EIC issues 108 new investment licenses to foreign, domestic investors in 3 months

Addis Ababa, October 28, 2024 (FBC) – Some 108 foreign and domestic investors have received investment licenses in the first quarter of the current Ethiopian fiscal year, according to Ethiopian Investment Commission (EIC)

This was revealed during EIC’s review its first quarter of 2017 FY work performance report in the presence of top management and its employees this morning.

Accordingly, the Commission stated that it has issued 108 new investment licenses in the stated period. Of the total licenses, 65 are fully owned by foreign investors and 24 others are joint investment. The remaining 24 are given to domestic investors.

As the government has opened up the trading sector to foreign investors, 78 foreign investors have shown interest to invest in the sector, and 24 of them have got approval from the EIC management to start the licensing process, EIC mentioned.

Moreover, transforming Industrial Parks into Special Economic Zones (SEZs) activities had been undertaken in the aforementioned period.

Regarding export, the country exported more than 131 million USD worth of industrial products, of the total over 23 million USD exported from SEZs, and the remaining 108 million USD out of the SEZs, the Commissioned disclosed.

Addressing the performance review meeting, EIC Chief Commissioner Zeleke Temesgen said that the Commission achieved better results in attracting FDI in the concluded first quarter compared with the same period last year.