Ethiopia has come out as the leader in East Africa when it comes to foreign direct investment (FDI), the United Nations Conference on Trade and Development (UNCTAD) disclosed.
UNCTAD claims that Ethiopia earned 3.3 billion US dollars in the fiscal year 2023 to 2024, placing it at the top of the list.
Compared to its neighbors, Kenya and Uganda, Ethiopia made the most income from FDI in 2023.
Ethiopia is ranked higher than South Africa and Egypt, as determined by Business Insider Africa, which also said that the government’s partnership with private sector institutions and investors is substantially speeding up its economic growth.
The statistics also showed that Safaricom, which established its business in Ethiopia in 2021, tripled the number of its initial 3.1 million customers, evidencing that Ethiopia is a viable destination for investment.