Ethiopian Investment Commission hails promising performance of FDI in the country.

news FDIperfThe Ethiopian Investment Commission (EIC) has issued new investment licenses to 667 foreign investment projects during the last Ethiopian year (from July 07, 2013 to June 08, 2014 GC).

The projects are expected to create employment opportunities for an estimated 42,868 Ethiopians when they become fully operational.
According to the Commission’s 2013/14 annual official report, 264 projects in operational have already succeeded in creating employment opportunities for 20,683 citizens.

The Commission report indicates that though the Ethiopian government basically encourages FDI inflow aiming at creating significant job opportunity to Ethiopians and fully exploits the untapped natural resources subsequently bringing about technology transfer and capital.  This regard, the Commission further noted that Ethiopia is becoming one of the best investment destinations of Asiatic and European investors particularly owing to its inexpensive labor cost and political stability in the volatile East African region.

Ethiopia being a home of over 90 million people is also a good market option for Asian as well as European investors. Several products made in Ethiopia are penetrating the USA market through the AGOA (African Growth and Opportunity Act of the US government) and European markets through EBA (Everything But Arms) initiative of the EU. As member of COMESA (Common Market for Eastern and Southern Africa) Ethiopian products are benefitting the preferential tariff agreed by economic consortium which consists of 19 countries accommodating over 430 million people.

Source: Ethiopian Investment commission public relation Directorate

Wyndham Hotel Group, the owner of the Days Inn and Ramada chains, will open its first hotel in Ethiopia in the first half of next year as it expands the business across the continent.

The unit of U.S.-based Wyndham Worldwide Corp. (WYN) signed a management agreement with local construction company ADM Business, part of Get-AS International, Bani Haddad, vice president for the Middle East and Africa, told reporters today Addis Ababa. The 136-room Ramada Addis is on the main road to Bole International Airport in Africa’s fastest-growing economy, he said.

[...]

To read this article, go to Bloomberg.com.

Horizon Plantations Ethiopia Plc, majority-owned by Saudi billionaire Mohamed al-Amoudi, plans to almost double annual revenue within three years by investing at least $500 million in coffee and orange projects.

The agriculture company will train workers, improve roads and replace washing units at the Limmu and Bebeka coffee plantations, which together have over 18,000 hectares (44,479 acres) under coffee, General Operations Director Kemal Mohammed said in a Sept. 17 interview in Addis Ababa, Ethiopia’s capital.

[...]

To read this article, go to Bloomberg.com.

United Nations Economic Commission for Africa (UNECA) green economy study has given attention for Ethiopian experience on climate resilient economic strategy.

The study also looks at its alignment with the national Growth and Transformation Plan (GTP) of the country.

In fact UNECA is conducting a study to exploring the linkage between green economy policies and strategies with inclusive economy of 10 African countries including Ethiopia.

[...]

To read this article, go to allAfrica.com.