Oromia Investment Bureau Revokes Contract of 458 Investors

The Oromia Investment Bureau has revoked the contracts of 458 investors due to excess delays in starting business. The investors had been given licenses and plots of land in Oromia Regional State.

For the past five years,more than 10,000 investors were given land for various investments in the regional state. Out of these investors, 1,920 invested their capital in rural areas, while the rest were in urban areas. However, a number of them did not start production or construction along the guidelines of the investment bureau.

In order to solve similar issues, the Oromia Investment Bureau has stopped registering new investors and starting to enforce the proper implementation of the projects of the investors, as well as revoking licenses of investors who have not started their projects, according to Mekonnen Fufa, the human resources head of the Oromia Investment Commission.

“About 458 investors who were given land to invest in five years ago have not started any investment on the land. Therefore, we started to revoke our contracts with these investors,” Mekonnen explained to Fortune.

Published on Mar 25,2017 [ Vol 17 ,No 881]



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