Ethiopia, has achieved a significant milestone with $765 million in foreign direct investment (FDI) inflows during the first quarter of the 2023/24 fiscal year. This development reflects the country’s growing appeal to international investors.

According to Africa News Agency, the nation attracted these investments across approximately 140 projects. The investments were primarily concentrated in sectors such as manufacturing, agriculture, and services. This performance continues to position Ethiopia as a leading destination for FDI in Africa.

The United Nations Conference on Trade and Development’s (UNCTAD) World Investment Report 2023, released in July, revealed that Ethiopia was the second-largest FDI recipient on the continent in the previous year. However, the report noted a 14% decrease in FDI to $3.7 billion. Additionally, the report highlighted a decline in overall foreign direct investment flows to Africa, which fell to $45 billion in 2022 from a record $80 billion in 2021, accounting for 3.5% of global FDI.