Ethiopia Secures $1.432 Billion in Foreign Direct Investment in Q1

The Ethiopian Investment Commission (EIC) has released its performance report for the first quarter of the 2019 fiscal year. The commission announced that it successfully secured $1.432 billion in Foreign Direct Investment (FDI), surpassing its initial target of $0.9 billion. This result represents a 49 percent increase compared to the same period in the previous year.

The report highlights that 179 new investment licenses were issued during the quarter, with 57 of these projects registered within Special Economic Zones (SEZ). Compared to the previous year, this marks a 45.5 percent increase in licensing. Furthermore, 81 projects have entered the implementation phase while 66 have commenced production. The EIC also noted that the sector generated $238 million in export revenue and created job opportunities for over 22,000 citizens.