The House of People's Representative today (June 20) passed a new legislation on investment. The new proclamation amended the name of the Ethiopian Investment Agency to be named as Ethiopian Investment Commission. The new proclamation has also introduced changes in the organization, duties and responsibilities of the Commission.
Accordingly, the proclamation envisages the establishment of a new Investment Board headed by Prime Minister Hailemariam Desalegn. The Investment Board will have the authority of controlling and administering industrial zones. The new proclamation also introduced changes in areas of investment open for domestic investors and in the administration of industrial zones. Berhanu Mekuye , Chair of the Industry Affairs Standing Committee said that the promulgation of the new law will have an important impact in enabling to fully benefit from Ethiopia's growing investment attraction. The establishment of the Board that will be chaired by the Prime Minister is said to have an important role in addressing policy issues from local and foreign investors in a swift manner.