FDI Flow in Ethiopia Increased by 23 Percent in Six Months

Addis Ababa, February 22/2022 /ENA/   Foreign Direct Investment (FDI) flow in Ethiopia has increased by 23 percent over the last six months of the budget year, Prime Minister Abiy Ahmed said.

Addressing queries from members of the House of Peoples' Representatives today, the premier said despite several challenges, the nation attracted additional 1.63 billion USD in FDI over the past six months.

The country's FDI has surpassed up by 23 percent on average over last six months compared to same period last year, according to Abiy.

However, the FDI flow is not enough, he said, adding that Ethiopia has huge capacity to attract more FDI in various sectors.

“Ethiopia has the opportunity to invest billions of USD in energy alone. We have immense opportunity to invest in geothermal, solar as well as hydropower,” he elaborated.

Speaking on the number of business licenses in the country, the Prime Minister said more than 200,000 people received new business licenses. This has increased by 10 percent, with 8 percent of renewing already existing business licenses.

The systems, however, need to be upgraded and modernized, he underlined.