Ethiopia foresees 6 bln. USD from FDI


ADDIS ABABA – The Ethiopia Investment Commission (EIC) revealed a plan to attract six billion USD from foreign direct investment (FDI) in the current fiscal year whilst attention is given to export-oriented manfacturing industries.

Speaking to the Ethiopian Press Agency (EPA), EIC’s Investment Promotion Team Leader Tariku Getachew stated that Ethiopia prioritizes agriculture and agro-processing, the manufacturing industry, tourism, mining, and the ICT sector to achieve the plan.

“The target clearly indicates the government’s efforts to make Ethiopia the top investment destination in Africa.” In the remaining five months, consolidated efforts are being done to achieve the plan, and next month, an event will be organized in which more than 500 investors from different countries will participate. “This creates a great opportunity to attract FDI and the work of making investors who are engaged in various sectors to expand their business will continue.”

Concerning the past seven month’s performance, the team leader indicated that the nation attracted 2.2 billion USD in FDI while the performance has exceeded that of the same period last year by 18 percent.

The result was gained following the coming of 129 companies to engage in various sectors in Ethiopia. The investors are mostly engaged in pharmaceutical, textile, leather and leather products, the chemical industry, and other sectors.

EIC has been vigorously working to attract, encourage and support investment and inspire investors from different countries to invest in the country. The commission has also made commendable jobs to encourage those who have shown interest and go to different countries of the world to attract investors.

Accordingly, a significant number of investors from China, India, Europe, and other parts of the world come to do business in Ethiopia. “Recently, we received 71 delegates from Pakistan, and it made strong activities to promote Ethiopia’s investment opportunities. Consolidated efforts are also underway to persuade investors from different countries to explore Ethiopia’s market.”

Investment promotion is not a matter that can be achieved all at once but requires the coordination of many stakeholders, so it is being done with diplomats and ambassadors representing Ethiopia in various countries. Also, efforts are being made to make Ethiopia a preferred investment destination in Africa, Tariku remarked.

The Ethiopian Herald March 12/ 2023

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