Over 18bln birr investment projects go operational

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Addis Ababa, 16 August 2014 (WIC) – The Ethiopian Investment Commission said that some 226 investment projects with over 18.459 billion Birr aggregate capitals have gone operational last Ethiopian fiscal year.

Public relation directorate at the Commission, Getahun Negash said of the total projects some 125 with more than 14 billion birr capital are engaged in manufacturing, while the rest in agriculture and services, among others.

The projects have created jobs for more than 20,652 individuals, he said.

The Commission has licensed 576 new and 91 existing projects with over 91.1 billion birr aggregate capital during the reported period.
Of the total projects 535 are owned by foreign companies.

Most of the projects are owned by Chinese, Turkish, and Indian, Sudanese and U.S. investors, according to him.

The projects are in the areas of manufacturing, agricultures, tourism, and construction, among others.

Up on fully operational, the projects are expected to create over 100,430 jobs, Getahun said.

The Commission has cancelled licenses of 2,980 projects because of delay to commence any activity for more than two years, he added. (ENA)

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