The Ethiopian Investment Commission (EIC) has issued 108 new investment licenses in the first quarter of this fiscal year, marking a robust start in foreign and domestic investment. This milestone was disclosed during the Commission’s quarterly performance review meeting, which included EIC’s top management and employees. This is reported by the
Fana Broadcasting Corporate (FBC), a partner of TV BRICS.

Of the newly issued licenses, a significant portion of 65 licenses were granted to foreign investors, with an additional 24 being joint ventures between foreign and local stakeholders. A further 24 licenses were awarded to domestic investors, reflecting Ethiopia’s broad approach to fostering both local and international investments.

The EIC highlighted the impact of recent reforms that have opened Ethiopia’s trading sector to foreign investors, sparking interest from 78 international companies. Out of these, 24 investors have already received approval to initiate the licensing process. This move underlines Ethiopia’s strategy to attract more diverse foreign investments to boost its economic landscape.

The Commission also reported progress on converting Ethiopia’s industrial parks into Special Economic Zones (SEZs), a shift aimed at creating a more dynamic and export-orientated industrial environment. This transformation seeks to foster greater economic integration and stimulate exports.

Ethiopia has achieved notable success in industrial exports, generating over US$131 million in revenue in the first quarter. Of this total, more than US$23 million originated from SEZs, while US$108 million came from outside SEZs. This growth demonstrates the potential of SEZs as hubs for export-orientated industrial activity, enhancing Ethiopia’s economic diversification efforts.

Photo:
iStock