Ethiopia Secures $1 Billion in Foreign Direct Investment in 4 Months

Ethiopia has secured $1 billion in FDI (foreign direct investment) during the first four months of the Ethiopian fiscal year, which began on July 8, 2021, according to Lelise Neme, Commissioner of the Ethiopian Investment Commission (EIC).

“Some 54 foreign investors have invested $1.07 billion in the manufacturing and service sectors during the past four months of the fiscal year,” the Commissioner said, stressing that the success was made despite various hurdles Ethiopia faces, including the ongoing conflict.

As per Ms. Lelise, 33 of the 54 investors are in the manufacturing sector, while 21 are in the service industry.

“When compared to the same period previous fiscal year, this performance has increased by almost 23%.” “The increase in this area reflects the realisation that foreign investors have gained about the benefits of investing in Ethiopia,” she explained.

She credited the Ease of Doing Business effort, which is part of Ethiopia’s domestic economic transformation, as well as the modification of the investment law for improving Ethiopia’s business climate.

Ms. Lelise urged Ethiopia’s diaspora to investigate the numerous financial opportunities available in Ethiopia and to invest in their areas of interest. She drew attention to Ethiopia’s great potential in agriculture, manufacturing, services, energy, and mining, among other sectors.

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