June 20, 2024

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industrial parks

Foreign Investment in Ethiopia Creates 75k Jobs in Industrial Parks

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According to the Ethiopian Investment Commission, over the past ten months of the ongoing fiscal year, foreign investors have generated employment opportunities for approximately 75,000 individuals within industrial parks. Additionally, the commission organized eight investment forums aimed at attracting foreign direct investment to the country.

There are a total of 13 industrial parks in which Adama, Addis Industry Village, Arerti, Bahir Dar, Bole Lemi, Debre Birhan, Dire Dawa, Hawassa, Jimma, Kilinto, Kombolcha, Mekelle, and Semera Industrial Parks are included.

Commissioner Hanna Arayaselassie explained that one of the commission’s primary goals is to attract foreign direct investment and facilitate the necessary conditions for these investments to be successful.

Moreover, she said that they are working hard to make Ethiopia a friendly business country for investors. The Ethiopian Investment Commission is working closely with the country’s embassies abroad to attract more foreign investment. Recently, they have invited investors from Turkey and Malta to visit Ethiopia and explore the various investment opportunities available.

The Ethiopian Investment Commission has plans to organize two to three additional business forums soon. According to Commissioner Hanna, when it comes to attracting foreign direct investment, Ethiopia is currently the leader in the East African region. However, the commissioner acknowledged that the country has not yet fully tapped into its full potential across various economic sectors.

According to Commissioner Hanna, when foreign investors visit Ethiopia to explore investment opportunities, the government facilitates activities that allow them to gain a deeper understanding of the public sector’s investment landscape. Additionally, the government has created forums where the private sector can engage with these investors, enabling the transfer of knowledge, experience, and technology.

Furthermore, the commissioner stated that Ethiopia is offering various incentives to investors who choose to invest in the country’s key sectors, such as agriculture, manufacturing, information and communication technology, tourism, and healthcare. The goal is to make Ethiopia an attractive destination for foreign capital and expertise across diverse industries.

The Ethiopian Investment Commission has set a target of attracting $3.5 billion in foreign direct investment during the current fiscal year. According to the commissioner, the commission has managed to secure $3 billion in foreign direct investment over the first 10 months of the fiscal year, putting them well on track to meet their annual goal.

The commissioner highlighted that China, Netherlands, Turkey, and India are among the leading sources of foreign direct investment in Ethiopia. She noted that Chinese companies are currently the largest foreign investors in the country.

This week, a Chinese diplomat in Addis Ababa Yang Yihang (PhD) stated that Chinese government and private businesses are operating almost 2,000 projects in Ethiopia and creating 65,000 jobs. The amount of the investment has surpassed five billion USD in 2023. Also, the total number of Chinese enterprises operating in Ethiopia reached over 500. Read More…

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