Ethiopia: Town Licenses 216 Investors With Over 30 Bln Birr

25 July 2024
The Ethiopian Herald (Addis Ababa)

Working on becoming investment hub

- Debre Birhan Industry and Investment Department has provided over 216 investors who registered over 30 Billion Birr capital with investment licenses during the just ended fiscal year.

Debre Birhan Industry and Investment Department Head, Birhan Gebrehiwot told The Ethiopian Press Agency (EPA) that the department has licensed 216 investors who registered 30 Billion Birr capital whilst some 22 industries have gone fully operational.

As to the Head, during the just ended period, the town planned to provide investment license for 200 investors who have a capital of 26 Billion Birr. However, some 216 investors who recorded 30 Billion Birr have gained investment license, which is remarkable outcome in the sectors compared with what was planned.

He added that the license is given for manufacturing, service, Real Estate, and other related sectors and has a potential to create over 46,000 jobs when they put in to full operation. In this regard, more than 15,000 jobs were created during the stated period.

Similarly, some 22 industries were engaged in manufacturing and created jobs for 5,400 citizens during the aforesaid period. Following reform, over 35,000 jobs created merely in investment sector, he cited.

Furthermore, Debre Birhan has over 780 domestic and foreign investors who registered a total of over 120 Billion Birr capital. They have potential to create 100,000 plus jobs when they go operational. Of 780 investors listed above, 80% of them are operating in manufacturing industry, Birhan added.

"Five industries have been producing goods and saved over 80 million USD. In a similar manner, six industries which are filling the national market needs have secured a revenue over 60 million USD by exporting products," he said.

Birhan also expressed that various activities are being carried out to realize Debre Birhan's vision to be investment hub. Besides, researches were conducted on 74 sectors to identify the potential of the town whilst providing proficient leaders, experts, and promotion activities in various areas.

Read the original article on Ethiopian Herald.

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