APA-Addis Ababa (Ethiopia) Ethiopia has reported over $765 million in foreign direct investment (FDI) inflows in the first quarter of the current 2023/24 fiscal year, ending November 30, 2023.
In a statement issued Thursday, the Ethiopian Investment Commission (EIC) said the country managed to attract $765 million FDI in about 140 investment projects.
The projects are mainly in the manufacturing, agriculture, and service sectors.
“With the diverse and untapped investment opportunities it offers, strong economic growth trajectory, and its ongoing efforts to reform and improve the business climate, continues to be one of the top FDI destinations in Africa,” the EIC says.
Ethiopia remained the second largest FDI recipient on the continent last year, according to UNCTAD’s World Investment Report 2023 published in July. The amount, however, decreased by 14 percent to $3.7 billion, the UN agency said.
The report also shows that foreign direct investment flows to Africa declined to $45 billion in 2022 from the record $80 billion set in 2021. They accounted for 3.5 percent of global FDI.
MG/abj/APA