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Addis Ababa City Administration Investment Commission has nullified a total of 1,178 investment licenses for failure to kick-off the projects.
Ethiopia’s investment law demands that any project that fails to commence, the licence will be void. Hence, Addis Ababa City Administration Investment Commission standing by this law has revoked 1,178 investment project license. The commissioner of Addis Ababa City Administration Investment Commission, Abdulfeta Yesuf, stated that 1,598 new investment projects with an accumulated sum of USD818 million has been registered in the past six months. The new investments will affect the manufacturing, service, construction and social sectors.
The new investment projects has eased the importation of vehicles and spare parts for machine duties. The commissioner also stated that new investors faced challenges like shortage of hard currency, electricity and land, hence the need for the nullification these projects to support proactive investments. Majority of the land the government took has been put to good use providing jobs for hundreds of youths in the city.
Ethiopia ranked the third fastest growing economy of the millennium by the International Monetary Funds (IMF) from 2006-2016 is trying to regain her position in the world leading to the end of the road for 1,178 investment companies in Ethiopia’s capital city, Addis Ababa.
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