Ethiopia's economic reform drive splutters for foreign investors

FILE PHOTO: A general view shows the cityscape of Ethiopia's capital Addis Ababa, January 29, 2017. REUTERS/Tiksa Negeri/File Photo

ADDIS ABABA (Reuters) - When Ethiopia awarded its first private telecom licence last week, Prime Minister Abiy Ahmed hailed it as the crowning achievement of his plan to open up Ethiopia's tightly controlled economy of over 109 million people.

But for many foreign investors who feted him getting the top job in 2018, hopes of cracking one of the world's last major untapped markets are waning, stifled by the slow pace of reforms and ossified bureaucracy.