Ethiopian Review

Addis Ababa – The Ethiopian Investment Agency (EIA) said it has issued investment licenses for investors with registered capital of 51.5 billion birr.

Presenting a nine-month report to Trade and Industry Standing Committee of the House of Peoples’ Representatives here on Monday, EIA Director-General, Abi Woldemeskel said the agency has licensed 1,407 projects over the past nine months.

Abi said the investment projects are in the areas of manufacturing, agriculture, construction and real-estate development.

He said, Oromia state holds about 34.1 percent of the stated investment projects while Addis Ababa and Dire Dawa embrace 20.8 and 12.9 percent respectively.

Afar state holds 8.7 percent of the new investment projects , he said, adding, the remaining 23.3 percent is in other regional states.

The projects are believed to create jobs for about 172,000 people across the country, the director said.

The agency has also undertaken various activities in the stated period including investment renewal and issuing of new trade licenses, he said.

It has also issued certificate for foreigners, who have been living in the country permanently and working permit for those who live temporarily, he said.

According to the director, the agency has also revoked 193 investment licenses it had issued previously for various managerial and legal drawbacks.

The agency has already achieved 94.5 percent of its plan set for the year in nine months, he said.

The standing committee urged the agency to further enhance its effort to work with several embassies in Addis Ababa to attract foreign investment to the nation.

The activities made over the past nine months were encouraging, the committee added.

- ENA