Ethiopia attracts $1.83 billion foreign direct investments in nine months

During the first nine months of Ethiopian calendar started July 8, 2018, Ethiopia has attracted foreign direct investment of $1.83 billion.

The investments are made by a total of 152 new foreign companies, according to the Ethiopian Investment Commission. The sources of the foreign direct investments to Ethiopia include China, Indonesia, Malaysia, Hong Kong, Saudi Arabia, Sri Lanka, Korea, Egypt, Sudan, and Norway. While the investment areas range from sugarcane to rubber plantations and processing to manufacturing of mobile phones, cable, metal and real estates and LPG, among others.

The nine months performance report of the Ethiopian Investment Commission (EIC) is presented to the parliament this week by Commissioner Abebebe Abebayehu. The plan of the Commission for the period was to attract $2.6 billion foreign direct investment. Among the new investments is Shanghai Mofeng Import and Export Trade Co. Ltd of China, which aims to invest $10 million in electronics industrial park. ZHEN ZHEN OBS OPTO- ELECTRONICS CO. LTD of China is also registered to invest $2.5 million in production of LED (light-emitting diode, a semiconductor light source that emits light production.

The nine months performance report of EIC also shows that Zhonglong Integrated Textile and Wearing Manufacturing plc of China, is registered to invest $28 million in textiles. FIT Holdings of Hong Kong is also registered to invest $10 million in the manufacturing of mobile phones and other materials usable at the household level.

Suren Madayalee All cable Plc of Srilanka is also registered to invest $10 million in metals and steel production. A joint venture of an Indonesian and a Malaysian company, Indo foods, Pinehilu Akabia Foods limiting, is registered to invest $50 million in rubber tree and sugar plantations, according to the nine months report of EIC NewBusinessEthiopia.com received.

A joint venture between and Ethiopian and Saudi Arabian nationals registered as, Mohamed Nur, has also taken investment license to invest $100 million in real estate and Liquefied Petroleum Gas (LPG). Saudi pipe systems Co. of Saudi is also registered to invest $5 million in production of pipes.

Lava of Egypt is also set to invest $5 million in mobile manufacturing in Ethiopia, while Sudan’s Bash Pharma Co. ltd, is also registered to invest $5 million in production of medicines. JOTUN from Norway is also registered to invest $3 million in fabricated metals. While HANSHIN Electric Wire and Cable Co. ltd of Korea has got a license to invest one million dollars in manufacturing of cables, according to EIC report.

The report also shows that a joint venture by Yemeni and Ethiopian investors, Saba confectionary, is also in the process of investing $2.5 million in sweets manufacturing in Ethiopia.