Ethiopia foreign direct investment reduced to 1.2B USD in the first half the budget year

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February 12, 2017 – Ethiopia attracted 1.2B US dollars in foreign direct investments (FDI) in the first half this budget year, the Ethiopian Investment Commission (EIC) said, according to ENA.

FDI inflows in the first half showed a slight reduction compared to the same period last year, Fitsum Arega, Commissioner of EIC told ENA.

The country targeted to attract FDI worth close to 3.5 billion US dollars in this Ethiopian fiscal year (2016/17), according to the Commissioner.

Fitsum further said the government has given over 100 million birr financial support for horticulture companies affected by the recent unrest in Oromia and Amhara regional states.

The government has provided the support after an assessment was made by a neutral body. It will also continue to give support for companies engage based on the ongoing assessments, Commissioner said.

For those companies which managed to cope with the damage by their own, the government has given a one year grace period and duty-free privilege, he said.

According to Fitsum, no foreign investors have withdrawn or halted their operations due to the recent unrest in the country. (ENA)

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