Ethiopia attracted 3.1 billion US dollars Foreign Direct Investment (FDI) in the concluded Ethiopian fiscal year which ended July 7, 2019.
Ethiopian Investment Commission disclosed today that Ethiopia is the biggest FDI recipient in east Africa nations and the fifth largest FDI destination in Africa as a whole.
The achievement was attributable to the country’s success in infrastructure development and presence of suitable investment policies and laws.
The sources of the foreign direct investments to Ethiopia include China, India, UAE, USA, Sudan, Turkey, Canada, Hong Kong, among others.
The east African nation is one of the few countries where the bulk of FDI inflow went into the manufacturing sector largely due to the extensive investment in industrial parks.
In recent years, the government of Ethiopia has undertaken extensive industrial parks development across the country specialized in textile and garment, footwear and other leather products, equipment manufacturing, pharmaceuticals and multiple sectors including heavy industries.
According to the Ethiopian Investment Commission, manufacturing is the sector that attracts the most FDI.
During the same period, the east African nation earned over 140 million US dollars in export revenue from industrial parks.
Textiles and garment, footwear and other leather products, ceramics as well as electrical wires were among the products exported mainly to European countries, USA, Asia, Africa and other export destinations.