31 July 2013

Ethiopia's Foreign Direct Investment (FDI) Reaches a Billion Dollars

The fourth Industry Policy Dialogue was held yesterday (July 30) at the Sheraton Hotel in Addis Ababa. According to the National Plan Commission, the aim of the meeting was to deliberate on Foreign Direct Investment in Ethiopia and to develop ideas which could suggest policies to increase FDI input.

Japan's Ambassador to Ethiopia, Hiroyshi Kishino, said the increase in Ethiopia's FDI inflow showed the attention accorded to Foreign Direct Investment by the government. Ethiopia's FDI which amounted to US $300,000 a year three years ago, has now risen to US$1,000,000. Ambassador Kishino said Japan would continue to support the unreserved efforts of the government of Ethiopia to attract FDI. Ato Fitsume Arega, General Director of the Ethiopian Investment Agency noted that the Growth and Transformation Plan had singled out low FDI inflow and a poor saving culture as major challenges to attain the goals set in the plan. However, he said, because of the special focus given to increase the FDI inflow, tangible results were now being achieved.

Indeed, Ethiopia is now second to South Africa in the amount of FDI in Africa. The meeting also discussed the experience of Indonesia as well as other East Asian countries in integrating technology transfers with FDI inflows.

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