ADDIS ABABA-Various globally acclaimed manufacturing industries and other companies are aiming at investing in the various Industrial Parks here, said Ethiopian Investment Commission (EIC) Public Relations Directorate Director Mekonnen Hailu. In an exclusive interview with The Ethiopian Herald, the Director said that the investors are coming in droves cognizant of the promising investment environment and the various investment reforms underway.
Several world-acclaimed manufacturing companies had already signed a Memorandum of Understanding (MOU) with the Commission to kick start investment soon, he added. As to him, the commission is eager to boost international and local investments so as to buttress the manufacturing and industry sector’s contribution to the national economy.
“These multinational companies will help attract further international brand companies to explore various investment opportunities in the country and expedite technology transition. Volkswagen, known in the German Automotive Industry is among the leading companies that has signed the MOU to start investment in the country,” he said.
Taking on board investors in diversified sectors will lend muscles to the country’s export items both in quality and quantity, Multinational companies displaying disposition of investment: Commission he indicated. He stressed that these multinational investors’ participation in the country widens Foreign Direct Investment (FDI) inflow opportunities, adding that, promoting competitive employment opportunities to the youth is the companies’ other indispensable role.
Currently, as part of the bid to facilitate flexible investment system, a One-StopShop Service (OSSS) is brought into play both in the Commission and Industrial Parks, according to him. Accordingly, EIC is working in concert with pertinent sector stakeholders so as to make the country a preferable investment destination.
Last year, more than 72 anchor investors from abroad had held preinvestment tour in the country and they are now flexing muscles to embark on investment ventures. Agriculture, agroprocessing, manufacturing, automotive industry, electric power generation, pharmaceuticals, mining, construction, service sectors, among others, are the main sectors that are open for local and foreign investors’ participation.
The Ethiopian Herald, Sunday Edition May 12/2019
BY TEWODROS KASSA
