1. Posted on Monday 29 October 2007 - 11:29

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   AfricaNews editor

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   Andualem Sisay, AfricaNews reporter in Addis Ababa, Ethiopia

   Investors from 30 different countries obtain licenses in just 30 day. These are some of the latest investment data obtained from the Ethiopian Investment Agency, which reveals that the number of foreign investors coming to Ethiopia is increasing.

   

   In just one month, September 2007, a total of 173 investment projects were registered, with more than half of these being foreign ventures from 30 countries. Chinese investors lead by investing in 18 projects out of the 90 registered.
   
   They are followed by 17 Americans and 10 Britons, most of whom are of Ethiopian descent, according to the record found from the Agency. The remaining projects are joint ventures between foreigners and Ethiopians. 
   
   The origins of the remainder of investors registered in September are: India, Canada, Germany, Australia, France, Netherlands, Italy, Sweden, Belgium, New Zealand, South Africa, Barbados, Saudi Arabia, Yemen, Lebanon, Palestine, Pakistan, Indonesia, Nigeria, Chad, Cameroon, Sudan, Trinidad, Kenya and Djibouti. 
   
   In addition to the 173 companies registered by foreigners, almost half of the 52 share companies licensed in the same period have at least one or two foreign shareholders along with Ethiopian partners.
   
   Real-estate, manufacturing, Hotel and construction sectors are among the major areas that attract most of the investors.
   
   Many observers attribute the provision of incentives to investors by the government as one of the reasons behind the huge interest from abroad to invest in Ethiopia. On the other hand, some also opine that foreign investors are interested in Ethiopia because of the cheap labor and less fierce competition in larger markets which also include neighboring countries.
   
   The incentives for investors include one hundred per cent exemption from the payment of import customs duties and other taxes levied on imports of all investment capital goods such as plant machinery, equipment and construction materials.
   
   In addition, Ethiopian products and services destined for export are exempted from the payment of any export tax and other taxes levied on exports.
   Duty Draw-Back Scheme, Voucher Scheme and Bonded Manufacturing Warehouse Scheme are also among the incentives for exporters.
   
   Besides, any income derived from an approved new manufacturing and agro-industry investment or investment made in agriculture shall be exempted from the payment of income tax for the periods depicted in the following table, depending upon the area of investment, the volume of export, and the location in which the investment is undertaken.
   
   According to Council of Ministers Regulation No.84/2003 issued on the basis of the Investment Proclamation No. 280/2002, the following Profit tax holidays are provided for investors.
   
   
   
   Keyword:  ethiopia business investment
   

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Reactions

1. Posted on Friday 09 January 2009 22:36

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   bhukabijumiro

   

   
   31 berichten
   Lid sinds April 2008

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   I am not surprised to see that Ethiopia may or has become one of Africa's investor destinations faster than any other African country to-date.
   
   Ethiopian incumbent leaders who have heard of Uganda's Lake Victoria Free Trade Zone project that has been mentioned over and over in the last five years have decided to act rather than talk about investments.
   
   They have instead created investor friendly incentives that are turned into reality for prospective investors within one month from date of application. This is highly commendable. Why can't the same be done in many other African countries?
   
   It should be pointed out that the Ugandan Lake Victoria Free Trade Zone bears all and OFFERS more investor-friendly incentives and or tax-holidays that are almost permanent to manufacturers AND OTHER INVESTORS operating within the Free Zone.
   
   Uganda needs to act fast with regard to the Sseesamirembe City project which will also host the Lake Victoria Free Trade Zone comprising of an international airport, a Lakeport on Lake Victoria, an airport city, a lakeport city, a media city and health city and a financial markets university and other higher learning institutions. a golf course, hotels and casinos, and a global cultural village, just to list a few.
   
   Nowhere in Africa is there such a single huge city project as Sseesamirembe, planned to cover 200 sqaure miles of land adjacent or astride the Uganda Tanzania border on the west shores of Lake Victoria.
   
   The Tanzanian ambassador to Uganda welcomed the project and asked the Free Trade Zone be extended to the Tanzania side too! The Ugandan government has promised to build the city infrastructure but has yet to show tangible signs of this promise.
   
   Faster acting by committing machinery, materials, tools and equipemnt to the Free Zone Site will go a long way to ensure Ugandans that something really tangible is happening.
   
   A good number of high ranking Ugandan cabinet ministers and officials have rallied their support behind the project. The list also includes the Buganda kingdom leaders in addition to the Rakai district leaders where the proejct is located.
   
   What is lacking in Uganda is the will to act decisively and implement such an invaluable project that will project Uganda/Tanzania/Rwanda (Kagera Basin) into thriving African economic region within a very short time.
   
   The good news is that the Ugandan President, Yoweri K. Museveni has broken the impasse that has been trying to strangle the Free Zone project. Competitors and religious bigots who have been using the Ugandan media to damage and slander the project have been dealt a big blow.
   
   Museveni's goverment has come out more strongly recently in support of the project but it must demonstrate its support in real physical activities of road construction, hydro-power electrification of the Free Zone and helping the Zone promoters and developers with water and sewerage facilties in addition to sensitizing the local population even more in support of the project.
   
   The Uganda government still has to show more cooperation with the Chinese developer-partners with Kagera Eco-Cities Litd - a local Uganda company who are developing the Free Zone.
   
   Ugandans must awaken to the great benefits this project will bring to the peoples and to the nations around the region and to all of Africa since the Sseesamirembe City project is planned to become a model to be replicated in four other African countries by the Chinese.

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2. Posted on Monday 14 September 2009 22:43

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   suubaanbalal

   

   
   1 berichten
   Lid sinds September 2009

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   it make genocide in Ogaden region no media no education no telecommunication no ...no...........

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3. Posted on Tuesday 27 December 2011 09:14

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   kith

   

   
   16 berichten
   Lid sinds December 2011

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   Museveni's goverment has come out more strongly recently in support metformin dosage of the project but it must demonstrate its support in real physical activities of road construction, hydro-power electrification of the Free Zone and helping the Zone promoters and developers with water and sewerage facilties in addition to sensitizing the local population even more in support of the project.

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4. Posted on Friday 03 February 2012 11:49

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   keerthi

   

   
   5 berichten
   Lid sinds February 2012

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   The good news is that the Ugandan President, Yoweri K. Museveni has broken the impasse that has been trying to strangle the Free Zone project. Competitors and religious bigots who have been using the what is citalopram Ugandan media to damage and slander the project have been dealt a big blow.

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