PRE SK SEMICON PATRAS hnene APHEDLE CT MAN CRCA FIG IM FEDERAL NEGARIT GAZETA (OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA Deve AFUE Goo? ec AE Dan NON ether £47 Ke or AAEEP bohoGAEAPNENLL TAA! LAM boOhEF PHC 1% MALT PON) ADDIS ABABA ae dK dere SEERA O Proclamation No.T692012 PATIO OOH APE Ie MLEICE Investment Proclamation. .......Page 6572 APE ere SERNA —~—=~S*S*S*S*dYSCS*S:*C*i@ROCLAMATIONNo. 70970012, DAA LOM_APE A PROCLAMATION ON INVESTMENT PRICED PANT ATR OTE PAMAEY PC LEK NOTA pines DEALE PPLE INTL WORD NINE RAS NINE CHIC ONT KMIPLD AE eTMSHC ems ATE OR NIC ONT PeLMO PHTAA FAY POAT RIT PANTO WIICT 4a nem PAIN NAR CRM TITAS MILLE AMV shh OLLCI News> AMAR hd ELT NANDA | MAUVE Kh AIRES OMLTFPTE Ad NaeATO FNPF ANIM oOPATOrS NL ITY LOLENEA PHITA LICHT SHC} NOWNLAE! AMDT Leper CFP NEAT ARS 404 NIAUY SLI NEMLAT! CHORD A PGP F coger 9G FORAL HONS VILFPEY Nene emMZF DIANTSPF ACN ACH Fo927Os MT ATAAT Se a eS La AMINA Nowras NTE LIL ALIETt ONE ao Aboot CBee: WHEREAS, the encouragement and expansion of investment, especially in the manufecturing sector, has become necessary s0 as to strengthen the domestic production capacity and thereby accelerate the ‘economic development of the country and improve the living standards ofits peoples; WHEREAS, it has become necessary to further increase the inflow ‘of"capital and speed up the transfer of technology into the country; WHEREAS, it has become necessary to cenhiince’ and promote the! equitable distribution of investments among regions and-benefit the society ‘by enstring’ competitiveness among investments made by investors; WHEREAS, it has become essential to put in place a system of supervision to ensure that permits 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;Any? WIPE HIA APTN Mee AL SOO-F PAWN oer 7 TMA AdsAL UT | Necessary to Noor ini AAPERE KLAR AMHEALL ETHAN a1 VIL NER WR) ower P*LEA@- PORN: REA AIS mr R ABC Con BU APE “PAMNteott APE aTC tESDeTLA tht Amen LAA: x Rea Pom NINN AA FCO POLLAMM hAUY MAFEC NLD APE one: 8 “a ainboort®” int ARN CEP nee OLP MC LCE AMINE OZe AMAA NNAUAH ATH wOZe NZZrr OL NUAEF PULLED PAT PA OOM, 101 “LCEM INF ATCH Pbk LCE wi w Ff ATSA" IAF UIC @AT aLT torr THAT PLTAAE wie! FIP oer PAIAMT cohen somes! AMI eHe PMA NTHAT CMNLE oom! CTI ft OLF HA PIPE UAT YO! W NAVA Ae OARS OT rine £201 PAIG MHP wLT torr Aduat Yo 4) "PRIC OAT AdUAY IE Phaiintoert NTA Mere AL SPA ATPASE wLT ATA Wa Hh? AIL AIC ODT Advnt PtPMe POR AIC 2 AU? TIMI Pere? AV SCE AT AM Aha ah? Ptkkom PANEE He IMEI LOPLAL HY oe avant Mt for HTSA wf AIRS NTH ArTINe eec7 eo NIC HD O29 amt Nom NO-4> KIC HL AA PEM SCE OFF AIC OAT Anuar 2C IEP AIRE OAT Abekoe LCR AMIN £249 PO NIC W2 O27 SCE AUD AIO NAVA FMC FLAT COROT IPC NOE IC PUT AAPRERY REPEAL ‘WHEREAS, to these ends, it has become the law NOW, THEREFORE, in accordance with Article 55(1) of the Constitution of the Federal Democratic Republic of Ethiopia, it is hereby proclaimed as follows: PART ONE GENERAL 1. Short Title This Proclamation may be cited as the “Investment Proclamation No. 769/2012”. 2, Definitions In this Proclamation, unless the context otherwise requires: V/. “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; 2/ “enterprise” means an, undertaking established for the purpose of profit making; 3/ “capital” means ‘local or foreign currency, negotiable instruments, machinery or ‘equipment, buildings, working capital, property rights, patent rights, or other business assets; 7 4/ “investor” means a domestic or a foreign investor having invested in Ethiopia; 5! “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; 6) “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 foreign investor;PI En tl St Thana WD