OromiaTimes

Serving the Oromo Nation in Oromia and Diaspora

News update

Bloomberg: Ethiopia Losing Foreign-Investment Appeal as Attacks Spread

Bishangari was first attacked on Oct. 3 and protected by elders from the local community, who the company had provided assistance to, said Omar Bagersh, one of the owners. Hundreds of protesters returned over the next two days to completely destroy the popular lodge. A U.S. citizen died on Oct. 4 on the outskirts of Addis Ababa when protesters threw a rock, according to the U.S. Embassy in Ethiopia.

Citing delays in infrastructure provision and a tax dispute, Israel Chemicals Ltd. announced last week it’s exiting a potash project that had promised to be one of country’s largest mining operations. The government is reassuring investors that it will restore order, said Fitsum Arega, head of the country’s investment commission.

“They are not happy with the situation but they are confident and taking our word that things will be normalized soon,” he said.

Jiangsu Sunshine Group, a Chinese textiles company, demonstrated that confidence by signing a “final agreement” to invest $500 million over four years at a factory in an industrial park in Adama city in Oromia region, Fitsum said. A Chinese-funded railway going through Adama that connects Addis Ababa with its main port in neighboring Djibouti was opened on Oct. 5, while the Gibe III dam, Africa’s biggest hydropower plant, and also backed by China, began generating electricity a year ago.

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