invest in ethiopia mining

Mining_2010:18.02.08 29/10/10 15:55 Page 2INVEST IN ETHIOPIAMINING: INVESTMENT OPPORTUNITIESInvestment guarantees• 10-year loss carry forward.• Remittance of profits and dividends, principaland interest payments on external loans,payments related to technology transfer,proceeds from the sale of share or liquidation ofan enterprise.Investment incentivesThe mineral sector, which is open to privateinvestors, attracts huge investment, advancedtechnology and trained manpower. The miningsector policy and strategy has created a conduciveenvironment for both local and foreign companiesin the development of the mineral sector. TheInvestment Code of 2002(as amended in 2003),Council of ministers Regulation 2003(as amendedin 2008), the Mining and Income Tax Proclamationsof 1993 (as amended in 1996 and 1998) as well asthe supporting Mineral Operations Regulations of1994 facilitate for enhanced private sectorinvestment. These laws and regulations provide thelicense holder with a number of incentives such us:• As the member of the World Bank MultilateralInvestment Guarantee Agency (MIGA), WorldIntellectual Property Organization (WIPO), theInternational Convention on Settlement ofInvestment Disputes between States andNations of other States (ICSID) and havingBilateral Investment Promotion and ProtectionAgreement with the UK, investors enjoy strongguarantees for their investment in the country.• Exemption from custom duties and taxes onequipment, machinery, vehicles and spare partsnecessary for mineral operations.• Low royalties.