Ethiopia's Foreign Direct Investment (FDI) rose by 12% during the first quarter of the current fiscal year compared to the similar period of the last year, according to the Ethiopian Investment Commission.
For instance, Chinese investment in Ethiopia reached over $8.5 billion, supporting over 3,300 projects. This investment also created over 325,000 jobs and contributed to import substitution, skills development, and trade ties, state media reported.
Ethiopia implemented reforms to create a favorable business environment and attract both domestic and foreign investment, said Deputy Commissioner at the Ethiopian Investment Commission Zeleke Temesgen.
The measures aimed at attracting investments also included developing vital infrastructure within industrial parks, a collaboration between the government and Chinese investors.
Ethiopia secured $3.9 billion in foreign direct investment in the 2016 Ethiopian fiscal year, representing a 14% increase compared to the previous similar period.
The Ethiopian fiscal year 2016 concluded on July 7, 2024, in the Gregorian calendar.