Some 570 foreign investors, companies identified to engage in investment: (MoFA) says

(12 July 2007)

Ministry of Foreign Affairs disclosed that it has identified more than 570 overseas investors and companies that could engage in investment sectors in which the country has become competent in the world.

Economic Affairs Deputy Advisor with the Ministry, Mulugeta Zewde, announced that investors that could engaged in textile, leather and leather products, dairy production, agriculture, floriculture, construction and cement production have been identified this budget year.

He said identifying investors and companies that have experience in investing in developing countries was carried out through 34 missions assigned by the Ministry in various parts of the world.

Accordingly, the survey and consultative works carried out on investors of China, Italy, Germany, Saudi Arabia, India, Israel, France, South Africa, Kenya and Turkey have registered encouraging result, according to Mulugeta.

Some 73 companies that have the capacity and interest to invest in the country have been identified currently, he said, adding that the government has been providing various supports for the investors to enable them start implementation of their projects.

Series of visits were made by heads of various expatriate companies to look into the investment opportunities in the country, Mulugeta said, adding that investors from Saudi Arabia, Germany, Ireland, Great Britain, Italy and China have been licensed and begun activities.

One of these, Al Hosawi Construction Company, has started construction of a five star hotel in the metropolis with an outlay of 205 million birr, according to the advisor.

Besides, a company named Fuad Hamad Al Nafi has been licensed to undertake animal products processing project that could create jobs for 50,000 people in Amhara State with over one billion Euros, Mulugeta further stated.

The country will consolidate the economic diplomacy it launched to promote the investment opportunities of the country through its consuls assigned in various parts of the world.(ENDS)