Ethiopia: New investment law to attract FDI


Ethiopia: New investment law to attract FDI
Ethiopia: New investment law to attract FDI

Ethiopia has passed a new investment law on Thursday as part of the Horn of Africa nation’s economy and drive progress toward a middle-income status.

According to the new law, banking, insurance, micro-credit and micro-saving services will be reserved for domestic investors.

The country’s banking sector, dominated by the two oldest and most profitable institutions – Awash Bank and Dashen, is still one of the most tightly state-controlled in Africa, Reuters reported.

The new law seeks to set up an economic framework that fast tracks the global competitiveness of the national economy, increases export performance, generates more and better employment opportunities.

In December, Ethiopia has set the minimum spend by solo foreign investors in local businesses and infrastructure projects at $200,000.

For those planning a joint investment with a domestic operator, the requirement drops to $150,000, according to the new law.

The government plans to sell a minority stake in phone monopoly Ethiopia Telecommunications Corp. and grant two new licenses to create competition. Six sugar plants are also due to be sold by the end of March.

Last month, the government has launched an online investment guide (iGuide).

The iGuide provides investors with all they need to know to invest in the country. It also highlights areas for reform in the country’s investment environment and helps the government to understand investors’ needs.


Like it? Share with your friends!

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
Solomon Yimer

0 Comments

Your email address will not be published. Required fields are marked *

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format