The Ethiopian Investment Agency (EIA) has announced that the number of foreign investment projects increased in 2005, with more than 19.5 billion Birr (approx £1.3 billion) invested in various ventures. Investment permits were given to 672 foreign investment projects over the course of the year, up on the 500 foreign investment licences granted in 2004, which brought in 8.6 billion Birr.

A majority of the new licences were granted for manufacturing and agricultural projects, with licences also going to new schemes in the construction, education and health sectors.

It is estimated that the new investment will create almost 60,000 permanent job opportunities, and more than 75,000 casual work positions.

The EIA went on to say that recent consultations between investors and senior government officials, including the Prime Minister, were a part of efforts to provide a more efficient and more business-friendly service for investors in Ethiopia.

The EIA attributed the increase to Ethiopia’s untapped natural resources, the availability of a relatively cheap labour force, and the government’s attractive investment incentives, which hold appeal to major investors in the country.

ENDS