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Ethiopia attracts over $3.7b FDI annually

Ethiopia has attracted more than $3.7 billion Foreign Direct Investments (FDI) during the country’s last fiscal year which ended on June 8, 2018, the Ethiopian Investment Commission (EIC) announced.At a press conference on Wednesday, EIC Commissioner Dr. Belachew Mekuria said the nation has managed to lure the stated amount in FDI, despite the multi-faceted challenges the country has faced over the year, including ethnic conflicts in several parts of the country.

The inflow in FDI is low compared to the national plan, which was to attract investment worth of $4.6 billion

“Lack of foreign currency and unrest observed in some parts of the country has negatively contributed to the reduction of the FDI inflow,” he stated.

According to the Commissioner, China, India and Turkey were the leading countries whose investors engaged in various investment areas during the stated time.

Through the efforts exerted to stabilize the situation, the government has managed to maintain existing investments and simultaneously managed to attract new companies into the country, he said.

The commission has also issued investment licenses to 275 foreign projects with a combined capital of over $5 billion during the stated time, he added.

Ethiopia’s investment has created job opportunities for 133, 000 citizens over the stated period, in the newly-built industrial parks and in some other investment ventures.

The Horn of African country has given due attention to industrial development and to attract more foreign direct investment to realize development via building several industrial parks across the country, in addition to incentives and a conducive business environment.

 

The government says Ethiopia is working to realize its ambition of becoming an industrial hub in the region, and through structural transformation by scaling up the performance of the manufacturing sector. 

Source: https://www.journalducameroun.com/en/ethiopia-attracts-over-3-7b-fdi-annually/

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