t.1' ,.,,.l.')' - 2merkatoM·l·oo'H· "'1''1: ..... ... 0.,"".4.-)' fh'lC (J)-Il'f' ,.,,.l.') ... n"l-'1':> Unit Price 10.10 the transfer of technology into the country;

1

FEDERAL NEGARIT GAZETA OF THE FEDERAL DEMOCRATIC REPUBUC OF ETHIOPIA

~~ CONTENTS

M'J!> • .,.C Ir~1/11l1 'U" Proc:lImation No.7691l012

rl\. ,M·l·oo'H· "'1''1: ...... 1~ m.~rtS Investment Proclamation ....... Page 6572

M'~ ... .,.C %l~lillli.t PROCLAMATION No. 7691201Z

Mh.lIIoT ... '!t f~M" A PROCLAMATION ON INVESTMENT

fh1t-t:') f~""'101. tt.'"IT fI'"I"'m')c; WHEREAS, the encouragement and expansion t'fhl1n;J;"} f'1-C .t.l)l fI'"IiPitt. >.. ')M+O'P'}-}-'} of investment. especially in the manufacturing sector, 0-1'1'1"1'" ,,,,,.t.1' h.'}~Il·)·t ttCIf,'} oOOJnl.:t":t'+c; has become necessary so as to strengthen the domestic

0.,"".4.-)' fh'lC (J)-Il'f' ,.,,.l.')' ",,for') '"Im'ihC production capacity and thereby accelerate the

n",hl.fl1· I economic development of the country and improve the

living standards of its peoples;

(1),( h'le m-i'l'f' f'"l.1I1(1)o') ftlT;N\ If,fl·)· WHEREAS, it bas become necessary to

t.Ott.1' ".,t\,f,.,,, f-t~,,"")(, 7i.,.,C') """'m'} further increase the inflow of capital and speed up

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OW'J1t: ow".,· t11l;f·ow.,n ·)·!

n"l- '1':> Unit Price 10.10

the transfer of technology into the country;

WHEREAS, it has become necessary to enhance and promote the equitable distribution of investments among regions and benefit the society by ensuring competitiveness among investments made by investors;

WHEREAS, it has become essential to put in place a system of supervision to ensure that pennits and incentives granted to investors are used for the intended purposes;

WHEREAS, the system of administration of investment needs to be transparent and efficient;

WHEREAS, it has been considered that the establishment of industrial development zones helps, by creating enabling and competitive condition, to interrelate manufacturing sectors based on value creation as well as to attract and expand investment;

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'lit Wfllr LIl.6-A ):>6+ :>11.'" .'I'C ~r. ooMlr X .. , 'li.l'i ' .r Fedenll Negant Gazeta No. 63 17" September20J2 ......... page 6573

MtW1 'JII"'IP':y. h"lfl 1I"'1.r:I.f1 lip'&- II~ WHEREAS, to these ends, it has become ,"CD-1 1'h.1l'iflT0D1T ih"l "'I7i7iA M~A1. If':' ,necessary to revise the existing law on invcstment;

1I .... 111>i

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1''''' h. Tf"*" ''f' t,(;f.\,'I" &-A I

NOW, THEREFORE, in accordance with Article 55(1) of the Constitution of the Federal

Democratic Republic of Ethiopia, it is hereby proclaimed as follows:

1. Short Title

PART ONE

GENERAL

This Proclamation may be cited as the "Investment Proclamation No. 769/2012".

2. Definitions

In this Proclamation, unless the context otherwise requires:

11 "investment" means expenditure of capital in cash or in kind or in both by an investor to establish a new enterprise or to expand or upgrade one that already exists;

21 "enterprise" means an undertaking established for the purpose of profit making;

31 "capital" means local or foreign currency, negotiable instruments, machinery or equipment, buildings, working capital, property rights, patent rights, or other business assets;

41 "investor" means a domestic or a foreign investor having invested in Ethiopia;

51 "domestic investor" means an Ethiopian national or a foreign national treated as a domestic investor as per the relevant law, and includes the government, public enterprises as well as cooperative societies established as per the relevant law;

61 "foreign investor" means a foreigner or an enterprise wholly owned by foreign nationals, having invested foreign capital in Ethiopia or a foreigner or an Ethiopian incorporated enterprise owned by foreign nationals jointly investing with a domestic investor, and includes an Ethiopian permanently residing abroad and preferring treatment as a foreisn investor;

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M·I''''.f.C':r·"} .eQ;\,9"&·A i

Federal Negarit Gazeta No. 63 17" September 2012 .... .. ... page 6574

7/ "foreign capital" means capital obtained

from foreign sources, and includes the re

invested profits and dividends of a foreign

investor;

8/ "expansion" or "upgrading" includes increasing in volume, by at least 50% the attainable production or service rendering capacity of an existing enterprise or increasing in variety, by at least 100%, by introducing a new production or service rendering line of an existing enterprise or increment by both;

9/ "public enterprise" means an enterprise, wholly or partially owned by the federal or

regional government;

10/ "transfer of technology" means the transfer of systematic knowledge for the manufacture of a product, for the application or improvement of a process or for the rendering of a service, including management and technical knowhow as well as marketing technologies, but may not extend to transactions involving the mere sale or lease of goods;

111 "expon-oriented non-equity based foreign enterprise collaboration" means a 100".4 export-oriented contractual agreement between a domestic investor and foreign enterprise in which the foreign enterprise provides, among others, all or some of the following:

a) guaranteed external market access;

b) production know-how of products for

export market;

c) export marketing know-how;

d) export business management know-how;

e) strategies for the supply of raw materials and intennediate inputs needed for export products;

12/ "government" means the federal government or a regional government;

13/ "region" means any state specified under Article 47(1) of the Constitution of the Federal Democratic Republic of Ethiopia and includes the Addis Ababa and Dire Dawa city administrations;

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Federal Negaril Gazeta No. 63 17" September 2012 ......... page 6575

141 "Agency" means the Ethiopian Investment Agency to be established by regulation of the Council of Ministers;

lSI "Investment Board" means the highest governing body of the Agency;

161 "appropriate investment organ" means the Agency or the executive organ of a region empowered to issue investment permits;

171 "industrial development zone" means an area with distinct boundary designated by the appropriate organ to develop identical, similar and interrelated industries together or to develop multi· faceted industries based on a plan fulfilling infrastructures such as road, electric power and water and having incentive schemes with purposes containing industrial development, mitigating the impacts of environmental pollution and administering the development of urbans with plan and system;

181 any expression in the masculine gender includes the feminine.

3. Scope of Application

The provisions of this Proclamation may not be applicable to investments in the prospecting, exploration and development of minerals and petroleum resources.

4. Jurisdiction

11 The administration of the following investments shall be under the jurisdiction of the Agency:

a) wholly foreign owned investment;

b) joint investment made by domestic and foreign investors;

c) investment made by a foreign national, not Ethiopian by origin, treated as a domestic investor pursuant to Article 2(5) of this Proclamation;

d) investment made, in areas eligible for incentives, by a domestic investor who is required to obtain a business license from the concerned federal organ.

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Fede",1 Nt rit Guell No. 63 1~ Scpternber2Q1 2 ......... page 6576

21 Notwithstanding the provisions of subarticle (I) of this Article, the issuance, renewal, replacement and cancellation of investment pennits for air transport services and for generation or transmission or distribution of electrical energy shall be carried out by the Ethiopian Civil Aviation Authority and the Ethiopian Electricity Agency respectively, representing the Agency.

