ADDIS ABABA – The Ethiopian Investment Commission said it has issued investment licenses to 163 new foreign companies and individuals that intend to invest in various sectors in Ethiopia.
Mekonnen Hailu, Ethiopian Investment Commission Public Relations Director, told Addis Zemen daily that a total of 163 new investment licenses have been given over the past six months. Of these, investments from Asia, the United States of America, Europe and the United Arab Emirates took the largest portions, he added.
In addition to issuing licenses, discussions and consultations were held with over 55 foreign nationals who will have significant potential for the newly inaugurated industrial parks being constructed by government and private contractors, Mekonnen explained.
If investors could invest in selected sectors, there would be good opportunity to hit enormous economic benefits for the country as well as for them-selves, he commented.
“In cooperation with the embassies and consulates of the country, information was provided to 215 foreign investors and 482 domestic investors about the investment options in Ethiopia and the requirements for employment. Therefore, more investments are expected in the coming years.”
According to Mekonnen, of the total investment given over the first half budget year, a sum of US $ 1.6 billion has been secured from foreign direct investment in the country. This shows 71 per cent of the plan is achieved, he noted.
Shortage of foreign currency and interruption of electricity are some of the factors for low performance, he said. If a foreign investor wants to come to Ethiopia and invest, he or she has to collect about 200,000 USD in capital, it was learnt.
The Ethiopian Herald, February 29/2020
BY ZELALEM GIRMA
