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Ethiopia attracts 700m FDI in first quarter: EIC

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Addis Ababa, November 21, 2019 (FBC) – Ethiopia attracted 700million foreign direct investments (FDI) during the first quarter of this fiscal year, said Ethiopian Investment Commission (EIC).

In its report to Trade and Industry Standing Committee of the Parliament, the Commission said the country has achieved 70% of its plan for the stated period.

The country attracted the investments from close to 100 new foreign companies being operational in various sectors, the report showed.

Ethiopian Investment Commissioner, Abebe Abebayehu, stated the achievement has shown a 13% increase compared to the same period last budget year.

According to him, the recent instability affected investment flows and the country lost $300 million of potential investments in the first quarter.

Source: ENA