An amendment for the Ethiopian Investment Proclamation was sent to the House of Peoples’ representative s for discussion, Capital reported.

The draft proclamation indicated the Ethiopian Investment Agency will be restructured as a commission and will be managed by a board whic will be he board will behaired by the Prime Minister. 

The Commission will also have additional powers such as ratifying significant issues with the goal of promoting the manufacturing sector, especially industrial zone developments. 

The document attached to the draft proclamation states the manufacturing sector requires strong management and fast decision making without the intervention of other bodies.

And in order to respond quickly also address dynamic global economy matters efficiently, the Prime Minister will chair the Investment Board.

The draft proclamation gives the Prime Minister some significant powers for which he is not obliged to involve the Council of Ministers. One of these powers is stated under Article 29 (6) of the draft document. The provision stipulates “where necessary, authorizing the granting of new or additional incentives other than what is provided for under the existing regulation”.

Another provision granting the Prime Minister with such powers is Article 29 (7) which states “where necessary and without prejudice to the provisions of Article 5 of the Proclamation, authorize the opening of investment areas for foreign investors, otherwise exclusively reserved for domestic investors”.

The draft bill bestows upon the investment board the power to oversee the administration and the supervision of industrial development zones.

Source: Capital