Briefing journalists here on Thursday, Agency's Director General Abi Woldemeskel said the agency from its establishment in July 1992 till November 2007 has issued investment license to 28,230 local and foreign investors with an aggregate capital of 331 billion birr.

Some 14 percent of the total investment projects are foreign, he said.

Currently, some 5800 of the total projects, with an aggregate capital of 65 billion birr, have gone operational and under construction phase.

These projects, Abi said, have so far created over 300,000 jobs and are expected to create 1.5 million jobs, when go fully operational.

Favorable investment opportunities, wide ranging promotional activities, government incentives, among others have contributed a lot for the increasing investment flow.

The agency has working closely with regional investment bureaus to facilitate provision of land and the necessary services to investors.

According to Abi, the investment flow particularly during the past five years has shown remarkable increase. This contributed a lot to enhance national economy and to save nation’s hard currency through replacing imported items with locally manufactured items.

He said there is a plan of increasing private investment contribution to the national revenue to over 25 percent from that of 21 percent at present.

Some 45 percent of the total projects are in Addis Ababa while 45 percent of them are in other parts of the country.

The director said the government has put in place various incentives to further encourage investors to make use of the favorable investment opportunities in Ethiopia.

R...3:10-3:55 PM

E--8:00-8:06

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