Ethiopia-Economy

Ethiopia attracts $2.43 b in FDI in nine months

APA-Addis Ababa (Ethiopia)

Ethiopia attracted $2.43 billion in Foreign Direct Investment (FDI) in the first nine months of the current Ethiopian Fiscal Year 2021/2022, which started July 8, an Ethiopian official said on Tuesday.

Lelise Neme, Chief Commissioner of the Ethiopia Investment Commission (EIC), said the FDI inflow exceeded that of the same period last year by 18.3 percent.

 

Neme, however, said the figure is well short of the 3.63 billion U.S. dollars FDI inflow target set for the first nine months of the Fiscal Year 2021/2022.

 

"Ethiopia also attracted 118 investors, most of them Chinese investors, in the manufacturing, service and agricultural sector during the first nine months of 2021/2022," Neme said.

 

The EIC chief further disclosed Ethiopia earned 156.7 million U.S. dollars in export revenues from industrial park products during the first nine months of the 2021/2022 fiscal year.

 

The industrial parks' export revenues exceeded revenues from that of the same period last year by 27 million U.S. dollars.

 

In recent years, Ethiopia has embarked on an industrial parks' construction and commissioning activities, as part of a broad economic strategy to make the country a light manufacturing hub in Africa by 2025.


MG/abj/APA

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