25 March 2019

Ethiopia: FDI Growing Due to Nationall Reform, Says Investment Commissioner

Addis Ababa — The reform in Ethiopia has been instrumental in improving Foreign Direct Investment (FDI), according to Ethiopian Investment Commission.

Investment Commissioner Abebe Abebayehu told ENA that Foreign Direct Investment in the country has been growing effectively during the last four years, reaching four billion USD in 2018.

"Recently, huge number of new investment interests has come from France and about 80 Emirati investors are attracted by opportunities in Ethiopia," he revealed.

According to him, the multi-sectoral reform in Ethiopia is catching the attention of investors who are bringing in huge amount of Foreign Direct Investment.

Furthermore, the strengthening of diplomatic relations with several countries in the past months is among the reasons for the improvements made in the inflow of FDI.

The decision by the government to privatize huge state-owned companies, introduction of institutional reform and inauguration of newly constructed industrial parks are the other main reasons for the attraction, Abebe pointed out.

The recently inaugurated Debrebirhan industrial park is reportedly 75 percent leased to investors while Adama is fully occupied.

Abebe stated that "previously many investors came from Asian countries and Turkey, but now investors from Americas and Europe are also showing interest to invest in Ethiopia."

The Government of Ethiopia has recently established a steering committee led by the prime minister to further increase the inflow of FDI by tackling challenges and facilitating the process to exploit the opportunity, it was learned.

Abebe said simplifying the import-export process, strengthening one-stop services in industrial parks, improving the customs process, and facilitating situations for the investors are the activities being carried out by the committee.

"We have established a task force to review our investment law. If we fill the gap on the investment law, we believe this will also be the other attraction for flow of FDI in the coming years," the commissioner stressed.

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