ADDIS ABABA – Agnwa Zone Administration of Gambella State has annulled the investment licenses of 301 investors after they fail to commence projects on time and pay land use tax during the previous fiscal year.
Some of the investors were also unable to reimburse the investment loan they get from the Development Bank of Ethiopia, Ogula Agula, Chief Administrator of Agnwa Zone told The Ethiopian Herald.
More than 250 domestic and foreign investors have been actively investing in the zone benefiting themselves and the country as a whole. “However, the rest have failed to fulfill their promises and the zonal administration was forced to annul their licenses.”
According to Ogula, the government has repeatedly sent letters to investors requesting them to reveal their reasons for the delay or failing to pay taxes. “We are forced to take the actions as they opt to remain silent.”
The state’s Investment Board and the leaders of Coke, Abobo, Dima, and Gambela woredas have reached an agreement to take the action on the investors.
Ogula said the Administration is still open to discuss with and allow the investors to reacquire their licenses once they finalized preparation to commence their projects without any delay. According to Ogula, the State Investment Board was established to provide appropriate support for and oversee the activities of the investors.
Ogula also added that the Zonal Administration is more than ever committed to supporting investors who keep their investment promises and their agreement with the government.
The administration is also preparing to organize an even in recognition of such investors.
The Ethiopian Herald Sept 19/2019
BY MULATU BELACHEW