Pare ALAA AE hoe FE PTT ATSA AUD Naa AVA @ HTAA PEAOM NAIC ONT L+7F FORIG PECK BENF LIAL Bl “NE” OL “NAA TAT ALLAN PUTA FG SCR rower wee IATA Loom APP OFT I Nook fam) ML7 OLF LMC LCEP rAd PILE OL IAM one ohaor oral PCE O27 NATIT 1M mtfoot Nek ART OL NAEP SILTY SMFOAD! DL PooyD® PATH LCEM UA Nd VI OL MAA sD aml OLF hod MONbrt CS SCE rar! UT" PANTO, WIC SIN PCH AIP ORI PHoOeLh LLY HIMEL AVL OL AHA OP NAM Aovdmt PLZ HC LAO abr AAT AUT PG here AG FkhiLh 6o-o? NAVE? PINS er “ENT AKI LAPCNUTE OFPFI MF AooKT O27 ATER LVLLLTG THI ALAGW" 1 Til hom, 17% 20 MbePH Rowe SCE a re LUN oP ALTLOr LLSLCIO TANG" Wt oF Nook HOM, FIL IC nen tow &CEr hve OAT AAA 2C fLseCiD LOA THT VT toa SCE ANIC OAT Ahi PLntATt Now-n OL" NEA ooh? LAIN: V) ANhIOTE POY INE PHI A) Aa NP PRPC PCR Peet NFot ch) Naar ME POOTAT DAT! 2) MGA, VIS Hd horeG batt! Ww) ADA, MCP LLLILAT TE OF PET MIE AVCHD DATE AO FI LE PUNE PE LaoM OFT DLP PhAA o9 970% 40-1 TAN INE MARS ONE RIHERLE ETAAN a ooVIMt NIK F483) Proto OP NAA Aw Pra AOL hh AT PRAP htey ANTARCTY LOAPLCA! ee — 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 $0% the stiainable ‘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 1 product, for the application or improvement of a process or for the rendering of a service, including management and technical know- how as well as marketing technologies, but may not extend to transactions involving the mere sale or lease of goods; “export-oriented non-equity based foreign enterprise collaboration” means a 100% export-oriented contractual agreement between a domestic investor and forcign ‘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; ©) export marketing know-how; 4) export business management know-how; ‘e) strategies for the supply of raw materials and intermediate inputs needed for export products; 12/ “government” means the federal government or a tegional govemment; 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;Te i $$$ “AEM” CIA NUTT PHC A LI0 PURE PHAPKE AM KEW, wr “RVINTeF CK" HEHE PRoPEC AHA YO! “NIN Sha Partner comes PINT REM OLF PAINT 49k Aon aN ktwma PhAA PALMA AHA YO i Wt Pho TH PNIANTS ATH ene A PrIdnrS ALT PANAN, ANAT +899 Pooh AF PhtPF ALIN MAELT MACHT foogrent ANE GIP EY PLN US APD ooure ALCh Ae! PAANTch YLAT DAF Peorwh ANAL ewer ATE PPASK NATPE PYATOAT AG AL PUNE OFF FOR AIS Err OL reer OL bor pata RIADTEPFES NINN AMAT wee VAT AIBNTECPES AIA PoLREe SMC LNEAT AN AAO AHA erAeoo Pr@Ay AS Yori THOP IOI Pr erINKa eo Wr LMP Gb: L PbLROL De OAT PLU APE £9929 F NVL7G WE ADI PCaeG OUP LY POPE NULL ATID AL FER, ALU: a & PeAn haa Pn AHO AARC ONEINLO PHAM NAA HC LORSMr~ U) mA New Not Anuar P9227 Aan yt A) OIC OATS Nowe NAUAEFT 127EP PULL AMPH ch) OILY APE AWK RE) cower re AIC ONT CAVA NFM. 1-OAL AIPRPE MAU fom AIC nh PULLED AN PaV>h1 PAM METF neLArar Fed mth ATMA har Pe Ladots event pA LIL He bok OM AA PME OLE AAVAr ”) PRLLI AMIN oo Fs eens Gazeta No. 63 17" 2012 14/ “Agency” means the Ethiopian Investment Agency to be established by regulation of the Council of Ministers; 15/ “Investment Board” means the highest goveming body of the Agency; 16/ “appropriate investment organ” means the Agency or the executive organ of a region ‘empowered to issue investment permits; 17/ “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; 18 any expression in the masculine gender includes the feminine. of licatior ‘The provisions of this Proclamation may not be applicable to investments in the prospecting, exploration and development of minerals and petroleum resources. Jurisdiction V/ 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; ©) investment made by a foreign national, not Ethiopian by origin, treated as a domestic investor pursuant to Article 2(5) of this Proclamation; investment made, in arcas eligible for incentives, by a domestic investor who is Tequired to obtain a business license from the concerned federal organ. 