Amhara Regional State issued investment licenses to 4,724 investors with a combined capital of Birr 483.7 billion during the concluded fiscal year. Around 957,000 jobs are anticipated to be created once these investments are up and running, with manufacturing being the primary industry for the approved investments. The sector earned 1,477.7 hectares of the total 32,157 hectares of land allotted to 1,288 investors.

The preceding budget year saw the launch of the "Let Ethiopia Produce" campaign, which made a substantial contribution to the expansion of the investment sector. It aims to introduce new and existing manufacturing investments and address infrastructure, input, energy provision, and system challenges. As a result of the campaign, there were 865 new investment projects introduced, 322 of which were manufacturing-related, and 63,432 people were employed, up 20% from the previous year. The effort was successful in putting industries into operation, promoting exports, substituting imports, and creating jobs. So far, 38 industries have exported over 80,000 tons of products, earning USD 138.7 million, with manufacturing contributing around USD 127.5 million and the rest coming from flower, vegetable, and fruit exports. However, the state encountered difficulties during the previous fiscal year, including power outages, a lack of foreign cash, the misuse of investment lands, and poor debt management.

In similar news, South West Ethiopia Peoples' Regional State announced that it licensed investors with a registered capital of over Birr 2.2 billion in the 2022/2023 fiscal year. The region aimed to approve a total of 166 projects, with 67 in agriculture, 53 in service, and 21 in industry. So far, it achieved 84.9% of its plan by granting permission to 141 projects. Additionally, 32,170 hectares of land have been prepared for investors who would choose the region for their projects.

Source: The Ethiopian Herald and Fana BC

Image source: IPDC