Last week, Ethiopia's Minister of Transport and Logistics, Alemu Sime, noted that Ethiopia's recent achievements prove the country's reliance on foreign aid could be entirely eliminated.
Ethiopia takes the lead in attracting foreign direct investment (FDI) in East Africa in 2023, the World Investment Report said.
Last year, Ethiopia attracted $3.3 billion in foreign direct investment, outperforming neighbouring countries such as Kenya with $1.5 billion in FDI and Uganda with $2.9 billion, according to the report.
The country's FDI target for the current fiscal year is $3.5 billion, Hanna Arayasellasie, Chief Commissioner of the Ethiopian Investment Commission, said.
According to the commission, Ethiopia receives the highest amount of FDI from China, which accounts for almost half of all new projects in the country.
The country's minister of transport and logistics said last week that Ethiopia's recent achievements, including in agriculture and industry, serve as evidence that the nation may eliminate its dependency on foreign aid.