Ethiopia Sees Surge in Foreign Investment as Government Opens Trading Sector

ADDIS ABABA: Ethiopia has attracted a significant number of new foreign investors in the first quarter of the 2017 fiscal year, reflecting the country's efforts to open its economy and transform its industrial landscape. The Ethiopian Investment Commission reported the issuance of 108 new investment licenses, with 65 fully owned by foreign investors, during this period.According to Ethiopian News Agency, the commission's review detailed that 24 of the new licenses are joint investments, while the remaining 24 have been allocated to domestic investors. The government's decision to open the trading sector to foreign investors has led to substantial interest, with 78 foreign investors expressing a desire to invest and 24 receiving approval to begin the licensing process.The commission is also actively working on transforming industrial parks into Special Economic Zones (SEZs), with reported exports of over $23 million from these zones contributing to a total export value of more than $131 million in industri al products. Commissioner Zeleke Temesgen highlighted the improved foreign direct investment (FDI) achievements compared to the same quarter in the previous year, underscoring the government's success in attracting international business interest.