Wednesday, November 29, 2023
BusinessEIC pledges support to foreign investors in Tigray region

EIC pledges support to foreign investors in Tigray region

The Ethiopian Investment Commission (EIC) reiterated governmental readiness to provide due attention to the support of foreign investors affected by instability, especially those impacted by the law enforcement operation in Tigray region.

The Commission’s pledge for support was made in a stakeholder engagement workshop held on December 1, 2020 with representatives of diplomatic missions in Ethiopia.

The support pledged to foreign investors include: duty free import of damaged machines, extended grace period for payment of tax, and priority in receiving service from the Commission.

Temesgen Tilahun, EIC Deputy Commissioner, explained that political instability and internal conflicts have made an impact on Foreign Direct Investment (FDI) in the country.

“Due to lack of awareness, youth aggrieved by politics inflicted damage on different foreign investment projects in different areas of the country. The impact of the damage has created huge gaps in terms of job creation and promotion of new investments,” said Temesgen.

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Furthermore, Commissioner of the EIC, Lelise Neme said that the completion of the law enforcement operation in Tigray in such a short time has allowed the Commission to begin efforts towards resolving problems faced by investors in Tigray region and get them back to operation very soon.

According to Lelise, an inventory of the damages suffered is being done. She also noted that encouraging discussions were held on the problems investors face. She underscored that the commission will try to solve the problem through different mechanisms based on the evaluation it makes.

During the event, the commission gave an overview of the investment law reform, ease of doing business, investment opportunities and priorities in Ethiopia. Investors and representatives of Ambassadors raised questions on the investment promotion profundity, transparency, the reform implementation, and conflict in the country.

Addressing the questions, the commissioner further explained features of the Ethiopian Investment law reform and the things it avails to foreign investors.

Temesgen, for his part, said that the government has made commendable efforts through legislative and procedural reforms, to improve the investment climate in the country, thereby attracting more FDI.

At the end of the event, the commission gave recognition certificates to countries with numerous investments and investors in Ethiopia. China, India, Turkey, UAE, Jordan, Pakistan, Australia, Switzerland, Belgium, Italy and Germany were among the countries that made the list.

By Elias Tegegn

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