Investment flow booming in Afar region: Commission

Addis Ababa January 13, 2023 (FBC) – The Afar Region Investment Commission stated that the investment flow in the region has increased compared to previous years.

Idris Ismail, Director of Investment, Promotion and Information at the Commission, told Fana Broadcasting Corporate that the investment flow in the region decreased in the past couple of years due to the conflict in the northern part of Ethiopia.

However, since the Pretoria and Nairobi peace agreements the region’s investment is rejuvenating, the Director said.

Idris indicated that the encouraging result registered after the Commission’s strong commitment to attract investors and stimulate the investment activity following the return of peace in the area.

He revealed that more than 69 investors have received investment permits in agriculture, wheat cultivation, salt production, animal husbandry, and food processing in the last 6 months of the current fiscal year.

The number of investors and engagements, according to Idris, has increased in the last six months compared to the previous years.

The Director mentioned that the investors who received investment permits have registered a capital of 3.8 billion birr in the last six months.

He said the registered result in six months of the current financial year shows a better flow of investment compared to the previous full budget year.

Accordingly, the investment has created permanent employment opportunities to 2,977 people in various sectors, Idris confirmed.

By: Yonathan Yoseph