Ethiopia predicts record $1.5B foreign direct investment in 2015

Addis Ababa, Ethiopia

Foreign direct investment into Ethiopia will reach a record $1.5bn this year, on the back of successful efforts by the fast-growing and populous African country to attract overseas manufacturing companies.

Only seven years ago, the country with a population of 94m drew only $108.5m in inward investments from overseas. But it has been growing at double-digit rates, thanks to increased relocation of factories, attracted by low wages, cheap power and supportive government policies.

“This year will be a record for foreign direct investment,” said Fitsum Arega, head of the country’s investment agency, up 25 per cent from last year’s $1.2bn.

Read more: Ethiopia predicts record $1.5bn overseas direct investment in 2015 – FT.com.

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