BY BACHA ZEWDIE
ADDIS ABABA– Foreign and local investment projects with the combined capital of 83-billion-Birr have become operational during the first half of the current fiscal year, Oromia Investment Commission said, adding that the projects have created 313,615 jobs in the State.
Approached by The Ethiopian Herald, Deputy Commissioner Wasihun Golga stated that whilst 4,285 projects have become operational in the reported period, agriculture, agro- processing, service and manufacturing industry are taking the lead in generating foreign currency and providing employments to the youth.
Among the investment projects, 455 are owned by foreign companies and the rest are being operated by local firms.
As to him, the ongoing national economic reform program and government’s decision to include displaced farmers in the investment ventures as well as youth’s entitlement of small-scale investment projects are factors contributing to the success. “We identified over 3,500 projects to the farmers,”
Washiun said, however, that the recent unrest in some parts of Oromia have played adverse role in the partial or total destruction of private properties thereby enforcing foreign investors to abandon investment projects.
The state government has been hugely engaged to tackle the situation and create enduring peace and stability as well as conducive business climate for both local and international companies.
Furthermore, the government has rendered extensive support to enable damaged projects to commence operation and allowed them duty free importation of machineries and other equipment and entitled companies tax relief and extended their bank loan payment.
Besides, conducting public discussions in the presence of investors, the surrounding community and the youth have been underway and consensus was reached to enhance investors’ sense of ownership in the projects and in turn discharge their responsibilities.
“Investment inflow to Oromia has been increased in recent times as there is better condition in security and in the bureaucratic procedure and no one should hesitate to invest here. “
Oromia’s investment attraction performance during the last budget year was 12,940 projects with the total capital of 343.3 billion Birr and 614,000 jobs.
The Ethiopian Herald 27 April 2021
