ADDIS ABABA–The Addis Ababa Investment Commission has issued investment licenses to 612 investors with a registered capital of 2.93 billion Birr in the first quarter of this fiscal year, marking a significant improvement in investment performance.
The Commission’s Communication Director, Meseret Woldemariam, told the Ethiopian Press Agency (EPA) that investment activities in the first quarter of the current year were 13% higher than those in the same period last year. Most of the licensed investors are engaged in the service and manufacturing sectors.
The service sector includes industries such as hotels, tourism, and information technology, while the manufacturing sector encompasses electrical products, metals, woodworks, and textiles.
In addition to the capital influx, the Director noted that 8,707 permanent and temporary job opportunities were created during the first quarter. Specifically, investors who registered more than two billion Birr in capital generated 490 temporary and 770 permanent jobs.
Meseret further highlighted that the commission will conduct field monitoring to ensure newly licensed investors join the workforce promptly. “If any issues are identified during monitoring, they will be addressed immediately, allowing investors to commence operations without delays,” she assured.
Foreign exchange shortages remain one of the most significant challenges for investors, but the Director noted that this issue has shown signs of improvement thanks to recent macroeconomic reforms.
Another common concern raised by investors is access to workspaces. Since this issue falls outside the commission’s jurisdiction, it is referred to the Mayor’s Office, where additional support is provided for rental and working conditions. Other infrastructure challenges that are within the commission’s scope are being addressed in collaboration with relevant departments.
Meseret emphasized that ongoing corridor developments in Addis Ababa will further attract investment, with the city’s cleanliness and stability playing a crucial role in fostering a conducive environment.
The Commission is also working to streamline processes for investors by adopting digital technology. This initiative will enable investors to obtain permits and access services remotely, saving time and improving efficiency.
Addis Ababa’s improved investment performance showcases the government’s commitment to fostering economic growth and creating jobs through effective reforms and investor-friendly initiatives.
BY ESSEYE MENGISTE
The Ethiopian Herald December 1/2024
