FDI Flow Surged by 23% in Six Months

ADDIS ABABA – Foreign Direct Investment (FDI) flow in Ethiopia has increased by 23 percent in the first half of the current fiscal year, said Prime Minister Abiy Ahmed.

Speaking to parliamentarians today, the PM said the nation attracted $1.63 billion in FDI over the past six months despite several challenges.

The figure has shown a 23 percent increase compared to the same period last year, Abiy said.

The total inflow, however, is not enough as compared to Ethiopia’s capacity to attract investors, according to the PM.

“Ethiopia has the opportunity to invest billions of USD in energy alone,” he said, indicating the “immense opportunities“ geothermal, solar and hydropower could give for investment.

Apart from the increase in FDI flow, the PM also said more businesses has renewed their licenses while many more are getting new one.

“he number of business licenses increased by 10%, with 8% of renewing already existing business licenses,” he told the parliamentarians.

Country’s trading systems, however, need to be upgraded and modernized, the PM added.