FDI Inflow Increases in First Quarter of Ethiopian Fiscal Year

Addis Ababa: Foreign Direct Investment inflow has increased by 12 percent during the first quarter of the current Ethiopian Fiscal Year compared to the previous similar period, according to Ethiopian Investment Commission.Officials from Ethiopian Investment Commission and Industrial Parks Development Corporation and members of the media have visited companies operating in Eastern Industry Zone today.From 153 companies operating in Eastern Industry Zone, today's visit includes three chinese companies which are Linde Ethiopia Grament, Huajian Aluminum and Diyuan Ceramics.Over 3,300 Chinese projects are engaging in Ethiopia in various spheres by investing more than 8.5 billion USD.Those Chinese companies have created more than 325,000 permanent and non-permanent jobs in addition to their contribution in import substitution, skill and technology transformation and in trade ties.Deputy Commissioner at the Ethiopian Investment Commission Zeleke Temesgen affirmed that various reform activities have been un dertaken to make Ethiopia favorable for domestic and foreign direct investment.The Deputy Commissioner said that a conducive business environment has been developed to make Ethiopia a preferred destination for FDI.In order to increase the flow of foreign direct investment, remarkable achievements have also been registered in terms of availing vital infrastructures in the industrial parks built by the federal and state governments as well as Chinese investors, he added.The deputy commissioner further underscored that the recent macroeconomic reform which is being implemented by the government is playing its crucial role for the FDI inflow in the country.Understanding its immense contribution to supporting the national economy; the country has made remarkable achievements in attracting and retaining FDI, especially in recent years.The country secured 3.9 billion USD in foreign direct investment in the 2016 concluded Ethiopian budget year, which jumped 14 per cent comparing the same period last year.S ource: Ethiopian News Agency