. 281 of them are foreign investors
ADDIS ABABA – Ethiopian Investment Commission (EIC) disclosed that over 337 investors received investment license online following the launching of an online service platform.
The platform also enables online administration of investment incentives, and the Commission also disclosed that the country has attracted 700 million USD Foreign Direct Investments (FDI) during the first quarter of the ongoing fiscal year.
Talking to The Ethiopian Herald, Mekonnen Hailu, Public Relation Director at the Commission said that from the time of the new online application announcement over 337 investors, out of which 281 are foreigners, have received their license online. This year the commission secured $700 million in the first quarter and 13 percent greater than the past year.
The online database system helps investors to apply online easily without being physically present, which reduces unnecessary hassle, and saves time and energy, he indicated. This also comes after an initiative to revise Ethiopia’s investment law regime, where investors can apply for new investment permit and its renewal, was launched nearly a year ago.
Mekonnen said that the government has been amending the investment law in order to improve the investment and business climate and enhance the role of the private sector. As to him, the country’s investment potential is being promoted in big global meetings like that of TICAD meeting. Prime Minister Abiy Ahmed is promoting the investment potential of the country and inviting foreign investors to invest in the county.
He further stated that the government has embarked upon a program of economic reform, including privatization of state enterprises, and while the process is still ongoing, the reforms have already attracted much needed foreign direct investment.The government has taken a series of measures, including reforming the investment laws and business climate, and opening up key economic activities to private investments.
Unlike before, some of the sectors are reserved for domestic investors, only like Ethio-telecom and electricity are opened up for foreign investors. By doing this, 25,000 jobs have been created in the first quarter of this year alone in manufacturing, service and agriculture sector, Mekonnen said. The Commission has also launched a Chinese web-portal that is intended to provide up to date information to Chinese investors.
The Ethiopian Herald December 18/2019
BY HAILE DEMEKE
