Ethiopia Attracts over 3.8 Billion USD Foreign Direct Investment in Concluded Fiscal Year

Ethiopia has attracted 3.82 billion USD foreign direct investment(FDI) during the just concluded Ethiopian Fiscal Year, according to Ethiopian Investment Commission.Briefing the media today, Ethiopian Investment Commissioner Hanna Arayaselassie said improving business climate, promoting investment, facilitating activities, providing one stop service, and working on regulations were among the major areas of engagements during the concluded fiscal year.Import substitution and job creation were also among the priorities given during the stated period.Following the promotion and investment services of the commission, the country attracted 3.82 billion USD foreign direct investments, she revealed.The FDI inflow earned during the fiscal year is 80 percent of the plan, and has shown 11.5 percent increase when compared to the previous year.On activities undertaken to promote the country's untapped investment opportunities, Hanna said the commission has participated in 10 international forums and exhibitions and organized nine high-level investment forums in Ethiopia.Major priorities for the new fiscal 2024/25 which started this July include implementation of the recently approved regulations and improvement of logistics and investment incentive systems as well as a new strategy to strengthen investment promotion efforts and scale up institutional capacity by implementing digitalization.The commission plans to increase the FDI inflow to 4.52 billion USD in the new Ethiopian Fiscal Year.According to UNCTAD 2023 report, Ethiopia continues as one of the top five investment destinations in Africa.Source: Ethiopian News Agency