With a view to supplying information for investors who are coming into the country, Ethiopian Investment Commission announced that an online database system (iGuide) is started. The commission made a three months preparation before launching the system.

The United Nations Conference on Trade and Development and the Economic Commission for Africa developed the database system.

On its website, the platform provides information on costs and prices of labor, taxes, rent values, and transportation. It also contains licensing requirements, contacts and the experiences of established investors. If there is legislation and price changes or when cost adjustments are made, the system can be updated and only federal agencies are authorized to update and upload data on the system.

EIC’s Director for Information Technology and Data Management, said, “There is still some review work that needs to be finalized before the documents pertaining to investment are released online.”

The online database system informs investors of the terms and conditions investing in developing countries. It is already fully started in Kenya and Rwanda.

EIC’s Commissioner, Dr. Belachew Mekuria, said Ethiopia attracted USD 3.7 billion FDI in the 2017/18 fiscal year, attaining four-fifths of its target. He said political unrest and hard currency shortages deterred the country from achieving its full target.

China, India and Turkey were the three leading sources of investment in the past fiscal year. The investments thus far have created job opportunities for more than 133,000 people, including the newly established industrial parks.
EIC is also aiming to make changes to incentive packages.

Source: Addis Fortune