- Creates nearly 80 thousand employment opportunity
BY MULATU BELACHEW
ADDIS ABABA – Sources disclosed that Saudi Arabia has run a total of 236 investment projects worth 20.5 billion birr capital in Ethiopia from September 09, 1992 to March 13, 2022.
Of this investment projects, 124 projects go operational but the remaining 52 and 60 are at pre-implementation and implementation phase respectively, according to Saudi Arabia Summary investment project report.
Saudi Arabia’s investment has created nearly 80 thousand employment opportunities (over 25 thousand permanent and over 50 thousand temporary employments in Ethiopia.)
Saudi Arabia has been investing in a range areas in Ethiopia such as agriculture, manufacturing, mining, education, health, hotels, tour operation, transport and communication, real estate, Machinery and Equipment Rental and consultancy service, Construction, contracting including water well drilling and others, it was learned.
Foreign Direct Investment Promotion Directorate Director at Ethiopian Investment Commission (EIC) Aschalew Taddesse told The Ethiopian Herald that currently investments are well underway though more effort is still required.
Incentive packages with which the government of Ethiopia has been providing investors to run their investment in the country are categorized into three: Income tax resolution period, Tax free machinery import, investors allowed to export products without paying export fee.
EIC has been continuously addressing the shortcomings investors have faced in an integrated way apart from incentives and package privileges. Investors are operating in a better performance tough a lot remains to be done along this line, he underscored.
The Ethiopian Herald June 4/2022
