Agency says 6.08 bln br worth investment projects go operational

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Addis Ababa, February 26 (WIC) – Ethiopian Investment Agency (EIA) disclosed that investment projects with a combined capital of 6.08 billion birr entered operational phase during the first half of the budget year.
The combined capital is registered from the 102 investment projects that started operations during the past six months, Fitsum Arega, EIA Director General, said. The agency expected a total of 132 projects with a combined investment capital of 10.12 billion birr.
According to the director general, the manufacturing sector took up 1.7 billion birr share of the combined investment capital. Fitsum said seven export oriented companies including textile, leather and pharmaceutical companies began operations during the first half of the budget year.

With the aim of promoting the manufacturing sector, the government gives duty free rights for import of manufacturing machineries. During the past six months 1.5 billion birr worth of machineries have been imported to the country utilizing the duty free privilege, Fitsum said.
EIC, recently, announced the cancellation of investment permits of some 2,100 ‘idle’ projects.