31 The Ethiopian Civil Aviation Authority and . the Ethiopian Electricity Agency shall:

a) carry out functions delegated to them under sub-article (2) of this Article in accordance with this Proclamation, and regulations and directives issued hereunder;

b) forward to the Agency information regarding the services they have rendered by way of delegation.

41 Investments other than those referred to in sub- article (I) ODd (2) of this Article shall fall under the juriadiclioa of n:giooal investment orpDI.

PART TWO

INVESTMENT OBJECTIVES AND AREAS OF INVESTMENT

5. Investment Oblectlves

The investment objectives of the Federal Democratic Republic of Ethiopia are designed to improve the living standards of the peoples of Ethiopia through the realization of sustainable economic and social development, the particulars of which are the following:

11 to accelerate the country's economic

development;

21 to exploit and develop the inunense natural resources of the country;

31 to develop the domestic market through the growth of production, productivity and

services;

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II) 4C. flJ') I' 7'11;1' h'/A"IIt-')·,) II,t',(.I,l.?"C

I' 7'11;1' h'/A'7It-"'1

rJllm· MI-C'T'I') 1''''1.','/,1.' fhfC

".t.. ')IIi"C'}' h'/A "/1'1-".::

Itl 0"'1.11'1-1'1+ 1'/"1.· oolltl":o,·· Ilt'IIIil·H· h:)iiM· 1I"'I1.·l"/ 1""1. ":0,"11+ 11m")'? /",).

II) f(IIC lIfI""'J' p':r·') ! 'I' ,t',·r· ,:)"')'i II(IIf: """"'J",.). t''''I.W',· (I/,t'.'I" \'fIlC """"'J' II,/U/"/'·'}' \''''I.S'·III''/fI· A:rll.p':)··') '''/?''I..).!

II) t'·':l'\.tl\l" h'/A '?II-'}'::

;.'1 t''''/.',.il·}-c:':r· ?"hf: fl.')' hilA""·I. II":' ,'1.,1""5(1/' 11,,,,')"1/"')' t"H.IIII· /II,t'.?" /1,/1")"1/"')' :If: fI'}"),;:,' 'W': t''''/ .•• 'I,P,· I' P'/.· ,IIIill.':)·· 1\''11:1. III'I,HI')' h'.:·)· ~,')P,.W'I· II'''I.J'/IIIII/II· .(·HI 1\./11/0 ,t'. :)"-1\1:1.: :

Fede .. ' Negaril Gazeta No. 63 17" 'Seplember2012 ........ page 6577

4/ to increase foreign exchange earnings by encouraging expansion in volume, variety and quality of the country's export products and services as well as to save foreign exchange through production of import substituting products locally;

5/ to encourage balanced development and integrated economic activity among the

regions and to strengthen the inter-sectoral linkages of the economy;

6/ to enhance the role of the private sector in the acceleration of the country's economic development;

7/ to enable foreign investment play its role in the country's economic development;

8/ to create ample employment opportunities for Ethiopians and to advance the transfer of technology required for the development of the country.

Areas of Investment Resen'ed for the GO\'ernment or Joint Investment with the Go\'ernment

1/ The following areas of investment shall exclusively be reserved for the government:

a) transmission and distribution of electrical energy through the inll'gratt'd national grid system;

b) postal services with the l'xccption of courier services;

c) air transport services using ain:rati with

a seating capacity of morl' than liliy passengers.

2/ Investors shall he allll\wd to inn'st in tIll' lolluwing areas only jointly wilh tIll' government:

a) manulilCturing of \W;II'0llS ;\lId ammunit ion;

h) telecom sl'!"\"il'l's.

.V 'Ille ( 'oUIll' il or I\lillistlTS may, Whl'lll'wr II

deems Ill'ccss;lry, ,kll'rttlllll', h~ I SSll ttlg regulatioll. thai ;trl'as or ttl H'st II lI"ll I l'\l"IllSl\ 1'1\ l"l'sl'rve,1 ti,l' Ihl' gOH'l"IlIllI'1l1 or IiII' -,"ttll ttlVl'stllll'llt wllh Ihl' gOH'l'll11l1'1l1 Ill' 01" '111'11 ", privatl' ill\'l'sltlrs.

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lA- ','ii.I;;!;;'; I..'.~ ·A ~:'(. 'l· :"L"I .,.,,'t: ;~T "'ofI';t.Y" :~ '/"I ~'ii.I; '1.Y" Feder.1 Negarit Gazeta No. (,) 17" September 2012 .. .... ... page 6578

J. IIh'Ie: (Doll')' 1IIIIIofH·'f fo/'hllll' Y Fir OIIllta'f 7 .. Areas of Investment Reserved for Domestic

/Il,'It: 111'11'1' '1111,.,1-1":';, '11;': f"'1.'1'/.~. f Ft· (II'fl":)" 1'''·I.'I,fl·}-(:':)'- lI"he: 11.')' 1I"'1.fmill(IJ· ,l':HI y.III(\'ill, ;;

1'111''1,'' '111/1'11,",:)', 1''''/.11'''''';.' I rill' I' /"/.. flOfl":-'"

1''''I.'I.fl·}-(:'1, lI"he: '10)' II"V'mf'lm· 1:HI

~'.III/'I'ill·;;

Investors

Areas of investment exclusively reserved for domestic investors shall be specificd by regulation to be issued by the Council of Ministers.

8. Areas of Investment Allowed for Foreign

Investors

Areas of investment open for foreign investors shall be determined by regulation to be issued by

the Council of Ministers.

IItJD·)dl.l"')' :JC 1I~·))~·l· 1l1l"".'I'I.~· h.·mll·)·011·)·)· 9. Investments to be Undertaken Jointly with the Government

1'"1' /.·Y.iI.;'· Y.II:iI·)'i 1'110')'" /".). fAD'I')'

.l':t:~.,..:l'- ·,·,lIillill/. 1",.')/'1. "'1')'i'III'lIu '11111'11')'

htll")'1/"')' :Je: 11'''''),,+ h:JiiIl-}· 11°'11:1.'1

1''''1.J'''·(:IIIII··) I' "I'1:')':h')' """"1 ,l""/>IIIIA I Md~·ll·)·/. "'1.'1 . ....,:(; h·N:,. fllmll'iA I 1'I,,(,"·.l':II" II~")"+ .,.",;,.,(. f"'1.1r~(/)o') fAD'I '}' 1:C;C>:'}' .l".(lf."'1A::

fho'IUM·OII·)·)· Ft· y"'v,U'IJ:fm- :toefl:

iii l'h:JiiIl-}'lIo ')o)' /"/.. h"'1.h·M"}· :"r.P:-'·· '1h").r.'i'III· I'\.'I'/ •. r.· ,l".:-'··'IA:·

II) 11'11'\1'1'11;

II) md'I"A'J' (/),l".lIu 1I(/)·IiJ~' h·Ir. (),,,/

1I"'''I.')' /1'/':/,'*110 f')'11: ...,..,111.1

,It) h"/'I'1I 'III(/), ,),'1 0011'1.')' '''''**00 1'1I°'j'U"'}' l'A"'1'}' .r.·c~:·}· ;

liD) 1,'1'1-11 'III(/)· ,),'1 001l'1.·}· '''''**00 n ·lIt. .}. /" /.. "'1'~lIr.::

~/ 1111.11 1, 'H'Y,' ')(l'll h'H'Y,' (?i) f.··);11

1I·'·II"lIh·/;-}· ,)0(:,,:-,: 1''''I,I,'Lf.· Dnlj'OI'II"

1,:)ilfl'}'IIO ' )'}' IIT'/.r.· ,n'1 OI,('.lIu hd/'l'fI 'III(/)' 1I.f\ ,), '1 11011' I. .}. 0000'".,.,1 hllfl'}'::

The Privatization and Public Enterprises

Supervising Agency shall receive investment

proposals submitted by any private investor

intending to invest jointly with the government;

it shall submit same to the Ministry of Industry for decision and, upon approval. designate a public enterprise to invest as partner in the joint

investment.

