ETHIOPIA ATTRACTS FDI TOTALLING MORE THAN 3.7 BLN USD IN PAST FISCAL YEAR

ADDIS ABABA-- Ethiopia attracted more than 3.7 billion US dollars in Foreign Direct Investments (FDI) during the last fiscal year which ended on July 7, according to the Ethiopian Investment Commission (EIC).

EIC Commission Dr. Belachew Mekuria EIC Commissioner told the media here Tuesday Ethiopia managed to attract the FDI despite the multi-faceted challenges the country had faced over the year.

According to Belachew, the performance was below the planned target, which was to attract investments worth 4.6 billion USD because of a number of challenges the nation had faced.

The lack of foreign currency and unrest observed in some parts of the country contributed to the reduced inflows of FDI inflow, he stated.

According to Dr. Belachew, China, India and Turkey were the leading source countries of foreign investments during the past year.

He added that through the efforts exerted to stabilize the situation, the government had managed to maintain existing investments and simultaneously managed to attract new companies into the country.

During the past yera, the EIC issued investment licences for 275 foreign projects with a combined capital of more than 5.0 billion USD, he said. Foreign invested projects created job opportunities for 133,000 citizens over the year in the newly built industrial parks and in some other investment ventures.

Source: NAM NEWS NETWORK