July 9, 2019
Draft bill prepared to amend investment law in Ethiopia makes weapons, ammunition and explosives production open for the public, according to a report by Addis Fortune which was published on July 6, 2019.
The draft bill also opens air transport, postal service, and electric power distribution sectors open for the public.
Based on Addis Fortune report, investors interested in the above-mentioned sectors will have to do it on the basis of a joint venture with the government of Ethiopia.
It is the Ethiopian Investment Commission and a technical team that is drafting the legislation. The Technical Team is composed of 17 members, experts, drawn from Addis Ababa University, the government of Ethiopia and the private sector, according to Addis Fortune.
The Team is consulting to investment laws of about twenty-five countries from Africa, Asia, and Latin America, among others.
Revision of the investment law has been underway since January of this year.
The Bill is anticipated to be legislated in the parliament in the upcoming Ethiopian fiscal year, according to Commissioner of the Ethiopian Investment Commission, Abebe Ababayehu, as reported by Addis Fortune.
Fantu Farris, co-chair of the technical team is quoted as saying, “The initiative to amend the law also shows the country’s initiative in opening up the investment climate for the private sector.”Last year, Ethiopia managed to attract $US 3.3 billion in Foreign Direct Investment (FDI), said the report by Addis Fortune.
In May of this year, the Ethiopian Investment Commission (EIC) announced an online service platform for investors which means that investors can now apply for and/or renew their investment licences online.
Join the conversation. Like borkena on Facebook and get Ethiopian News updates regularly. As well, you may get Ethiopia News by following us on twitter @zborkena