. First-quarter FDI flow stands at 700 mln USD
ADDIS ABABA – Ethiopia has become the leading Foreign Direct Investment (FDI) destination in East Africa and ranked 5th in Africa, said Ethiopian Investment Commission (EIC).
The FDI inflow to the country in the first quarter of the budget year also stood at 700 million USD. EIC Public Relations Director Mekonnen Hailu told Ethiopian Press Agency that as to the recent World Bank Report, Ethiopia tops East Africa in attracting a large amount of FDI. “The country is also fifth in Africa South Africa, Egypt and Congo.”
“Suitable investment policy, the government’s special attention, as well as competitive and trainable labor force are among the major factors that enabled the country to become successful in attracting FDI.”
Having one of the largest populations in Africa by itself creates potential market opportunities to attract multinational investors and widens the country’s potential to become a preferred investment destination, he added.
The FDI inflow has shown a 15 percent increase from the same time last fiscal year. However, power outage and poor infrastructure facilities remain a challenge for the country in attracting more FDI.
The Ethiopian Herald, November 21/2019
BY TEWODROS KASSA
