Once a champion in Foreign Direct Investment (FDI) attracting to the tune of USD 4.2 billion, Ethiopia’s FDI has slowed to USD 2.5 billion, landing at the lowest amount recorded since 2016, The Reporter has learnt.
Yet again another Japanese business mission to Ethiopia ends with no significant investment commitments being made, except advising the authorities to consider easing business procedures and policies, putting in place environmental safety regulation and improve the pool of skilled manpower, The Reporter has learnt.
A new draft bill, intending to amend the existing investment proclamation has been tabled before the House of Peoples’ Representatives (HPR). The latest bill proposes amending provisions that would offer more opportunities for foreign investors, who seek to jump into local investment areas including the ones preserved to local investors.
A group of foreign businesses have echoed their frustration over the taxation and customs laws and procedures that are creating inconveniences in their day-to-day business activities and investment operations.
The International Finance Corporation (IFC), a member of the World Bank Group, has financially backed Soufflet Malt Ethiopia – a subsidiary of the French-based Gruope Soufflet – with EUR 20 million to help expand the company’s malt production and for its role involving some 40,000 smallholder farmers in the value chain.
ADDIS ABABA: Wuxi No. 1 Cotton Ethiopia Textile Plc., a Chinese textile manufacturer, has opened its textile factory in Dire Dawa’s Industrial Park. Found inside 52 hectares of land with over USD 220 million spent, it has, so far, created more than 1500 local jobs in the area and is expected to reach 3500 once it’s fully operational.