Foreign investment is going downhill

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Abbay Media News
Girma Alemu

Following the public disobedience that has been going on for a while now, it is reported, foreign investment in Ethiopia is going downhill. In the last six months alone, foreign direct investment has declined by one fifth, Bloomberg reported.

The popular public uprising has discouraged foreign investors from coming and participating in the investment sector of the country. Quoting Ethiopian Investment Commission Commissioner Mr. Fitsum Arega, the newspaper indicated, last year, $1.5 million was invested by foreigners compared to only $1.2 million this year.

The paper also indicated the reason behind the decline of foreign investment as the attack and destruction directed on foreign investor’s properties. Example is the Nigerian investor Dangote cement factory as well as fruit packing industry.

Tax relief including $4.4 million dollars compensation was paid by the minority led Ethiopian regime to 20 nationals and two foreign investors who lost their properties due to the popular unrest.