During the first three months of the current fiscal year, Ethiopian Investment Commission (EIC) revoked over 65 investment licenses claiming they did not go operational in the time set for them.

The Commission sent letters to concerned officers to take back lands given to the investors and also relinquish title deeds in addition to any other incentives the investors were granted.

Nonetheless, the latest report by EIC did not include the names of the licensees and the tye of investments whose license has been canceled.

In the same period EIC extended 101 new investment and 34 expansion licenses. However, the plan was to issue 120 new licenses and extend 25 expansion investment licenses.

Among the 101 investment licenses given, 99 of them are Foreign Direct Investment (FDI).

EIC’s report indicates the Commission offered the necessary support for 54 investment projects to enable them to go operational. It furthered these projects have an aggregate capital of 4.47 Billion Birr; nonetheless, it aimed for 6.38 Billion Birr by assisting 75 investment projects.

In addition to this, the Commission managed to register only USD 66.98 Million in the first quarter of the fiscal year while its aim was USD 75 Million.

Source: The Reporter