PART THREE

FORMS OF INVESTMENT AND CAPITAL REOUIREMENT FOR FOREIGN INVESTORS

10. Forms oflnvestment

II Investments may be carried out in one of

the following forms:

a) sole proprietorship;

b) business organization incorporated in Ethiopia or abroad;

c) public enterprise established in

accordance with the relevant law;

d) cooperative society formed in

accordance with the relevant law,

21 Any investment made in the forms prescribed under sub-article ( I ) of this

Article shall be registered in accordance

with the Commercial Code or other applicable law.

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'lit X'/I.(;fltU t~'.'..A ).,t.+ .,u.n/ ."c ~I~ ooolIhl.". X +., l1i.li 'I.'" Federal Ne~aril Gazeta No.63 17" Seplember2012 ... ... .. pa.c 6;79

Ii. Ad)o~ flAlJil.)- nA"'1mf-t 1I-t.,.~ ftJT;f:A 11. Minimum Capital Requirements for Foreign

-m" Investors

iii f(J)-"l." fltuJflT Otto h'P~ uolPd· h,1/lIlT lIatt!l:!."1 f"'l."''''.l':IIT IIh1.l': fh,1/l11Tuo1T TC')!hT h!lf1i. fh"'l.t"" Jl.I\C fl\'1(1 "'T.;I'A fuo.(n ~1.f.1f'1 '1(1)': :

rl fllO h1.,.1i 10·11 h1.,.1i (M 1.:').71 /t'iC9" hh'lC (J)-fl'l' fltuJflT .7C n""~T h,1/lflT lI"'l.f.(C'1 f(J)-~ fllIUflT f"'l.mf"'(1)· 1I"'''''i' f"'T.;I'A uom1 li.fY1i. fh"'l.t"" Jl,I\C ,,1f<;A::

r.1 OhCh.'&:hfc OJ~.'I" Oh,'))(''1t')''1 P'lrfP'f OJ~.'I" n·,.,,"'1~ f1:h'l.h attatthC MA"III-'}' T

01:h'1.h 'l"Cuolr'; '}'HC,' OJ~.'I" nM;I''''l. '1T Pt.· h, 1/lIlT f"'l.f.f.C"I f(J)-~ fllIUflT

f"'l.mf"'(J)- 1I"'''''i' f"'T.;I'A uom1:-

IJ) n"'<;mA c'\.1f1 lif1i. fh"'l.t. ... , P-I\C ,,1f<jA!

II) hh'lC (J)-ll'l' fllI/lflT .7C n""~T 1\.1f1 m fh"'l.t"" Jl,I\C ,,1f<;A::

~I h'lflC h,'mM'uo'H: f"'l.f110J0') TC't: (1),,9" fTC't: .f.'C7i uoA(I h, 1/lIlT f"'l.f .f.C"I f(J)-~ fllIUflT uo'17i "'T.;I'A ~1.1luo.l':fI h"mf"'9"::

1;/ att1'i'(I)'9" f(J)-~ fltuJflT (I).f. MC (J)-ll'l' fll'/fI(I)'1 fh,1i'111Tuo1T "'T.;I'A nh.)!1c'\.(J)nattlluoll'/fI f'l"llhC OJ!.""}' uo f1I ,,'icn;l'A:: h.~')I\.(J)- 1\1111 /lfI·" f"'l.lImOJo·) f'l"llhC OJ!.""}' .,.)(, 1Ih,'}l"A'f fI,h,lr'f fJ')h "AIIA::

b~ hlr.)

Mh.1i'ihT~~_LJ'1:

II. Mho 'HIn.)--.,.)- 4.1'1: M4.I\1.~.)-

iiI f"'1h.,.A·.)- flAUiI"'~~ fh. .,i'illTUO').)- "'1'1: fll4.A;JT'PA:-

IJ) f(l)·~ IJAUiI"'~~ J

A) n"'')~')- h. ')i'ill.)- f"'1f1.C'I· fMC OJ'lI'1'<j f (J)o~ IJAUiI.,. ~~ J

til) nllo h'P'1: h.,.,.1i r(~) UOIP!.T ~1.f. MC (J)-ll'l' fltuJflT nuofmC h, .,nllT f"'l.f.f.C'I· nT(I)·A.f.' h,Tt"A'f(J)-f') fAIf'1' f(J)-~ h'lC tl.1:r· J

II Any foreign investor, to be allowed to invest pursuant to this Proclamation, shall be required to allocate a minimum capital of usn 200,000 for a single investment project.

21 Notwithstanding the provision of sub-article (I) of this Article, the minimum capital required of a foreign investor investing jointly with a domestic investor shall be USD

150,000.

31 The minimum capital required of a foreign investor investing in· architectural or engineering works or related technical consultancy services, technical testing and analysis or in publishing work shall be:

a) USD 100,000 if the investment is made wholly on his own;

b) USD 50,000 if the investment is made jointly with a domestic investor.

41 A foreign investor re-investing his profits or dividends generated from his existing enterprise may not be required to allocate a minimum capital.

51 Any foreign investor having brought investment capital into the country shall have registered same by the Agency and obtain a certificate of registration . The Agency shall send a copy of the certificate to the National Bank of Ethiopia.

PART FOUR

INVESTMENT PERMIT

12. Requirement of Investment Permit

11 The following investors shall be required to obtain investment permits:

a) foreign investors;

b) domestic and foreign investors investing in partnership;

c) foreign nationals, not Ethiopian by origin, treated as a domestic investors pursuant to Article 2(5) of this Proclamation;

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II fllU h1.,.1i 1MI h1.,.1i (Ii) 1:1:1'1. Il.'iC?":-

U) f h. 1ilrl-rou'}-r "'Inl;f'~ n"'l,t.>.(l'l'IlTroY P' t.- ouhto 1- Y"'I.IP"'I<' I ro~?"

