Oromia Revoked 458 Contacts with Investors
458 lease contracts were revoked by Oromia Investment Bureau for the investors failed to start their business for a very long period of time. The lands the investors received were all in Oromia State, one of the 9 states in Ethiopia.
“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 Fufa, Human Resources Head at the Bureau, explained
In the last half a decade period, more than 10,000 investors were given land for different investment projects that were undertaken in the State. Out of these investors it was only 1,920 of them that invested in the rural areas. Nevertheless, a number of them did not start production or construction in accordance to the guiltiness of the investment bureau.
According to Mekonnen, in the aim of solving such problems, the Bureau halted registering new investors and started enforcing proper implementation of the projects of the investors, as well as revoking licenses of investors who have not started their projects.