Ethiopia Pulls in $1.1b in FDI

Jan 16 , 2021

The Ethiopian Investment Commission has reported 1.1 billion dollars in foreign direct investment (FDI) in the agriculture, service and manufacturing sectors during the first five months of the fiscal year. The investments in the three sectors came primarily from China, India and Europe. Attracting foreign direct investment was an immense challenge due to the Novel Coronavirus (COVID-19) pandemic, which caused underachievement of the initial goal of drawing in 1.5 billion dollars in FDI over the same time period. The Commission also launched a web-based platform called the Foreign Direct Investment Tracking Tool earlier last week. Created in collaboration with the Partnership For Investment & Growth in Africa (PIGA) project, the platform aims to track investment inflow and analyse investment performances. PIGA is part of Manufacturing Africa, a flagship programme of the United Kingdom's Foreign, Commonwealth & Development Office, which facilitates foreign direct investment into selected African countries.