The Ethiopian Investment Commission (EIC) signed investment agreements worth over USD 1.6 billion with various foreign companies during the International Investment Forum – Invest Ethiopia 2023 – which was held for three days under the theme “Invest and Grow in Ethiopia”.

The forum saw the attendance of 600 new foreign direct investors. The Commission was able to sign memorandums of understanding (MoUs) with several companies including Sonoma Cement Co. Ltd which is engaged, among others, in the production of cement and gypsum and marble mining. The company will register a capital of USD 500 million for the project. On the other hand, the Commission also signed MoUs with AI Foods and Unilever Manufacturing PLC, AGP (Ethio-Chicken), Jiangzi Lyzhouyuan, and Shandog Timber and Wood Products. AI Foods and Unilever will engage in nutritional foods manufacturing with a capital of USD 45 million while AGP agreed to expand its existing project in Ethiopia with a capital of USD 20 million. Shandong Timber promised the highest investment capital among the signatories by indicating that it would bring in USD 1 billion into the country to engage in park construction and park equipment manufacturing, among other activities.

According to EIC’s Commissioner Lelise Neme, the forum and such engagements will continue next year. This year’s forum is expected to generate more than USD 3 billion in investments over the next few years.

Source (including image): Ethiopian News Agency