Foreign Investment in Ethiopia Declines Following Unrest
February 15, 2017 - Foreign direct investment in Ethiopia dropped by 20 percent in the first half of the country’s fiscal year after violent anti-government protests in which foreign-owned businesses were targeted, according to Bloomberg.
The country attracted $1.2 billion in the six months through the end of December, compared with $1.5 billion in the same period a year earlier, Fitsum Arega, commissioner of the Ethiopian Investment Commission, said in a phone interview Monday from the capital, Addis Ababa. He said the government may miss its annual target of $3.5 billion, with $3.2 billion more likely to be attainable.
The government of Ethiopia declared a state of emergency in October to deal with unrest accompanying protests by ethnic Oromo and Amhara communities that began in late 2015 over the alleged dispossession of their land, political marginalization and state repression. Businesses including those owned by Nigerian billionaire Aliko Dangote and Dutch fruit processors were attacked during the unrest. The security forces killed at least 600 demonstrators, according to the Association for Human Rights in Ethiopia. (Bloomberg)