Parliament Legislates Investment Law

Feb 1 , 2020

Parliament approved a new investment law, which is expected to relax the investment environment in the country, on January 30, 2020. Drafted by the Ethiopian Investment Commission law revision task force, the bill was in the making for close to a year. The revision opens up the logistics, financial and aviation sectors. It paves the way for public-private partnerships in the manufacturing of military weapons, imports, exports, power distribution, international air transport and postal services with the exception of courier services. The investment law was revisited in 2014 for the last time and was first legislated in 2012. The law also partially opens the door for the provision of logistics service, air transport services, inland public transport and freight transport to foreign investment. In the first quarter of this fiscal year, only 700 million dollars worth of foreign direct investment flowed against a target of one billion dollars.


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...