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Ethiopia launches online services for investment permit application

The Ethiopian Investment Commission (EIC) has launched an online services platform where investors can apply for new investment permit and its renewal.The platform also enables online administration of investment  incentives, said Abebe Abebayehu, Ethiopian Investment Commissioner said  on Friday on twitter.

The Commission has also launched a Chinese web-portal that is intended  to provide up-to-date information to Chinese investors, he added.

The web-portal can be accessed at: cn.investethiopia.gov.et

The Ethiopian Investment Commission (EIC) said it has issued licenses to  94 foreign investment projects in the last five months who registered a  total capital of 23.6 billion birr ($843 million at current exchange  rate).

Ethiopia has attracted a total FDI of $3.75 billion, last Ethiopian fiscal calendar ended July 7, 2018.

In a related development, registering a total capital of 7.3 billion  birr ($261 million), some 69 investment projects have begun operation,  Mekonnen Hailu, Communications head at EIC.

Of 190 countries, Ethiopia ranks 159 in World Bank’s Doing Business  Index 2018. To improve this, Prime Minister Abiy has a few weeks ago set  up a team that will be led by him.

Generous investment incentives, the big market with over 100 million  people and its strategic location for other markets, many foreign  investors prefer to investnn Ethiopia.

Meanwhile many complain about shortage of hard currency, which is  resulting in  long procedure to repatriate profit and ope letter of  Credit to import inputs.

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