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Ethiopia Records $765mln FDI Inflows in First Quarter

Ethiopia has recorded 765 million US Dollars in foreign direct investment (FDI) inflows in the first quarter of the current 2023/24 fiscal year.

in a statement today, the Ethiopian Investment Commission (EIC) said the country managed to attract $765 million FDi in about 140 investment projects.

The projects are mainly in the manufacturing, agriculture, and service sectors.

“With the diverse and untapped investment opportunities it offers, strong economic growth trajectory, and its ongoing efforts to reform and improve the business climate, continues to be one of the top FDI destinations in Africa,” the EIC says.

Ethiopia remained the second largest FDI recipient on the continent last year, according to UNCTAD’s World Investment Report 2023 published in July. The amount, however, decreased by 14% to $3.7 billion, the UN agency says.

The report also shows that foreign direct investment flows to Africa declined to $45 billion in 2022 from the record $80 billion set in 2021. They accounted for 3.5% of global FDI.

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