Commission licenses investors with total capital of 10 billion Birr

Addis Ababa, May 18(ENA)-- The Ethiopian Investment Commission licensed investors with a combined capital of 10 billion Birr over the last nine months of the current budget year. The commission said it has also registered encouraging results in its service rendering.

Presenting a nine-month performance report to the House of Peoples' Representatives here on Tuesday Commissioner Abi Woldemeskel said the number of investment projects showed significant growth due to the avoidance of lengthy procedures for licensing, renewals or other services .

Accordingly, 676 private investments were licensed which were expected to create jobs to over 50,000 people, he said .

Abi said 36 percent of the investments licensed were foreign with the capital of 5.3 billion Birr.

The commissioner said the amount of foreign investment projects licensed during the period was greater by 61 percent compared with the previous 11 years and the amount of capital was also greater by 28 percent.

Abi said image building activities were carried out to attract investors from Israel, Yemen, Britain, Austria and Italy . Promotions were also undertaken in textile, apparels, leather and leather products as well as meat industries in line with the industrial development strategy of the country.

He said promotion was also carried out in flower, vegetables and fruits development opportunities in the country to foreign investors.

The commission has faced difficulty in obtaining competent personnel as the salary was not attractive, Abi added.