Addis Ababa, Ethiopia - The Ethiopian Investment Agency (EIA) is looking forward to attracting 1,515 foreign investors with a combined capital of 103.7 billion Br in the 2012/13 fiscal year alone.

The Agency has outlined its strategic plans for the current fiscal year in July 2012, to go hand in hand with the government’s five year Growth and Transformation Plan (GTP) . The current plan is a 25pc increase both in terms of capital and the number of companies, compared to the Agency’s performance in the 2010/11 fiscal year at the start of the GTP period.

The plan is also in line with the recently ratified investment proclamation, which was amended for the fifth time in July 2012. The proclamation gave large incentives for the manufacturing sector, while cutting down on tax holidays for the agricultural sector from five years to four. Within the manufacturing sector, leather and textile manufacturing were favoured in incentive provision. Read more.