The Ethiopian Investment Commission (EIC) announced that the country received USD 3.4 billion in foreign direct investment (FDI) by registering 269 investment projects in 2022/23. The registered projects were in a variety of sectors, including agriculture, manufacturing, mining, and information technology.

EIC attributed the increase in FDI to the government's efforts to improve the investment climate in Ethiopia. These efforts include simplifying the investment registration process, reducing bureaucratic red tape, and providing tax incentives to investors. It also stated that the country's abundant natural resources, skilled workforce, and strategic location were major factors that attracted foreign investors.

According to Lelise Nemie, EIC's commissioner, the Commission is working to improve the ease of doing business in Ethiopia. The Commission is also working to strengthen coordination with other institutions and regions to attract more foreign investment.

Source: Ethiopian News Agency