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.
If you have an additional question or comment or need to get a practical legal support in this regard please Contact us.
For detailed information on this and other related information
- Brief note on Tax laws of Ethiopia
- Guideline to Doing Business in Ethiopia: Especially Investing on Agriculture in Ethiopia
- Foreign Investment Incentives and its conditions under Ethiopian law
- Brief Note on Business Incorporation and Investment Laws of Ethiopia
- The Direct and Indirect Taxes applicable in Ethiopia
- How to acquire Work Permit and comply the Ethiopian Law
- List of Taxes Imposed On Business Companies Operating In Ethiopia
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Note: This guide provides vital information on Ethiopian Customs, Immigration and Tax law and is not intended to substitute legal advice with practicing lawyer. Such legal advice is available from any Customs or Immigration or Tax Attorney in Ethiopia.