Ethiopia attracted 2.5 billion dollars in foreign direct investment (FDI) in the just ended fiscal year, a steep decline from the 4.4 billion dollars registered three years ago. Last year's FDI flow was also 1.6 billion dollars short in absolute figures from the target set by the Ethiopian Investment Commission. In the past few years, Industrial Parks have attracted huge investments, but it has been difficult for these enterprises to stay fully operational due to the pandemic, according to Anteneh Alemu, deputy commissioner at the Commission. "This was especially true for the fourth quarter of the year," he said. Political instability in the country and the foreign exchange crunch were also cited as contributing factors by the Commission along with the anticipated elections. At the end of last year, the Commission had reported that the political instability had cost 300 million dollars from the one-billion-dollar target in the first quarter of the year. The Commission plans to focus on the pharmaceuticals industry and fast-moving consumer goods to spark investment in the country this year.
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