1'1) fh.11ih-rou1-r "'1nl;f'!F n"'l.I'I'I'IlTrof P'1r ouhto:'-- f"'1nl;f'~ro- +m:l''''I. f\~ln- h.11ih-r f1"'11:l? f"'l.L/NI-l

h'}.( h'IC ro-h'l' 1l1lU1l-r Y+41m<. n-rro-A1: h.-rI"A-fro-n fA ".,..}--) f\,.Q;\,?"C fh1C CD-h'l' 1l1lU1l-H- Y h. '}fih-rou'}-r L:I'1: "'Iro-ffJ-r f\fhLA;JTro- fh-lt1:,} tll.-,:f hhlllro- h. 1l'ih-r Y"'I !t: l "1 oull;f'Tro-Y+mn.,. '1ro-::

r.1 nllu h1.,.1i '}o-h h'}.,.1i (Ii) Y+~'111roIl. 'iC?" '1IlC .('C~-r') 1"'" IlM-r U-'l.;f'

1'1"'1"'''1: ro~?" Y'IIlC 1:C~-r1 hhhl",} ,,-.,II-r f"'l.LA"1 fro-~ 1lfI1HI-r 'I'f"'ro-1 ".,.,1: "t.'I.M:C fl"'I"l-n n"1:"t.f r-r,'I.lI-I:<.') 1.~1: ",,-n-r t.orcn;f'A::

iii ,,.,1: "t.'I. .... W; filII 11'+1; »II 111+1; (t) tlDlPl.')· 1'/ot fl.+C-nM· II",,-nil

f"'L 1tfm- ~IJC 1:C~-r m,." IIh11t'" 1"'" MA f"'LIf1fl-r "'11nC '+IP"'1lrn-r fP'1r

ouhh f1m-~ Ilflu-n-r f+L.,.1. tID""") I nllu MJ'f. f+tlDflh+ro- tID'I7i Irr;t-A ~'1

0')'11: 9""111'1 L:I'1: h'P'f. f,"tlDflh-/:-)' fl.fI-"f "1F..;t-P'":(- tID"J.''1;t-fro-') "'1l;J1'1' , • .,ucn;f'A::

{il f,}?1: "'I. '"M:C nllu h1.,.1i 10-h h1.,.1i (fl) tlDlPl-r "'1ouAh!Fm-1 nououCouC:-

II) 'I' Nm'1 h+.,.nflm- +1Il.m-1 h~f

n"'lhhLA f1?1: P'1r L:I'I1,.1 .e+ ... A ro.e?" fhhllt"1 1fm-m-<'1 .eoutl?IIA 1

ro.e?"

1'1) 'I'Nro-1 t)A+.,.nflm- IA+.,.nfln-r1 ?"h1f-r fIIlflUll1: n1im.~ ff\m-:I'A::

Fedellli Negarit Gazeta No. 63 l7'h September 2012 ......... page 6580

d) domestic investors investing in areas eligible for incentives and who are seeking to be beneficiaries of such incentives.

2/ Notwithstanding the provision of subarticle (I) of this Article, domestic investors, excluding foreign nationals who are not of Ethiopian origin, shall have the right to invest, without having an investment permit, in conformity with the relevant laws of the country:

a) in areas not eligible for incentives; or

b) waiving their right of entitlement in those areas eligible for incentives.

3/ Notwithstanding the provision of sub-article (I) of this Article, a foreign investor intending to buy an existing enterprise in order to operate it as it stands or to buy shares of an existing enterprise shaU obtain prior approval from the Ministry of Trade.

41 The Ministry of Trade shall, upon receipt of a request made in accordance with sub-article (3) of this Article, ascertain, in both cases of transfer, that the enterprise is engaged in areas allowed for foreign investors, the minimum capital requirement provided for in this Proclamation and other requirements laid down in the Commercial Registration and Business Licensing Proclamation are fulfilled.

5/ The Ministry of Trade shall, after examining the request in accordance with sub-article (4) of this Article:

a) replace the business license or register the share transfer, upon receipt of the appropriate fee, where the application is found acceptable; or

b) notify to the investor its decision and the reason thereof in writing, where the application is found unacceptable.

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'11\' XlI.l'ir1t~ I~Y.6-A ).:>60}- .:>/I,n/ "''I'C ;.;r. ""lIhl.I'" 1 +', f7i.l'i 1." Federal Negaril Gazeta No.63 17" Seplember2012 ......... page 6581

Ir. OMC 1&1I'1' fliWofIT lIII"'I.+CofI 1'1'1, '}i1l1TOD'}T 13. Application for Investment Permit by a

"'I'}Ii'ID'9" I' h'lC ID'1I'1' flt'lUofIT I' h, '}l1M·OD'H· L~ f: t'I"'I"I''iT t'ltW' +'?flC 1'+ H;J :lID'") l''''IouAh;f -l-K' OODOD'''T h"'l.h+t'I·T /P'Ip.':f' ;JC h'?lJofI "I'\ro· I'h, ")l1flTOD")T OD/-,,6' fl.T nh")f: -l-)l "'I-l-lll MOT:'

iiI ""ODAh;Fro- rrUODro- O(l)h.A hlf'l rro-llM' P' A tT)'} ""l.:n~ lI'1 f: l:: f- fl 1: i

.1 1'1, ")l1llTou")1: r"'l. ... 'I..(1D' n'?MofI hlf'l I'flt'lUofI1: fOD;t-(I)4:' "'Cf: r::f- /11: ro~9"

fh'lC ro-f1'1' flt'lUofIT'IT OD;t-(I)4:' "'C.(· r::.y. /11: >'C; IJ-t'lT f-l-Cofl '1.tL "'Cf: r::.y.'?&-r::':f·1

1'.1 h. '}iillTOD'}i: 1''''1. ... '1..((1). O,}'?f: """IOC hlf'l 1'''''''100:. fODODP'l.;F K' ,n.~C; fOD+~.(tf .( '}ofI l::f- /11: (I)~9" """10<M.lI 1''''1.**9'' hlf'l h!lU OTt;J;l.""t f"""IOC +1t':tl t7D ;1'(1)4:, ... C f: l:: f- /11: (I)~9" fh'IC ro-lI'1' fll'\UofIT'lT t7D;1'(I)4:f IICf: r::f- /11: i

p) h. '}l1llTt7D'}i: f"'1. ... 'I..(ro- OOD'}'? P'T

fA"'1T f:C1:T hlf~ f:C1:i: fr**t7DOT .( '}ofI l:: f- /11: (I) ~9" I' t7Dt7D P' l.;F K' ",.~C; ft7D+~'(tf .('}1l l::f- /11: i

(;1 h. '}l1llTt7D'}i: f"'1. ... 'I..(ro- O"lofll T P'tr

"'1"10C hlf'l 1'''''''100:. I' t7D+~.(tf .( '}ofI l::f/11:::

II. nl&~ fJllullT 1III"'1.+Cll fh. ")l1l1TOD'}T 1..;1:

'1' ''f: iii "'I'}r;'W'9" f(l)·~ flt'lUllT M.lI

fh, '}l1flTOD'}T L~f: t'I"'I'?"iT t'I!lU' ''''?flC I'+H;J:lro-") f"'1ODAh;f -l-K' OODOD'''T h"'l.h'/'t'I·'}· /P'Ip.'f ;JC t'lh.:l'}c\(I)' Oh').!': -l-)l "'I-l-lll ~<;,cn;t-A:·

II) "'1ODAh;fro· f,,.LlOD(I)· Oroh.A hlf'l f(l)'hAC; /-"AtTJ'} "'1l;J'1"l. (1'1,(' r::f/11:1

II) 1'1, ")l1llTOD'}i: f"'l. ... 'I..(ro· O'?Mll hlf'l

fflt'lUofIi:'} "'1")'1T f"'l.'''~ h'?flll'l'}' ,":fl& fllC; ;rflTCT 'I~':f' r::.y. /11: >'C; U·I'\T I'-l-Cll 'l,tL 'I'Cf: r::-f.'?&.r::':f·1

Domestic Investor

An application for investment permit by a domestic investor shall be made in a form designed for such purpose and submitted to the appropriate invest1l'\ent organ together with the following documents in one copy:

I I where the application is signed by an agent, a photocopy of his power of attorney;

21 where the investment is to be made by an individual person, a photocopy of his identity card or a photocopy of the identity card evidencing his domestic investor status and his recent two passport size photographs;

31 where the investment is to be made by a business organization, a photocopy of its memorandum and articles of associations or where the business organization is to be newly established, in addition, it shall submit a photocopy of the shareholders identity cards or a photocopy of identity cards evidencing their domestic investor status;

41 where the investment is to be made by a public enterprise, a photocopy of the regulation under which it is established or a photocopy of its memorandum and articles of associations;

5/ where the investment is to be made by a cooperative society, a photocopy of its articles of association.

