Ethiopia Attracts 2.5 Billion USD Foreign Direct Investment in Fiscal Year

Addis Ababa August 6/2020 (ENA) Foreign Direct Investment (FDI) inflow to Ethiopia was 2.5 billion USD, being the highest when compared to the last two Ethiopian fiscal years, according to Ethiopian Investment Commission.

Ethiopian Investment Commissioner Lelissie Nemi said the inflow is the highest in two years and encouraging when compared to other African countries.

Addressing the evaluation workshop of last year's performance, the commissioner said the actual operation of most of the industrial parks, promotions and the one-stop service were among the factors for the increase in FDI inflow.

The investment legal framework which creates enabling environment for local and foreign investors and ease of doing business in the country have also helped to attract investors.

According to Lelissie, the reforms undertaken by the government for the last two years have been playing crucial role for the increase of FDI flow.

During the concluded Ethiopian budget year, security threats, lack of land provision, energy supply, and foreign currency were among the hurdles that affected investment.

Lelissie stated that more conducive business environment will be created this fiscal year to   increase FDI inflow, create more jobs and improve the investment related services, among others.

Working on investment promotion, transfer of technology and strong monitoring and evaluation strategy as well as enhancing institutional capacity were also stated among the execution mechanisms to be undertaken to realize the stated ambitions.