Ethiopia Amends Investment Law to Encourage Private Sector

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Ethiopian Investment Commission (EIC) said that the Government of Ethiopia has been amending the investment law in order to improve the investment and business climate and enhance the role of the private sector.

While speaking at Ethio-Investment Exhibition and Forum held in Addis Ababa, Ethiopian Investment Deputy Commissioner TemesgenTilaye said the investment law has been amended with a view to enhancing business and investment in the country.

The government has been tirelessly working to improve the existing investment climate of the country and part of this effort EIC in collaboration with World Bank Group, International Finance Corporation (IFC), and International Trade Centre (ITC) has recently developed an Online Investment Service Delivery System and Chinese Language Web-portal.

According to him, the systems would help to provide efficient, effective and reliable investment services for investors regardless of geographical locations as well as language barriers.

Moreover, the government has been working to transfer the government-led investment and business activities to private-led investment and business activities.

The amendment of the investment law will fill the gaps that have been observed and also enable the country to be competitive in attracting foreign direct investment (FDI),he saidadding that it has included investment incentives, licensing, finance provision, and logistic supply.  

Ethio-Investment Exhibition and Forum was held to create awareness among foreign and local companies and show the alternative investment in the country. Over 100 participants foreign and domestic companies participated at Ethio-Investment Exhibition and Forum, it was learned.