14. Application for Investment Permit by a Foreign Inv,estor

11 Application for investment permit by a foreign investor shall be made in a form designed for such purpose and submitted to the Agency together with the following documents in one copy:

a) where the application is signed by an agent, a photocopy of his power of attorney;

b) where the investment is to be made by an individual person, a photocopy of the relevant pages of a valid passport showing his identity and his recent two passport size photographs;

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th) "'~(Do~ fJiW-flr oofmC 1'1..111 00~0~ ~'f'&~i: O(Do~ MC r"~ h.rr-A"S"e htf~ O(Do~ h1C ~'f'& 00"'1-1 r"'l.1AIt fI~1:

c.: .... toT I

00) h. 1fiilr001i: 1''''l. ... 'L~(Do h. rr-A" f (Doil'}' 0",**00 1'1'? 1: ...,..,OC h"~:-

(Ii) r...,..,oc;. rooooP'l.1- 1ttft.1j:'i' roo"'~~tf ~1-f1 c.:.... toT (D~'l"

...,..,oc;. M.i1 r"'l.**'l" h"~ htllJ o",,"-...,t r"n~1~ 1 r...,..,oc hilA

""'~r I''''l.f''~ h'?fJ-flH f·Vf(Do rll'i' ;rilTCr 1~"f c.:.,. toT "'I r...,..,oc;. P'tr Mh.f:l: r'-"c-fI tIL ",,, • .,. .,.C 1: c.: .... '? trc.:"f I

(I) o...,..,oc;. ro-i1'}' "'~ h1C ro-i1'}' fJfIU-fI·'" r.,.fml. r(Do~ IL.:J ... " rh1C ro-i1'l' fJfIU-fI·H·.,. ou;l'(D4!f

"'C1: c.:.,. toT I

(I:) o...,..,oc;. (J)o/I'l' 1'1'"11: ...,..,OC CD~r r(Do~ MC "C1-,",1j: ..,..,nc ... " 1'''''''''''' K'~'i r""'~1 1.'HI CD~r 1'..... "71fK. .,.-va,. fI)~ c.:.,. liT' ".,~ ,..".,... rllhC CD('4'r 11'1' I''f''i' ..,..,oc;. p'A1I11 f"(Do h ... A Oh. rr-A" f (Doll'}' h. 111i1r "...,1:l.'"1 l'(DfI~Or :1''' "''l't. c.:.,. toT::

11') h. 1fiilr001i: 1''''l. ... 'L~(Do 0",**00 1'1'? 1: ...,..,OC '-"C165j,1j: h"~:-

(Ii) I''f''i' ...,..,oc;. 1'0000 P' l.1- It th·1j: ~""j 1'00'M~tf ~1-f1 (D~'l" r...,..,oc;. ·"ouM~ fI~1: c.: .... toT I

(I) r'-"C165j,~ P'tr Mh.f:l: Ni'iouO')'

fI~1: c.:.... toT "'i' r'-"c-fI tIL 0'"'''' 1'C1: c.:.y·'?trc.:"f! r'-"c'}65j,~'} (Dh.A ",,·a·)· r"'l.1A~ h,?fJ-fI~')' f,,:fro-1'1l'i' ;rilTC'''' 1~"f c.:.... toT CD~'l"

1'00;l'(D4!f "'C1: c.:.y. toT "'I I'...,..,oc;. r'}'? 1: 'l"111/) l''l''i1hC CDl. .,..). r.':.... toT!

Fedel1l1 Negarit Gazeta No. 63 17'h September 2012 ... . ..... page 6582

c) where the investment is to be made by an

Ethiopian permanently residing abroad, preferring treatment as a foreign investor, a photocopy of a doc.ument evidencing

that he is residing abroad;

d) where the investment is to be made by a

business organization incorporated in

Ethiopia:

(I) a photocopy of its memorandum and articles of associations or where it is

to be newly established, in addition, it shall submit a photocopy of the relevant pages of a valid passport of

each shareholder showing his identity and recent two passport size photographs of the general manager;

(2) where there is a foreign national treated as a domestic investor in the business organization, a photocopy

of the identity card evidencing the domestic investor status;

(3) where there is a juridical person or a branch of a foreign juridical person in the business orpnization, a photocopy of ill memortIlClum of lIIOCiIIion and II1ic:IeI of lIIOCiation or simi!. documents of the parent company, commen:ial registration certificate and a photocopy of the minutes of resolution passed by the authorized organ of the parent company authorizing the juridical person or the branch to invest in Ethiopia.

e) where the investment is to be made by an Ethiopian branch of a foreign business

organization incorporated abroad:

(I) a photocopy of its memorandum and articles of associations or a similar

document of the parent company;

(2) a photocopy of a document attesting the appointment of the branch

manager and his two recent passport size photographs, a photocopy of

the relevant pages of a valid passport or identity card of the branch agent and a photocopy of commercial ' registration certificate of the

business organization;

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Federal Nega,;t Gazeta No. 63 17'" September 2012 ... ... ... page 6583

(3) a phot~opy of the minutes of resolution of the authorized organ of the parent company authorizing the establishment of a branch company in Ethiopia.

f) where it is a joint investment by domestic and foreign investors, in addition to the documents provided under sub-article (1 )(d) of this Article, a photocopy of the identity card or a photocopy of the identity card evidencing the domestic investor status of the domestic investor, as the case may be;

g) a document evidencing the financial position or, identity or profile of the investor, as deemed appropriate by the Agency.

21 All documents under sub-article (I) of this Article whose sources are outside of Ethiopia shall be authenticated by a foreign and domestic notary_

31 Where the permit is requested by a person whose permit was cancelled due to deliance of project, the Agency shall ascertain that the causes of the deliance and cancellation are rectified.

15. Application for Investment Permit for Expansion

or Upgrading

An application for investment permit to expand or upgrade an existing enterprise-shall be made in a form designed for such purpose and submitted to the Agency together with the following documents in one copy:

11 where the application is signed by an agent, a photocopy of his power of attorney;

21 where the investment is made by a sole

proprietor, a photocopy of the relevant pages of his valid passport or an identity card of his domestic investor status or a

photocopy of his identity card and his two recent passport size photographs, as the case maybe;

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Federal Negarit Gazeta No. 63 17" September 2012 ......... page 6584

31 where the investment is made by a business organization, a photocopy of the company's memorandum and articles of associations and two recent passport size photographs of the general manager;

41 a photocopy of a valid business license of the existing enterprise; and

51 a photocopy of project feasibility study.

