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Ethiopia to Revise Regulations to Boost Foreign Direct Investment

The Ethiopian Investment Commission (EIC) is to revise regulations that slow down the flow of foreign direct investment (FDI) to the country and implement them soon, Walta Information Center reported.

This was disclosed at the Ethiopia Ease of Doing Business Reform Validation Workshop held in Addis Ababa in cooperation with the World Bank.

Mr. Fitsum Arega, EIC commissioner, announced that the government was working with commitment to attract international investors by creating favorable trade environment. In order to achieve that, legal frameworks that waste the time and energy of investors were identified and revised. The revised proclamation is currently pending the decision of the concerned body.

He further added that the new laws would help Ethiopia become a very conductive and favored country for doing business. It has been pointed out that the status of Ethiopia with respect to doing business is low according to the benchmark set by the World Bank. The commission ensured that it would improve the status within the coming five years.

Dr. Arkebe Oqubya, Special Advisor to the Prime Minister, addressed on his part that Ethiopia is working to become the leading manufacturing hub in Africa by 2025. Thus, Ethiopia is working to create favorable atmosphere and systems that enable to do business in the country.

Source: Walta Information Center