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.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...