Addis Ababa, June 25, 2024 (FBC) – According to the latest World Investment Report published by the United Nations Conference on Trade and Development (UNCTAD) last week, Ethiopia has emerged as the leading destination for foreign direct investment (FDI) in East Africa.
In the vibrant landscape of East Africa, Ethiopia stands tall as a beacon of economic progress.
In 2023, it secured a staggering $3.3 billion in foreign direct investments (FDI), more than its neighbors Kenya and Uganda.
The Ethiopian Investment Commission (EIC) revealed that Ethiopia has already attracted $3 billion in the first ten months of the fiscal year 2023/24.
According to the EIC data, China has played a pivotal role, accounting for nearly half of all FDI projects in Ethiopia.
The EIC further disclosed that the nation’s strategic embrace of public-private partnerships (PPP) has been the cornerstone of this economic milestone, with notable ventures like the UAE’s AMEA Power investing $600 million in the Aysha wind power project.
Ethiopia has also opened its doors to foreign investment in digital payment systems.
Egypt and South Africa follow Ethiopia in the rankings, while developed countries still attract the lion’s share of greenfield projects.