Ethiopia sees 20 pct increase in FDI inflows in 2016/17 fiscal year

Addis Ababa, September 8, 2017 (FBC) – Ethiopia has attracted 3.8 billion U.S. dollars in foreign direct investment (FDI) in the Ethiopian Fiscal Year (EFY) 2016/17, that ended July 8, an official said Thursday.

Mekonnen Hailu, Public Relations Director at Ethiopian Investment Commission (EIC), told Xinhua the flow of FDI in the country showed a 20 percent increase from EFY 2015/16.

“In the 2016/17 fiscal year 381 projects have become operational and the investment projects have created 71,000 temporary and permanent jobs to Ethiopians,” he added.

Mekonnen further said some 28 companies with a combined capital of 1.48 billion U.S. dollars have made agreement with the Ethiopian government in eight industrial parks in the last fiscal year.

According to Xinhua, the investment projects are mainly engaged in agriculture, manufacturing, health, education, mining and construction.

“The Ethiopian government is giving tremendous incentives and necessary support for local and foreign investors, to make sure FDI inflows continue on a growth trajectory” said Mekonnen.