Cyber Ethiopia

The Ethiopian Investment Authority (EIA) envisages to award investors who are actively involved in supporting and promoting the country’s investment for the last nine years. Briefing local journalists about the award, which is the first of its kind, Ato Abi Wolde Meskel, General Manager of EIA said that 15 investors particularly those who are engaged in the farming industry and related sectors would be given the award, which is to take place at the Sheraton Addis, on June 22, 2002. Abi further said that the Authority prioritizes the above-mentioned sectors, as the country’s economic development is mostly reliant on agriculture, hence, the sector should be encouraged and further expanded. Enterprises which have been playing a significant role in attracting Foreign Direct Investment (FDI), saving foreign currency, and

creating job opportunity have been carefully nominated, he said, adding that special attention have also been given to those who are investing in a remote, hard to penetrate and economically backward areas. Much more is expected from the Authority, however, than the award, Abi said. Though EIA has been exerting efforts to protect investors from difficulties they are facing in the country and promote investment, there is still a lot to be done particularly regarding investment policy. At present, there are about 2028 investors engaged in various investment activities with a total capital of 16 billion birr of which 67 of them are foreigners with 4 billion birr capital, according to Abi. The sector investment has created a job opportunity for approximately 400,000 employees.