Ethiopia: Oromia tops in Foreign Direct Investment in 10 Years
(April 14, 2012 – ENA) – Oromia has dwarfed the rest of the regions in Ethiopia in terms of receiving Foreign Direct Investment (FDI) over the last decade (2004-2011), the Ethiopian Investment Agency said.
In an exclusive interview with ENA on Tuesday, Corporate Communication Director with the Agency, Getahun Negash said Oromia has attracted 124.46 billion Birr of the over 357.98 billion Birr total FDI flow Ethiopia received in the last 10 years.
The share of the region in the country’s total foreign investment flow to the nation constituted 34.76 percent.
According to Getahun, Addis Ababa City Administration, which used to dwarf the rest of the regions in terms of luring largest amount of FDI over a decade ago, ranked 2nd receiving 86.15 billion Birr of the total foreign investment in which the nation got during the reported period.
The third largest amount of FDI went to transregional investment involving more than one region, which accounts for 48.49 billion Birr of the stated total sum.
Amhara ranks fourth luring 39.14 billion Birr followed by Dire Dawa City Administration, whose share from the total FDI stood at 23.61 billion Birr.
Gambella and South Ethiopia Peoples states were in 6th and 7th places obtaining 12.84 billion and 11.41 billion Birr respectively.
Benishngul-Gumuz, Tigray, Afar, Somali and Harari states ranked from 8-12 respectively receiving altogether the balance of the FDI.
Ethiopia has made a considerable progress in attracting foreign investment since 1992 as a result of the implementation of favorable policies and strategies that are instrumental in improving the national economy.
The suitable investment environment plus the tantalizing incentives being provided to foreign investors by the government has enabled Ethiopia to become one of the hot-beds of foreign investment in Africa.
Source: Ethiopian news agency (ENA)
Check the drop down menu at the top for related posts.