Ethiopia’s FDI flow jumps up by 35 percent over last six months

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The Ethiopian Investment Commission announced that the country’s Foreign Direct Investment (FDI) jumped up by 35 percent on average over last six months compared to same period last year.

During the current fiscal year, which has started last June, the country is able to attract FDI valued to 1.2 billion dollar hugely surpassing the record gained during the beginning of the first Growth and Transformation Plan (GTPI) and that of same period the previous year.

Commission Public Relation Head Mekonnen Hailu told Walta Infromation Center that the rise in the flow FDI is owing to the expansion of multi-million dollar industrial parks in different parts of the country.

According to him, giant companies from Europe, America and Asia coming into the country over the last six months.

He said that three Chinse manufacturing industries and two Indian companies, which took shades at Hawassa Industrial Park, are few of the foreign companies coming in six months period and boosted volume of FDI. Among three Chinese companies, according to him, Giangsu Sunshine Group is decided to invest 945 million dollars in the country.

He also said that infrastructure and power supply, peace and cheap labor help the country increase the flow of FDI.

The rise in the investment flow in the country is also meant absorbing significant number of unemployed segment of the population, which is one of the top priorities of the government.

Source: http://www.waltainfo.com/news/business/detail?cid=27824

industrial zone in Ethiopia
industrial zone in Ethiopia

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