16. Issuance of Investment Permit

I I Upon receipt of an application made in accordance with Article 13, Article 14 or

Article IS of this Proclamation, the appropriate investment organ shall, after

examining the intended investment activity in light of this Proclamation, and regulations and directives issued hereunder:

a) issue investment permit upon receipt of the appropriate fee, where the application is found acceptable; or

b) notify the investor of its decision and the reason thereof in writing, where the application is found unacceptable.

21 The appropriate investment organ shall, after issuing the investment permit, notify the concerned institutions so that the latter could conduct the necessary follow up.

3/ A holder of an investment permit may not be required to obtain a business license until the commencement of production or rendering of service upon completion of his project.

4/ An investment permit may not be transferred to another person without prior written approval of the appropriate investment organ.

51 Where an investment permit is transferred to another person or where any change is made in its content, it shall be submitted to the appropriate investment organ for approval.

61 No investor may, at any time, be allowed to invest by holding both a domestic and , a foreign investment permit.

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Federal Ncgarit Gazeta No. 63 17'11 Septemocr 20 11 ......... r·:51: 05115

17. Renewal of Investment Permit

II An investment permit shall be renewed

every year until the investor commences the

marketing of his products or services.

21 An application for renewal of an investment

permit shall be submitted and renewt'd with

in one month after the end of a period of

one year for which the permit remains valid .

31 The appropriate investment organ shall renew

the investment permit. where satisfied, as to

the existence of sufficient cause for the dclay

in the commencement or completion of his

project implementation.

41 Notwithstanding the provision of sub-article

(I) olf this Article, any investor who has not

commenced implementing his project within

two years since the issuance of the investment

permit, shall have his permit cancelled without

any precondition.

I~. 0-l-"I0t- "g. f"'l. 'lOS fh.11T1I·)-ou1·)· TC'~h')'1 18. Transfer of an Investment Project Under Implementation Phase M"'M""~

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11 Any investor wishing (0 transfer his project.

which is under implcmentation phase and for

which a business license is not yet issued, to

another investor shall submit his request, by

filling an application form designed for this

purpose, to an appropriate investment organ

and get the approval of same.

21 The investor shall submit, together with his

application specificd in sub-article (1) of this

Article, the following documents:

a) a photocopy of renewed investment permit;

b) a photocopy of the sales agreement

authenticated by a notary;

c) a photocopy of land lease agreement

transferred to the buyer as the case may

be.

19. Suspension or Revocation of Investment Permit

I I Where an investor violates the provisions of

this Proclamation or regulations or directives

issued to implement this Proclamation, the

appropriate investment organ may suspend the

investment permit.until the investor takes 'due

corrective measures,

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Federal Negarit Gazeta No. 63 17'h September 1012 ......... page 6586

2/ The appropriate investment organ may

revoke an investment permit where it ascertains that:

a) the investor obtained the pennit

fraudulently or by submitting false information or statements;

b) incentives granted are misused or

illegally transferred to another person;

c) the investor has failed, without good cause, to renew the permit in accordance with Article 17 of this Proclamation;

d) the investor fails to submit progress report of his project for two consecutive periods; or

e) the project can not commence operation with in the period and the Agency believes the project will not be operational.

31 The appropriate investment organ shall noti fy the concerned institutions as to the measures of revocation taken in accordance with this Article. Upon revocation of an investment permit, the investor shall immediately lose entitlements to all benefits.

41 An investor whose investment permit is revoked shall return, within one month as of the day of revocation, all the benefits granted to him to the Ethiopian Revenue and Customs Authority and other appropriate organs.

5/ An investment permit may not be suspended or revoked by any organ other than the appropriate investment organ having issued same.

6/ An investor whose investment permit is revoked may not be issued with a new investment permit before the lapse of one year from the date of revocation.

20. Duty to Report and Cooperate

Any investor with investment pennit shall:

1/ submit progress reports on the implementation of his project to the appropriate investment organ at the end of every three months; and

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Fedel1ll Negarit Gazeta No.63 17" September 2012 ........ page 6587

2/ provide information concerning his

investment activities whenever required by

the appropriate investment organ.

PART FIVE

REGISTRATION OF TECHNOLOGY TRANSFER AND COLLABORATION

AGREEMENTS WITH DOMESTIC INVESTERS

21. Technology Transfer Agreement

11 Where any investor concludes a technology

transfer agreement related to his investment,

he shall submit same to the Agency for registration.

2/ An application for registration of a technology transfer agreement submitted in accordance with this Article shall fulfill the following :

a) a completed application form signed by

the recipient of the technology;

b) a photocopy of the authenticated

agreement between the recipient and

provider of the technology;

c) a photocopy of a valid business license

or investment permit of the .recipient of the technology; and

d) a certificate of registration or business license of the provider of the technology.

3/ The Agency shall, upon receipt of a complete application for registration in accordance with sub-article (2) of this Article, issue a certificate ofregistration to the investor.

41 A technology transfer agreement which is not registered with the Agency in accordance with this Article shall have no legal effect.

5/ The Agency shall notify the relevant federal

executive organs the registration of

technology transfer agreement made in accordance with this Article.

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17

"1 Ili.l'iff''; ~~Y."~A ):>6+ :>~"l 4o'l'C sr oullhl9" X ';'1 fll.l'i '1.9" Federal Negaril Gazeta No. 63 17" Seplember2012 ... ..... page 6588

hCD@" 1'71: pC O.,.!!H feD-~ h.1.,.CT&-f.1I 22. Export-Oriented Non-Equity Based Foreign I' lIil-r ootp~ fI!1.C'7 hlltPf.!1.C1eD- f-rililC Enterprise Collaboration Agreement

h""'r-r

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11 Any domestic investor concluding a

collaboration agreement with export

oriented non-equity based foreign enterprise

shall register same with the Agency.

21 An application for registration of a collaboration agreement made in accordance with this Article shall fulfill the following;

a) a completed application form signed by the domestic investor;

b) a photocopy of the authenticated collaboration agreement between the domestic investor and the foreign enterprise;

c) a photocopy of a valid business license or an investment permit of the domestic investor; and

d) a business registration certificate or a business license of the foreign enterprise.

31 The Agency shall, upon receipt of a complete registration application in accordance with sub-article (2) of this Article, issue the certificate of registration to the investor.

41 A collaboration agreement not registered

with the Agency in accordance with this Article shall have no legal effect.

51 The Agency shall notify the relevant federal executive organs the registration of the collaboration agreement made in accordance with this Article.

PART SIX

INVESTMENT INCENTIVES. GUARANTEES AND PROTECTION

23. Investment Incentives

I I Areas of investment specified by regulation to be issued by the Council of Ministers pursuant to the investment objectives stated under Article 5 of this Proclamation shall be eligible for investment incentives.

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Federal Negaril Gutta No. 63 \.,. ten1ber 2012 ........ page 6589

2/ The regulation to be issued pursuant to sub

article (1) of this Article shall detennine the

type and extent of the entitlement to

incentives.

24. Ownership of Immovable Property

11 Notwithstanding the provisions from Article 390 to Article 393 of the Civil Code a foreign

investor or a foreign national treated as domestic investor shall have the right to own a dwelling house and other immovable property

requisite for his investment.

