Addis Abeba, Ethiopia’s capital, is emerging as a major hub for foreign direct investment (FDI) projects in East Africa (Photo: Social Media)Addis Abeba – Ethiopia emerged as the leader in attracting foreign direct investment (FDI) in East Africa last year, according to the World Investment Report published by the United Nations Conference on Trade and Development (UNCTAD) last week. The report reveals that Ethiopia secured $3.3 billion in FDI in 2023, surpassing regional competitors such as Kenya and Uganda. AMEA Power announced plans to develop a 300 MW onshore wind power project in Ethiopia. The UN agency also indicated that Ethiopia’s allowance of foreign investment in digital payment systems contributed to the FDI inflow in 2023. Last year, the House of Peoples’ Representatives endorsed a proclamation opening doors for foreign investment in the financial sector.
