Thursday , July 7 2022

The Ethiopian Investment Commission will open arms manufacturing to the private sector


Ethiopia Investment Commission _
Photo: from the Twitter page of Sam Rosmarin

the best
July 9, 2019

According to an Addis Fortune report published on July 6, 2019, the preliminary draft amendment to investment legislation in Ethiopia makes the production of weapons, ammunition and explosives open to the public.

The draft bill also opens the sectors of air transport, postal services and electricity distribution open to the public.

According to the Addis Fortune report, investors interested in the sectors mentioned above should do so from a joint venture with the Ethiopian government.

It is the Ethiopia Investment Commission and a technical team that is developing the legislation. The technical team is made up of 17 members, experts, from the University of Addis Ababa, the Ethiopian government and the private sector, according to Addis Fortune.

The team is consulting the investment laws of nearly twenty five countries in Africa, Asia and Latin America, among others.

The review of the investment law has been carried out since January of this year.

It is anticipated that the bill will be legislated in parliament in the next Ethiopian exercise, according to Commissioner for Investment Commissioners in Ethiopia, Abebe Ababayehu, as Addis Fortune reported.

Fantu Farris, co-chair of the technical team, mentions that "the initiative to modify the law also shows the initiative of the country to open the climate of investment for the private sector." Last year, Ethiopia managed to attract $ 3.3 billion in direct foreign investment (FDI), the Addis Fortune report said.

In May of this year, the Ethiopian Investment Commission (EIC) announced an online platform for online services, which means that investors can now request and / or renew their investment licenses on line.

Join in the conversation. As well as borkena on Facebook and get updates on Ethiopia News regularly. You can also get news of Ethiopia following us on Twitter @zborkena

Source link