Ethiopia Secures 500 Mil USD from FDI in Three Months

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Addis Ababa October 19/2020 (ENA) Ethiopia has secured 500 million USD from Foreign Direct Investment (FDI) in the past three months, according to the Ethiopian Investment Commission (EIC).

Manufacturing, agriculture and service sectors are the sectors mainly contributed for the stated revenue obtained in the first quarter of the fiscal year.

EIC Commissioner, Lelise Neme told journalists today that the commission has been striving to attract more FDI to the country despite the challenges of Covid-19 and instability in some parts of the country.

“For us, the revenue generated during the quarter was not bad as we have been confronting the challenges posed by COVID-19 which is currently affecting the sector even at the international level and the conflicts being observed in some parts of the country’’, she said.

Ethiopia was also able to ease the impact of COVID-19 on the investment sector by facilitating ways for the companies to engage in other types of products vital to prevent COVID-19, she said.

Several manufacturing companies have now producing face-masks, gloves and COVDI-19 testing kits that helped the sector to shoulder the impact of the pandemic.

Furthermore, the investment commission is working to intensify investments in the newly inaugurated industrial parks.

While Hop Lun, a Hong Kong-based textile and garment company, has started installing machine to invest in Bahir Dar industrial park, other inventors are currently requesting to invest in the recently inaugurated Kombolcha industrial park, it was indicated.

According to her, consultations have been held with pertinent government offices in regional states on how to support investors affected by the instabilities witnessed in parts of the country.