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GERD Set To Boost FDI Flows, Reduce Poverty In East Africa

GERD Set To Boost FDI Flows, Reduce Poverty In East Africa 

-Ethiopian Herald

The timely completion of the Grand Ethiopian Renaissance Dam (GERD) will play a significant role in boosting the flow of Foreign Direct Investment (FDI) to the country and thereby address socioeconomic problems, says Ethiopian Investment Commission (EIC).

Ethiopia is the leading destination of FDI in East Africa and the fifth largest in Africa, according to a statement the Commission sent to The Ethiopian Herald. Currently some 5700 companies from North America, Europe, Asia and the Middle East are operating in the country majority of them focusing on manufacturing and service sector.

The investments need reliable source of electric power for their success. Hence the timely completion of the construction of Grand Ethiopian Renaissance Dam (GERD) will contribute to supply adequate energy.

During the last five years alone FDI has created more than 290 thousand jobs while industrial parks have created more than 75 thousand jobs. Additional source of energy is an indispensable option in order to further ensure the creation of jobs and alleviate the socioeconomic problems of Africa’s second most populous country.

The government is undertaking projects that can create massive job opportunities by building industry parks to attract more foreign direct investment and speed up the country’s economic transformation. GERD will contribute immensely in the effective operation of such economic infrastructure by supplying energy reliably.

Furthermore the dam will have significant contribution in improving the living condition of 60 percent of the country’s population who live in rural areas by providing source of electric power.

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