Ethiopian Investment Commission hails promising performance of FDI in the country.
The Ethiopian Investment Commission (EIC) has issued new investment licenses to 667 foreign investment projects during the last Ethiopian year (from July 07, 2013 to June 08, 2014 GC).
The projects are expected to create employment opportunities for an estimated 42,868 Ethiopians when they become fully operational.
According to the Commission’s 2013/14 annual official report, 264 projects in operational have already succeeded in creating employment opportunities for 20,683 citizens.
The Commission report indicates that though the Ethiopian government basically encourages FDI inflow aiming at creating significant job opportunity to Ethiopians and fully exploits the untapped natural resources subsequently bringing about technology transfer and capital. This regard, the Commission further noted that Ethiopia is becoming one of the best investment destinations of Asiatic and European investors particularly owing to its inexpensive labor cost and political stability in the volatile East African region.
Ethiopia being a home of over 90 million people is also a good market option for Asian as well as European investors. Several products made in Ethiopia are penetrating the USA market through the AGOA (African Growth and Opportunity Act of the US government) and European markets through EBA (Everything But Arms) initiative of the EU. As member of COMESA (Common Market for Eastern and Southern Africa) Ethiopian products are benefitting the preferential tariff agreed by economic consortium which consists of 19 countries accommodating over 430 million people.
Source: Ethiopian Investment commission public relation Directorate