ADDIS ABABA – Addis Ababa City Administration Investment Commission (AACAIC) said Ethiopia’s capital has attracted more investment than expected during the previous fiscal year.
As Addis is also the seat of the African Union and other international institutions, the Commission has managed to surpass its plan in attracting more investment, AACAIC Commissioner Abdulfeta Yousef told the Amharic daily Addis Zemen.
Last year, the Commission has given licenses to over 2,500 investors. “About 40 thousand investors are working in the investment sector. In general, the investment inflow is going well and is beyond our expectations,” he said.
Abdulfeta also said his Office is working to augment the number of investors from 40 to 50 thousand by the end of the second Growth and Transformation Plan.
He stressed meeting the demand for land by investors has become a challenge. Hence, the Commission is focusing on investment opportunities that could operate on limited land.
“We have given due emphasis to lucrative sectors such as tourism and hotel investment to address the land shortage and hard currency shortage.”
The city administration is also providing additional incentives to those who build star hotels. The construction of eleven such hotels will start soon.
The Investment Commission has also revealed that it has also met the second Growth and Transformation targets so far.
To fulfill the demand of investors who request a large area of land, AACAIC is also jointly working in coordination with states’ investment commissions.
The Ethiopian Herald September 19, 2019
BY TSEGAYE TILAHUN
