25 June 2014

East Africa: Ethiopia Becomes a Growing Hub for FDI in East Africa - UN Report

The United Nations Conference on Trade and Development's (UNCTAD) World Investment Report 2014 said (June 24) Ethiopia had increasingly become a growing recipient of foreign capital flows and the most attractive destination of investors in the region in the 2013.

Ethiopia received USD 953 million worth of Foreign Direct Investment (FDI) in 2013, the report indicated. According to the UNCTAD report subtitled 'Investing in the Sustainable Development Goals', Ethiopia's notable progress in attracting FDI was a clear attestation of the Government's right mix of industrial policies and strategies that created enabling factors for increasing capital flows into the country in the selected priority areas for investment.

The report further indicated that the country's industrial strategies played a crucial role in attracting foreign investors in manufacturing sector and bolstering the growth of FDI. Ethiopia used FDI to building Climate Resilient Green Economy, the report added, suggesting it should remain seized with the advancement of its investment landscape to catch up top FDI recipient countries. According to the report, both Ethiopia and Kenya had boosted the East African region's FDI growth by 15 percent as a whole and generated USD 6.2billion.

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