Addis Ababa licensed 2,537 new investors in the first ten months of the current Ethiopian fiscal year, according to the Addis Ababa City Administration Investment Commission (AAIC).

Communications Director Meseret Woldemariam stated that the Commission also renewed licenses for 2,760 investors during this period.

In April alone, 399 new licenses were issued, alongside 22 expansion, 44 amended, and 5 replacement licenses. Additionally, 334 investors received amended licenses, 99 were issued replacements, and 115 foreign nationals obtained employment permits over the ten-month span.

The AAIC has also granted expansion licenses to 245 investors and facilitated over Birr 7 billion in investments this fiscal year. Institutions received duty-free privileges for 818 capital goods, 106 construction materials, 14 vehicles, 32 spare parts, 93 income tax exemptions, and 51 raw materials.

Meseret emphasized that efforts were ongoing to improve investor support by easing access to workspaces and strengthening coordination with stakeholders. She noted improved performance in both investment flow and project implementation compared to the same period last year.

Source: The Ethiopian Herald