Ethiopia’s FDI hits 1.1 billion USD in 5 months

BY BACHA ZEWDIE

 ADDIS ABABA – Ethiopian Investment Commission (EIC) said that the country has secured 1.1 billion USD from Foreign Direct Investment (FDI) over the last five months of the current budget year.

Speaking to The Ethiopian Herald, EIC Public Relations Director Mekonnen Hailu stated that the intensive promotion of the country’s investment opportunities, coupled with the positive-economic growth enable the country to witness significant FDI inflow. The federal government has been closely working with state administrations to create a conducive business climate to

 foreign investors.

Whilst manufacturing, agriculture, horticulture and service sectors have the lion’s share in luring the FDI in the reported period, a significant number of foreign companies have been operational by themselves or set up joint venture with local firms.

He noted that the commission is closely working with state administrations and frequent visits have been paid by officials of the EIC to facilitate conditions to attract more foreign investors. Recently, EIC Commissioner Lelise Neme have paid a work visit to Afar, South, Oromia, Amhara   and Sidama states, intending to encourage the investment activities underway in the

 respective areas.

The visits are crucial to deliberate on the ups and downs investors have been facing during the operation phase and identify ways the commission and state governments to address the challenges, Mekonnen added. They are also fruitful in enhancing the manner investment promotion activities are being carried out in the respective places.

The director further noted that the commission has revisited its approach towards state organs in a way to boost the state governments’ commitment to set enabling business climate and easing setbacks thereby attracting more FDI. The Intensive promotional activities that are being carried out with state partners will be maintained to make the country a favorable destination of foreign businesses.

The commission understands that the recently reformed investment law that open strategic areas for private capital encourages foreign investors to come and do business in Ethiopia, Mekonnen said.

The Ethiopian Herald 13  February 2021

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