22 November 2017

Ethiopia Wins 2017 UN Investment Award

Photo: Tedros Adhanom Ghebreyesus
Official light rail pre-revenue testing in Addis Ababa.

The Ethiopian Investment Commission (EIC) wins the '2017 United Nations Award' for outstanding performance in targeted promotion, facilitation and execution of sustainable investment projects.

According to a Press Release EIC sent to The Ethiopian Herald, the award is presented to the world's investment promotion agencies and institutions to recognize their exceptional achievements in promoting and facilitating Foreign Direct Investment (FDI) that contributes towards the Sustainable Development Goals (SDGs).

The Award was announced by the United Nations Conference on Trade and Development (UNCTAD) during the 9th Investment, Enterprise and Development Commission session held in Geneva. Ethiopian Investment Commission won the award along with Mauritius Board of Investment and COFIDES of Spain.

During the award ceremony UNCTAD indicated that Ethiopia's win comes out of the criteria in its investment promotion strategy effectiveness, positive results from the promotion and facilitation services, and contribution of its FDI projects to the realization of the SDGs.

In particular, the sustainable features of Ethiopia's industrialization approach, the targeted investor recruitment strategy that resulted in the attraction of leading global firms in Hawassa Industrial Park and the facilitation provided to the firms was highly commended as exemplary for other countries.

The Press Release also disclosed that Ethiopia's deliberate policy choice to promote labour-intensive industries that provide job opportunities for youth and create equal opportunities for women, such as textile and apparel have contributed to the decision to grant this award to Ethiopia.

Equally, its compliance with high social and environmental standards on the development and operation of industrial parks; and its dedicated effort in establishing the One Stop Service (OSS) and other investor-friendly reforms have their own contributions for the award.

It is to be recalled that the government of Ethiopia recently received the '2017 Star Reformer Award' from the World Bank Group for its outstanding performance on investment policy reform and promotion.

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