A new amendment has been made on the previous investment proclamation number 769/2012. The objective behind the amendment under Proclamation number 849/2014 is said to be aimed at further facilitating and encouraging investments in Ethiopia.
Under the current amendment proclamation we can note:
- The change made from the Investment Agency to Investment Commission;
- The Investment Board which is supervisory body is intended, by the law maker, to be chaired by the Prime Minister;
- The Investment Board is empowered to supervise the administration of industrial development zones;
- The Investment Board, inconformity with the laws and plans of investment, is empowered to pass a decision on the reduction or expansion of the boundaries of industrial development zones;
- The Investment Board is authorized to the granting of new or additional incentives other than what is provided under the law;
- The Investment Board is authorized to the opening of investment areas for foreign investors which are exclusively reserved for domestic investors;
- The scope given to Industrial Development Zone has been broadened to embrace special economic zones, industrial parks, technology parks, export processing zones, free trade zones and the likes which are to be designated by the Investment Board;
- The development of industrial zone will be undertaken either by the Government or by joint venture of the government and the private sector or by the private sector alone;
- The organs of investment administration comprise the Investment Board, the Commission and Regional Investment Organs.