The Ethiopian Investment Commission (EIC) has outlined its strategy to attract significant foreign direct investment (FDI) in the current fiscal year. The Commission aims to issue 386 new investment licenses and generate USD 4.52 billion from FDI.

Mrs. Hanna Arayaslassie, Commissioner of the EIC, highlighted several key areas the commission is focusing on to achieve its targets. These include implementing a new investment strategy and relevant laws passed in the 2023/24 fiscal year to create a more attractive environment for investors, improving logistics and offering better investment incentives, and increasing efforts to promote Ethiopia as an investment destination. Moreover, the commission aims to improving coordination with regional authorities to provide better support to existing investors, and strengthening the EIC's institutional capacity through restructuring and digitalization initiatives.

Mrs. Hanna emphasized that a key focus is on providing better services to existing investors, believing this will in turn attract new investment. The EIC has shifted its focus in the last four months from solely attracting new investors to identifying and addressing challenges faced by current investors.

The EIC plans to facilitate 386 new investments, with 341 outside of industrial parks and 45 within parks. Industrial parks are specifically projected to boost exports to USD 153 million, create 2,352 new businesses, and contribute significantly to the economy through increased production.

Source: Addis Zemen