Lagos, Nigeria (CNN) Ethiopia is opening key economic sectors, including the state-owned Ethiopian Airlines and state-run telecoms, to local and international private investors.

The privatization drive comes at a time when Ethiopian Airlines, Africa's largest carrier, is making big plans to expand into other markets in Africa and to include more international destinations.

Ethiopia's ruling party, which has been in power since 1991, said the economic reforms were an attempt to sustain the country's rapid growth.

The Ethiopian Peoples' Revolutionary Democratic Front, ( EPRDF), in a statement Tuesday, said government will wholly or partially transfer its shares in state-owned railways, hotels, parks and state-run manufacturing companies to the private investors.

"The greater shares of Ethio Telecom, Ethiopian Airlines, Electric Power Stations and Maritime and Logistics shall be owned by the government, whereas the rest of the shares shall be privatized by local and foreign investors or diaspora," the statement said.