Lelise Neme, Commissioner of Ethiopian Investment Commission (EIC) announced that Ethiopia has secured an FDI (foreign direct investment) of $1 billion during the first four months of the Ethiopian fiscal year that started on July 8, 2021.
The Commissioner, noting the achievement was made despite several challenges Ethiopia is faced with, including the ongoing conflict, said "some 54 foreign investors have invested $1.07 billion in the manufacturing and service sectors during the past four months of the fiscal year.”
33 of the 54 investors are engaged in the manufacturing sector, while the 21 are in the service sector, Ms. Lelise said.
“This performance has shown over 23 percent increase when compared to the same period of the last fiscal year. The growth in this regard shows the realization foreign investors have developed about the advantageous of investing in Ethiopia,” she pointed out.
The Commissioner said EIC is "encouraged" by the significant increase in investment and the way the investors see the opportunity and the huge investment potential in Ethiopia.
Ethiopia's investment climate has become much more favorable owing credit to the Ease of Doing Business initiative, which is part of Ethiopia's homegrown economic reform, as well as the revision of the investment law, she noted.
Ms. Lelise extended calls to the Ethiopian diaspora to explore the vast investment opportunities that abide in Ethiopia, and invest in their areas of interest. She specifically called to attention Ethiopia's enormous potential in the sectors of agriculture, industry, services, as well as energy and mines.
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Source: ENA
Image Source: EIC
