ADDIS ABABA – Debre Berhan has become Ethiopia’s alternative investment destination, said city Industry and Investment Bureau.
The Bureau told The Ethiopian Herald that the Debre Berhan city of Semien Shewa Zone in the Amhara State is currently hosting 461 investment projects with a registered capital of over 29 billion Birr.
Some 250 investors are engaged in the manufacturing sector and the remaining are involved in service and agro-processing sectors. Bureau Head Berhan Gebrehiwot said that the city has become among the top Ethiopian cities where investment activity is expanding rapidly.
Multinational companies from Europe, Asia, the Middle East, and the US are applying to get investment license, he added. Indicating that Debre Berhan city has become a preferred investment destination in Ethiopia, he said the investment projects are expected to create jobs for more than 50,000 citizens, he said.
He also said that the Bureau has issued investment license to more than 130 investors in the just-ended fiscal year and preparation is undertaken to receive additional 140 investors this budget year. Sustainable peace, quick investment service delivery, availability of suitable land, diversified natural resources and favorable conditions for investment are some of the factors that enabled the city to attract more investors, Berhan said.
As the city is located 130 km away from Addis Ababa, investors from the capital are eagerly searching for investment opportunities in the capital. For his part, Head of the North Shewa Zone Industry and Investment Bureau Shimeles Tibebu said that the commitment of residents and stakeholders to ensure peace and stability has assisted the city to record sustainable growth in attracting investment, he added.
The investment projects which are operating in the city have created over 30,000 jobs recently, it was learnt.
The Ethiopian Herald, December 5/2019
BY TEWODROS KASSA
