Ethiopia approved 123 new investment licences in the first quarter of the fiscal year, drawing more than 961 million US dollars in foreign direct investment (FDI), the Ethiopian Investment Commission (EIC) reported.

Of the new licences, 34 were granted to foreign investors engaged in export-oriented trade and revenue-generating projects. The inflows mark a 7.87 percent increase compared with the same period last year, reflecting steady growth in Ethiopia’s investment climate.

Investments across the country’s economic zones generated over 49 million US dollars in export revenue during the quarter, more than doubling the earnings reported in the corresponding period of the previous fiscal year.

The EIC said the figures underscore ongoing efforts to attract foreign capital and strengthen Ethiopia’s position as a destination for both domestic and international investors.