Ethiopia’s reformist prime minister acknowledges that challenges remain “formidable” as the East African power seeks to overhaul its fast-growing economy and open it up to foreign investment.

Prime Minister Abiy Ahmed told the World Economic Forum that sustaining growth is crucial in a country with 60 million people under age 24. He says it “requires the unleashing of the private sector” and reforming state-owned enterprises including telecoms, railways and more.

He says Ethiopia urgently wants to join the World Trade Organization. He also vowed that the country long controlled by a ruling coalition and allied parties will hold free and fair elections in 2020.

Abiy urged investors to “seize the day but also trust the future” in a country that, before he took office in April, was rocked by months of anti-government protests.