Foreign nationals entering the country to invest will be issued multiple-entry visas valid for up to five years. It is a marked improvement from a short-stay permit they were given for three months.

The new regulation recognises the investment visa introduced in the investment proclamation, where executives and shareholders of foreign companies get a five-year visa for 1,000 dollars. Managers and board directors get up to three years' visas for 750 dollars.

The Investment Commission has given license to 142 foreign investors last year.

According to National Bank of Ethiopia (NBE), 33 projects, 4.2pc of the total, became operational with three billion birr capital in the last year.

The Agency is restructuring its services, revamping the website, adding new services and hiring more people before enforcing the regulation, estimated to cost up to half a billion Birr. The new service includes building a standard VIP room with furnished materials exclusive to serve officials and diplomats. The Agency is also planning to introduce a door-to-door passport delivery service, which will cost applicants 700 Br. The total project cost is nearly two billion Birr with a budget secured from the federal government.

The new regulation is expected to restructure the Agency's working system and upgrade the services with technology. It was rejected three times before getting approval from the Council of Ministers nine months ago. The high cost of passports, mainly printed in France, has led to the revised service fees, according to the head of the Agency.

"We spend a lot in foreign currency," said Biruhtesfa. "The service tariff is much lower compared to other countries."

The move to grant extended visas to foreign investors is hailed by officials and businesspeople who hope to see the new regulation facilitate smooth and unhindered travels by prospective foreign investors. It gives a sigh of relief to investors coming into the country, having difficulties travelling for projects that require extended stays, said Antyeneh Admasu, founder and CEO of Walia Technologies Plc.