21 The provisions of sub-article (I) of this Article shall also include those who have invested

prior to the issuance of this Proclamation.

25. Investment Guarantees and Protection

11 No investment may be expropriated or

nationalized except for public interest and then, only in confonnity with the requirements of the law.

2J Adequate compensation, corresponding to the prevailing market value, shall be paid in advance in case of expropriation or

nationalization of an investment for public interest.

31 For the purpose of this Article the word

"nationalization" shall be used interchangeably with the word "expropriation" and results in

the payment of appropriate or adequate

compensation.

26. Remittance of Funds

II Any foreign investor shall have the right, in respect of his approved investment, to make

the following remittances out of Ethiopia in convertible foreign currency at the prevailing rate of exchange on the date of remittance:

a) profits and dividends accruing from the

investment;

b) principal and interest payments on

extemal10ans;

c) payments related to a technology transfer

agreement registered in accordance with Article 21 of this Proclamation;

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Fedei~1 Negarit Gazeta No. 63 I th September 2012 ........ page 6590

d) payments related to a collaboration agreement registered in accordance with Article 22 of this Proclamation;

e) proceeds from the transfer of shares or of partial ownership of the enterprise to a domestic investor;

f) proceeds from the sale or liquidation of

the enterprise; and

g) compensation paid to an investor pursuant to Article 25(2) of this Proclamation.

21 Notwithstanding the provIsion of subarticle (I) of this Article, a local partner in a joint investment may not be allowed to remit funds out of Ethiopia.

31 Expatriates employed in an enterprise may remit, in convertible foreign currency, salaries and other payments accruing from their employment in accordance with the foreign exchange laws of the country.

PART SEVEN

INVESTMENT ADMINISTRATION

27. Investment Administration Organs

The organs of investment administration comprise the Agency and regional investment organs to be defmed by the laws of the respective regions.

28. Powers and Duties of the Agency

The Agency shall:

11 serve as a nucleus for matters of investment

and promote, coordinate and enhance activities thereon;

21 initiate policy and implementation measures needed to create a conducive and competitive investment climate and follow up the implementation of same upon approval;

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protection treaties with other counlnes where potential investment is likely to flow into the country and sign same upon approval by the Counci l of Ministers;

41 prepare and distribute pamphlets. brochures,

films and other materials. and organize such activities as exhibitions. workshops

and seminars locally or abroad as may be appropriate, panicipate in similar activities

and conduct trainings with a view to

encourage and promote investment and

build the image of the country;

51 realize liaison and coordination between investors, public offices, regional

governments and other relevant organs,

with a view to enhancing investment;

6/ collect, compile, analyze, update and

disseminate any investment related

information;

71 prepare and promote concrete investment opportunity profiles, provide upon request. match-making service of possible joint investment panners;

8/ issue, renew and cancel investment permits

within its jurisdiction and register

investment capital brought into the country by foreign investors;

91 register technology transfer agreements related to investments;

101 register expon-oriented non-equity based

collaboration agreements made between a domestic investor and a foreign enterprise;

111 monitor the implementation of investment projects for which it has issued pennits. ensure that the terms of the investment pennit are complied with and incentives granted to investors are used for the intended purposes;

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Federal Negarit Gazeta No. 63 171h September 2012 .. . .... page 6592

121 provide advisory service, information and technical support to investors and assist in the provision of information to ensure the existence of supply chains among investment projects;

131 carry out post-investment support and

monitoring services in collaboration with

organs established for such purpose;

141 provide advisory service and technical

support which help strengthen regional

investment organs; organize joint

consultation forums;

151 raise the awareness of investors on the

contents of this Proclamation and

regulations and directives issued hereunder;

161 cause investment bottlenecks to be resolved in collaboration with appropriate government organs,

29. Powers and Duties of the Investment Board

The Investment Board shall :

11 supervise and follow up the implementation of this Proclamation and the activities of the Agency;

21 decide on policy issues ari sing in connection with the implementation of this Proclamation;

31 recommend, as necessary, amendments to

this Proclamation and regulations issued

hereunder;

41 issue directives necessary for the

implementation of this Proclamation and

regulations issued hereunder;

51 decide on appeals submitted to it by

investors against decisions of the Director

General of the Agency;

61 where necessary, forward recommendations,

for approval by the Council of Ministers, to

grant new or additional incentives other

than what is provided for under existing

regulation;

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Federal Nellanl GUell No. 63 17'" September 1011 ........ Jlalle 6593

71 where necessary. forward recommendations. for approval by the Council of Ministers. investment areas exclusively reserved for domestic investors to be open for foreign investors.

O. One - Stop Shop Service

11 The Agency shall, in accordance with the relevant laws, provide one-stop shop services referred to in this Article for investors it has issued with investment permits engaging in areas of manufacturing in accordance with Article 4 of this Proclamation.

21 The Agency shall provide the following

services representing the competent federal

or regional executive organs, as appropriate:

a) permitting exemption incentives from

the payment of customs duty;

b) issuance of construction permit;

c) notarization of memorandum and anicles

of associations and amendments thereto:

d) effecting commercial registration, and

renewal, amendment, replacement or cancelation of same;

e) effecting registration of trade or firm

name, and amendment, replacement or cancelation of same;

f) issuance of work permits to expatriate employees, and renewal. replacement. suspens ion or cancelation of same;

g) issuance of business license;

h) grading of construction contractors;

i) issuance of tax identification number (TIN ),

31 Amendments. renewal. replacement and cancelation pertaining to the services

referred to in paragraphs (c) to (f) of subarticle (2) of this Article shall only be made by the Agency until the investor is issued with a business license.

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Federal Nepril Gucta No. 61 I"'" SeplemIxJ 2012 ........ pice 6.<0·1

41 The Agency shall provide the following services on behalf of investors:

a) execution of investors' requests for land required for their investment projects;

b) execution of investors' requests for

loan;

c) execution of foreign investors' requests for residence pennits;

d) execution of investors' requests for approval of environmental impact assessment studies conducted on their investment projects; and

e) execution of investors' requests to acquire water. electrical power and telecom services.

51 For the implementation of sub-article (4) of this Article the appropriate federal executive organs shall establish investment desks that expedite and facilitate investors' roqueoII .ubmiacd by the Agency. The

tegioDal executive 0fJIlII may accepr !his prKIice II!d ~ inveslmeDl desks.

6/ Without prejudice to the provision of subarticle (5) of this Article, the appropriate federal or regional executive organs shall take measures necessary to help the Agency properly discharge its duties specified under sub-article (4) ofrbis Article.

71 Upon receipt of an application in accordance with sub-article (2) of this Article, the Agency shall, after examining the request in light of the relevant laws:

a) issue the nece~sary documents, upon receipt of the appropriate fee and causing the investor to enter an undertaking to observe the relevant laws of the country. where the application is found acceptable; or

b) notify the investor of its decision and

the reason thereof in writing, where the application is found unacceptable.

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.U ".,.". 'JCHI II.,.". (I) _I.')'

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Federal Ne ril Gw:ta No. 63 17"" Seplerrtln 201l ......... page 6S9S

81 The Agency shall, after rendering the services provided for in sub-article (2) of this Article, notify -the concerned federal and regional executive organs for the necessary follow up.

