Ethiopian Informer
ADDIS ABABA — Ethiopia has attracted 3.9 billion USD in foreign direct investment (FDI) during the 2023/2024 fiscal year, which concluded on July 7, according to a recent announcement from the Ethiopian Investment Commission (EIC).
In a statement released on Friday, the EIC highlighted that this figure represents a 14 percent increase compared to the previous year. The announcement follows a visit by a high-level EIC delegation to the Eastern Industrial Zone, located approximately 40 kilometers south of Addis Ababa.
The EIC noted that over 150 companies are currently operational within the Eastern Industrial Zone, contributing significantly to local employment and economic activity. The Commission emphasized that Ethiopia has become a preferred destination for FDI in Africa, thanks to its favorable demographics, strategic location, and recent economic reforms undertaken by the government.
The EIC also acknowledged the broader impact of foreign investments on the Ethiopian economy, stating that the country has made substantial progress in attracting and retaining FDI. This includes the recent decision by the Ethiopian Investment Board to open up the trade sector to foreign investors, which has further enhanced investment opportunities.
To facilitate this growth, the EIC has implemented significant improvements to simplify procedures and services for foreign investors, making it easier for them to establish and operate their businesses in Ethiopia.
PHOTO credit – UNECA
