Tax incentives bring increased FDI to Ethiopia: Official
Projects supported by FDI are bringing in know-how and technology transfer, Investment Commission spokesman says.
Ankara
by Tesfa Mogessie
ADDIS ABABA, Ethiopia
The use of tax incentives has massively increased foreign direct investment (FDI) to Ethiopia, an official told Anadolu Agency on Monday.
In an interview, Ethiopian Investment Commission spokesperson Getahun Negash said that FDI into Ethiopia had doubled since 2013, reaching about $2 billion in 2014 from $953 million in the previous year.
He said last year a total of 363 investment projects, representing 53 countries, had been licensed. Most of them are in manufacturing and agriculture, with a number of projects in the services sector.
Out of 215 projects which have started operations, 24 projects have already begun exporting products overseas.
The government’s long-term economic goal is to transform Ethiopia into a middle-income country by 2023.
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