91 Without prejudice to the requirements to be fulfilled in accordance with the relevant laws, an investor submitting his request to the Agency to be issued with a business license shal l furnish his project feasibility study.

101 Regional investment organs may give, to investors they have issued with investment pennits, the one-stop shop services provided for in this Article, in accordance with the relevant federal and regional laws.

1. loves. men. Rel •• ed Informolion

1/ The appropria.e federal and regional executive organs shall transfer complete and updated information regarding land required for investment projects, investment capital

brought into the country as well as other necessary investment related information to the Agency and regional investment organs in order to help them facilitate the proper discharge of their powers and duties under this Proclamation.

21 Each regional investment organ shall transmit to the Agency information compiled with respect to the resource potential and investment opportunities of the region as well as periodic reports on investment activities therein.

31 1De appropriate investment organ shall compile, analyze and distribute. as necessary, the information it acquired pursuan •• o sub-aniele (2) of this Aniele.

41 Any federal or regional executive organ shall have the duty to provide information relating to investment whenever so required

by the appropriate investment organ .

2. Lodalnaof Compl.lntl

11 Any investor shall have the right to lodge

complaints related to his investment with the appropriate investment organ.

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h~A ll,.,-l-

M h.1J5.11-l-6 A.,-l- +m'i"'~

Federal Negari! Gazeta No. 63 17" September 2012 ...... ... page 6596

21 An investor who has a grievance against the

decision of the appropriate investment

organ may, within 30 days from receipt of

the decision, appeal to the Investment Board

or to the concerned regional organ, as may

be appropriate.

PART EIGHT

INDUSTRIAL DEVELOPMENT ZONES

lit. fh.1J5.11+6 A"'1+ +me;p''f1 iIiI"'1'lt'lt" 33. Establishment of Industrial Development Zones

1/ In order for the industrial sector to have a leading roie in the economy of the country the federal government shall establish industrial development zones in regions.

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OD1-"fI~' fI"'1"11:'-1 1Df,'I"

2/ Without prejudice to the provision of Article 6 of this Proclamation industrial zone development shall be undertaken by the federal government or, where deemed necessary, by joint investment of the government and private sector.

Administration of Industrial Development Zones

1/ The organ responsible for administering and supervising industrial development zones shall be determined by regulation to be issued by the Council of Ministers .

2/ The organ to be designated by the Council of Ministers in accordance with sub-article (I) of this Article shall, in conformity with the procedures provided under this Proclamation and regulation issued hereunder, and the approved plans and agreements of the country, submit recommendations to the Council of Ministers for reduction or expansion of industrial development zone.

31 Where the recommendation specified under sub article (2) of this Article is approved a leasehold land within or adjacent to industrial development zones may be possessed by negotiation or decision for the purpose of:

a) incorporating the land with existing industrial development zone;

b) getting passage to enter in to industrial development zones; or

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1R runt IJ.(..A .",6+ ",,,,,, . 'T'C ~'C ..-Mlr I .'J f1t.~ ' .r Federal Ne lit Gueta No. 63 I'" Ientlef2011 ......... 6S97

"') fN.'!'C' U1H' 'f') 1 :'-Ct''f' ') h<; Oih"l

f·Mf '!'OJ> /',)"l~l"l'l'faJ. Hm(l'" P;t'1"'f") (Iou')Mhl1 l

I'I.'IA 01:C1:C mw!" 0aJ.'I" 11..1' 11 ,I'.'f·'IA::

c) maintaining natural resources, heritages and places required by law to be preserved.

M . '11.')'1-11+6 A.,+ otlO<;1"'f') ,"'I. ... /lhoj, t.')P'f 5. RegulatIons Related to Industrial Development

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~C A<; MIP-"L" '"""" IIm.H1" 36.

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rt "')';'m·1'" faJ."L" 'IflUl1+ fill. ')/iM' ouH/, »1lJ>lI.m· 'ill., f II. +f'to, 11m.6-'f '1,)11 O"'l.,mflJ<& ou006, oulPl+ O'~.l.4''l-fl+ fMC m'Il'!' '1')/1'1" fm·"L" 1"''I~6 f'l'lll '1."111 ouhJ,-l· ,f,~"IIA ::

Zones

11 An organ to engage in the federal government development activities of industrial development zone shall be established by regulation of the Council of Ministers.

21 Matters concerning designation, allocation standard, boundary delimitation of industrial development zones, the rights and duties of investors engaged in, the services expected from the government and supervision theron, completion of construction activities and supervision thereon,incentives other than those under this Proclamation and the implementation of this Part of the Proclamation, shall be determined by the Council of Ministers regulation .

31 Unless otherwise it is to be governed by this special Part and regulati ons based on the provisions of this special Part of this Proclamation, the provision of this Proclamation and regulations issued hereunder shall be appl icable 10 mdustiri al development zones.

PART NINE

MISCELLANEOUS PROVISIONS

Loans and Utilization of Foreign Currency

11 An investor who acquires an external loan shall have such loan registerd with the National Bank of Ethiopia in accordance with the directive of the Bank.

21 For the purpose of his investment activities, any foreign investor shall be allowed to open and operate foreign currency accounts in authorized local banks in accordance with directive of the National Bank of Ethiopia.

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".. IMnX ,:.y.t.A ".76+ .7"'''' ."'C ?:r ~1."1 +') litIS 't.'" Fcdenl Nep"1 Gazeta No.6) I"" Scplembcr2012 ........ p.age6S98

!!II. fll>'"l' 1\.1'1" IIII .... ~mC 37. Employment of Expatriates

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.t:'HI MII>'''I-l- ...... AII)'

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M'JI'. f"'l.B'iO+ 1,1\.

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"lC" IDA.t: l.r-C1.11

rll.-l-r-kJ' t(. ... t-~'I! ",1"hMJ''f t,. 0(111. h ,."-")I,-l-

11 Any investor may employ duly qualified expatriate experts required for the operation of his business.

2/ An investor who employs expatriates pursuant to sub-article (I) of this Article, shall be responsible for replacing, within a limited period, such expatriate personnel by Ethiopians by arranging the necessary

training thereof.

31 Notwithstanding the provisions of sub

article (I) and (2) of this Article, a foreign investor shall, without any restriction, have

the right to employ expatriate employees on top management positions for his enterprise.

38. Duty to Observe Other Laws and Protection of Environment

Any investor shall have the obligation to observe the laws of the country in carrying out his investment activities. In particular, he shaU give due regard to environmental protection.

9. Power to Issue Regulation

The Council of Ministers may issue regulations necessary for the implementation of this Proclamation.

40. Repealed and Inapplicable Laws

11 The Investment Proclamation No. 280/2002 (as amended) is hereby repealed.

2J No law or customary practice shall, in so far as it is inconsistent with this Proclamation, have effect with respect to matters provided for in this Proclamation.

1. Effective Date

This Proclamation shall enter into force on the date of publication in the Federal Negarit Gazeta.

Dont at Addis Ababa, this 1 7'~ day ofStpttmbtr, 2012.

G1RMA WOLDEGIORGIS

PRESIDENT OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA

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\

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t.1' ,.,,.l.')' - 2merkatoM·l·oo'H· "'1''1: ..... ... 0.,"".4.-)' fh'lC (J)-Il'f' ,.,,.l.') ... n"l-'1':> Unit Price 10.10 the transfer of technology into the country;

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