The Addis Ababa Investment Commission (AAIC) announced progress in attracting new businesses to the capital. Over the past nine months, the AAIC issued new investment licenses to 1,921 investors, exceeding 76% of its target for the fiscal year. These investors represent a variety of sectors, including construction, urban agriculture, manufacturing, and services.

The AAIC also facilitated the expansion of existing businesses. Investment expansion licenses were granted to 199 investors, surpassing the planned number of 149. Additionally, 303 investors received permits for relocation or changes in their investment sectors, and 80 licenses were replaced. Furthermore, the AAIC renewed licenses for 1,500 existing investors.

A total of 394 projects across various sectors transitioned from pre-development to implementation, with 101 already operational. The AAIC's target for attracting capital was also exceeded, with a total of Birr 9 billion registered – 157% of the planned amount. This investment is expected to generate substantial job opportunities. The AAIC initially projected the creation of 8,244 permanent and temporary jobs, but the actual number created to date is already higher at 11,354.

The AAIC is also streamlining its operations to improve investor experience. A new online service platform is currently being piloted, allowing investors to obtain licenses and related services remotely.

Source: Addis Zemen