Chief Commissioner of the Ethiopian Investment Commission, Hanna Arayaselassie, announced on Tuesday that the commission aims to attract $3.5 billion in FDI for the current fiscal year, ending on July 7, 2024.
The figure is slightly below the target for the first 10 months of the Fiscal Year 2023/2024 but exceeds the inflow during the same period last year
Arayaselassie noted.
She highlighted that while there have been substantial investments from various global sources, China remains the leading contributor to foreign direct investment in Ethiopia, representing nearly 50% of the total FDI inflow.
To attract more FDI, the government has expanded numerous infrastructure projects, including the development of roads and industrial parks, Arayaselassie said.
The industrial parks are crucial infrastructure facilities, enabling both foreign and domestic investors to start operations quickly
Hanna Arayaselassie
In recent years, Ethiopia has built and commissioned several industrial parks as part of a broader strategy to become a light manufacturing hub in Africa by 2025.
“We have five well-established industrial parks and the government-owned Industrial Parks Development Corporation,” Arayaselassie stated. “The commission is also collaborating with private industrial park developers to construct more industrial parks.”
Additionally, the commission is striving to provide a one-stop service where investors can obtain all necessary licenses and permits to operate in the country, she added.
Source: APA News
