New proclamation vital in attracting more investment: EIA

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Addis Ababa, July 27 (WIC) - The Ethiopian Investment Agency (EIA) said the new investment proclamation approved this month would play a key role towards attracting more foreign and domestic investors.

The new proclamation, which aims to give investors a one-stop-shop service, was approved by the House of Peoples Representatives (HPR) on June, 17, 2012.

“The proclamation is fundamental in creating more favorable and investor friendly atmosphere,” Getahun Negash, EIA Corporate Communication Directorate Director told WIC.

Based on the new proclamation, investors are not expected to visit various offices to process their quest for investment as the EIA itself handles all the procedures on behalf of the investor.

“Investors’ quest for land, loan, infrastructures and approval of environmental impact assessments will be processed by the agency,” Getahun said.

“The new proclamation is another effort by the government to encourage more investment and addresses the challenges that investors face,” he added.

In a related development, the Agency has licensed to 686 investment projects with over 86 billion birr combined capital in the just concluded Ethiopian budget year, Getahun said.

Some 601 of the projects with 83 billon birr registered capital are investments by foreign investors, showing a 30 billion birr increase compared to the previous period, he said.

Upon going fully operational, the projects in the industry, manufacturing, agriculture, construction, tourism and hotel sectors are expected to create permanent jobs for over 45,000 people, he said.