Okay, so you need to incentivize free trade and business friendly policies in order for companies to move into Ethiopia. I guess Ethiopia could conquer Eritrea at some point and thereby have a choke point on the Red Sea (unless Eritrea was always a part of Ethiopia and only recently gained independence).
In most cases, industrialization by non-Western European powers is a top-down affair, meaning that industrialization must be achieved by the elite (Ottomans, 18th-19th century Egypt, Japan, Ataturk Turkey, Yugoslavia).
Religion and elite ties to traditionalism would also hinder industrialization too. Thailand was only industrialized to the point of it's capital being a colonial port, equivalent to Dutch Batavia or Spanish Manila instead of competiting with the European capitals for industrial output (Paris, London). So, you really need your rulers to be super ambitious and super tactile politically (i.e. Mehmed II), with the approval of the aristocracy and the religious leaders, plus free trade, plus getting access to the Red Sea via Eritrea.
Also, what kind of natural resources are there in Ethiopia? Ethiopia needs to take advantage of that as well. Myanmar, for instance, has one of the most biggest amount of natural resources in the world, but it hasn't really exploited them to ensure a strong economy or a strong democracy in modern times. The Europeans would have easily exploited a country's natural resource if its rulers did not pay enough attention to utilizing it.
Also Ethiopia should improve its ports like Modern Singapore did, initiate mandatory education, hire foreign advisors, send the sons of the elite to European schools, write a Constitution, promote freedom of the press, implement a Western understanding of the rule of law, free and democratic elections, separation of church and state, the separation of powers, and increase railroad and road coverage throughout the country.