Business

Ethiopia continues to attract foreign investment

Ethiopian Investment Commision
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The Ethiopian Investment Commission says Ethiopia has managed to attract anchor companies during the first six months of the current Ethiopian budget year (2016-2017) despite being under a state of emergency.

Commissioner Fitsum Arega told the Ethiopian News Agency that ten major Chinese companies have decided to invest in Ethiopia, half of them licensed in textile and garment manufacturing industries. They include Jiangsu Sunshine Group which engages in wool textiles and garments, biological pharmacy, real estate, energy, thermal electricity, IT industry, and others businesses in China and internationally, and has decided to invest in Ethiopia with close to US$1 billion.

The Commissioner said this decision clearly showed Ethiopia remained a favorable investment destination for anchor companies, with China the leading country in terms of capital and engagement in manufacturing industry, and India second during the first half year.

He said the Government's ongoing direction was not focusing on increasing the number of participants coming as investors but rather aiming to attract "giant, effective companies which could meet the targets of both the company and the country".

The Commission had, therefore, changed its way of licensing projects, giving priority to those companies with a high profile and which would change the projects into action.

He underlined that the peace and stability which continued to prevail in the country, ongoing infrastructure development including railway, road and energy developments were among the attractions.

Other factors were a trainable workforce, competitive wages, a fast growing economy, strong government support from the government, and a favorable investment climate.

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