United Nations Conference on Trade and Development’s (UNCTAD) World Investment Report, which was released on Wednesday, June 24, 2014, has shown Foreign Direct Investment (FDI) which flowed to Ethiopia by the year 2013 has reached U.S $ 953 Million. The report is dubbed ‘Investing in the Sustainable Development Goals’.

The report stipulated Ethiopia’s industrial strategy is luring Asian investors to develop the manufacturing base of the country.

To prove this the report states some examples such as the Chinese Huajian Group which opened a shoe factory in 2013 and further announced its plans to establish a hub for light manufacturing at the cost of U.S $ 2 Billion.

Another example stated was the joint venture formed by the Julphar, a UAE’s company, and Medtech, a local company, for the purpose of constructing a pharmaceutical manufacturing facility in Ethiopia. The report further noted Julphar’s investment for the construction of the plant is estimated to be around U.S $ 8.5 Million.

The report also cited the U.S $ 4 Billion deal signed in late 2013 between Ethiopia and Reykjavik Geothermal, an Icelandic company, for a geothermal project.

According to the Walta Information Center the report has stipulated the FDI flow to Africa in 2013 has increased by 4 percent when compared to the year previous to it. It further stated Ethiopia’s strong performance aided the East Africa region to secure a 15 percent increase in FDI flow to the region.

Source: Walta Information Center