Investment Projects worht 5 Billion Birr Enter Implementation Phase in Oromia

Local NEWS

Some 167 projects licensed with over 5 billion birr capital in Oromia Regional State during the past six months have entered implementation phase, according to the Regional Investment Commission.

Oromia Investment Commissioner, Reshid Muhaba said that the projects were selected from 240 investment projects that applied for license in the first half of this Ethiopian fiscal year.

The Commissioner said 126 of the projects are owned by local investors, 3 by foreigners, 37 by Ethiopian diasporas, and 1 is a joint venture.

Among the areas of the investment are agro-processing, manufacturing, and agriculture.

According to Reshid, the projects will create 31,000 jobs, and additional 15 investment projects are undergoing through the process of selection.

The investors have secured 4,600 hectares of land for the projects, it was learned.

Meanwhile, the commission has terminated the contract of 25 investors who failed to implement their investment projects.

The Commissioner stated that 2,398 hectares of land was taken back from the investors.

The regional state has obtained 88 million USD from export of flowers, vegetables and fruits during the past six months, Reshid revelaed.

Investment projects have also created 55,000 jobs.

Source: ENA