment and modernizing the domestic retail sector.
Speaking at a signing ceremony in the capital, Ahmed Shide announced that the French retail giant Carrefour is set to enter the Ethiopian market through a landmark partnership with the MIDROC Investment Group. The agreement will see Queens Supermarket, a subsidiary of MIDROC, transition into a Carrefour franchise.
Under the terms of the deal, 13 existing Queens Supermarket branches will be rebranded under the Carrefour name, with the first stores expected to begin operations by mid-2026.
Minister Ahmed noted that the deregulation of the retail sector, a key component of the government's reform agenda, has paved the way for high-capacity international institutions to establish a presence in the country. He added that the move would not only modernize the shopping experience for Ethiopian's but also provide a significant platform to promote Ethiopian products to a global audience.
The Chief Executive of MIDROC Investment Group, Jemal Ahmed, said the partnership is designed to align local production with international quality and trade standards. He emphasized that the project extends beyond rebranding, with plans already in place to expand the retail network to various cities across the country.
Furthermore, the deal is expected to provide a major boost to Ethiopia's agricultural exports. Ahmed highlighted that MIDROC's key commodities—including coffee, tea, spices, flowers, and fruits—will be distributed through Carrefour's extensive international network, allowing value-added Ethiopian goods to compete more effectively on the world stage.
Patrick Lasfargues, the executive director of Carrefour International Partnership, expressed confidence in Ethiopia's investment climate, citing the macroeconomic reforms as a decisive factor in opening the market. He revealed that the company intends to open 17 additional retail stores by 2028, in addition to the initial rebranding phase.
"By combining MIDROC's deep local expertise with Carrefours global experience, we aim to provide Ethiopian customers with high-quality products at affordable prices," Lasfargues stated. He added that Carrefours entry would help introduce Ethiopian staples, particularly its world-renowned coffee, to a wider international customer base.
Carrefour is one of the world's largest retailers, operating more than 15,000 stores across 40 countries. In 2024, the group reported a total revenue of €94.6 billion.
