Nation secures over 331 billion birr from local, foreign investors
Agency Director General Abi Woldemeskel told journalists today that the income was obtained from 28,230 investors who have started implementing their projects and those making preparation to do so.
He said 86 percent of the investors who have started implementing their projects were local entrepreneurs and the remaining foreigners.
This shows the huge investment growth in the country, Abi said, noting that investment is a key to development.
The investors who launched production have created jobs to more than 300,000 compatriots, he indicated further pointing out that the implementation of the remaining projects will create over 1.5 million jobs.
According to Abi, the Agency has been implementing an industrial development strategy it designed five years ago. This has clearly stipulated the sectors which should be encouraged in relation to the relative advantages of the country, he added.
The Director General said investors who aspire to engage in textile and garment, leather and leather products, agro-industry, horticulture, hotel and tourism as well as other development sectors should be encouraged.
Accordingly, the average duration of the process which used to take about 256 days to open a company five years ago has now been reduced to four hours, he said, adding that issuance of investment license which used to take more than two months could also be finalized in less than four hours.
The investment promotion proclamation issued in 1993 has enabled each state to establish their own investment office which has in turn helped to boost local and foreign investment in the country, Abi concluded.