4)a Mite neared an $76 SE other 4 +7 MTG 9. _ Federal Neparit Gazeta No. 63 17% September 2012 ...... page 6576 MU AMR ION AIER (8) PPRITIOr AFC NAC FEMTOH NIAMETS MARTH PLA omer ager TITER ORF Wwe ee AL MAU PRA BF Pooh! PLD! PoobhhG Poowen POD WIR PP thtATo thier ATLA ABT MAMAN PAPAS AAnTCH ARM, NEW NosonA PNGO-Gles: El Pathe ATLA LRT AAT PATERE AANA AEM V) OLY ATER TW ATR () cowed No-hat Panto tm POLLNSareh HU APES APR AMINE RP NeLom RWS wae LPF cower LIGA! ATANFOr POAT “AN cower PADFOS RINE PO Looitre LAPT ADEN SirbAdser:: W MLD AK FON AIK (B) AT & DEHN OA POLLLI AHihbeoF ANEARC AHAA PATNA AHAT POM NAA HC ROTI: ”) neA OAT DAMN OF WIPES PHC cont & Phalihtooth 91 F PATPKE bhdGAk APHEASL CTAAN PAIN GPT emerr shar PALTELS PINEE ATH NIRSC NVLLT PATPRED HUF PPO RA WIA US UCHC LUI Far PeUnriet SFO a # PAIGE PADI, ATE 914.075 PAIGET AS PPLTC UN TH AL IPAS IAMS BF PChs — PCFNEN — NIATeTT AeINL7 PRIC OHT ME AIBANC IRL 2/ Notwithstanding the provisions of sub- article (1) of this Article, the issuance, renewal, replacement and cancellation of ‘investment permits 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. 3/ 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. 4/ Investments other than those referred to in sub- article (1) and (2) of this Article shall fall under the jurisdiction of regional investment organs. PART TWO INVESTMENT OBJECTIVES AND AREAS OF INVESTMENT 5. Investment Objectives 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: V/ to accelerate the country’s development; 2/ to exploit and develop the immense natural resources of the country; 3/- to develop the domestic market through the growth of production, productivity and services; economicW OM, PORE NAMFFY Nom? NILES NPET ATA NMS AT eae PING THD IMRT ATAU? hoe PL PORE NAIC aT NPE PO-A PET PIRI MA ohhA Fromm bF1TS PANT, AWMISAPT PE NIATC MASTS MALT. NCE gohha SOs FANE MIMTNC! W eniced ANT ATE ATM? NLD TLR PIA AND MLS IAS 7) 4 eo AMiNbow yr ANIeR PANT, AT PML SCA ILA LL AATEREO LT Wh CAG OLA PTMOCS AdIe OST PVLLDLAIOS PANTO, WIIG INA: hey} thir OF her7t IC OPTED PUNE C26 cont A) RUA Pee coy Nowrie AF POUL LUT VU) MESS Adee PH thatch PRA rewoant 264 A) £0 87D NIT ALAC P7AS NINMATT ch) DIP awyIET NAL. Powe hte a a PG oohaoyt PAINTS Ahr O-CTAE LANNE LAE PETC NIT 8) nett eee emt MAU nominee 0107 £4 hoor) 2G NoPE ME LUG UV) LOG OPP PTD PRET AOE cores LOW OLE LOC woriese 0 7G PLS: &TALEY APC | A) kA? ATA Cen eMC wh ANE UT OST IOr Aewyye PNA OLE erry OC AF CNN. C7 tl NA ALO LN te Miteh Sdn 96> um ore Bl eeihér 4 +7 SE Oo a ‘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 tansfer of technology required for the development of the country. Areas of Investment Reserved for the Government 1/ The following areas of investment shall exclusively be reserved for the goyernment: a) transmission and distribution of electrical energy through the integrated national grid system: b) postal services with the exception of courier services: ¢) air transport services using aircraft » a seating capacity of more than passengers 2/_ Investors shall be allowed. to invest in the following areas only jointly with the government: a) manufacturing of and ammunition; weapons. b) telecom services, 3) The Council of Ministers may. whenever tt deems necessary, determine, by rssumg regulation, that areas of myestment evelusivels reserved for the mvestment with the private investors, or for jomt nment ‘be opened 1bn $e etic” 4 47 Kae a ANIC OT MUTE trhnh ¢776- ovhnt MI ON NAVA AF POR. Ped ON PDTC PC Me eLLOna SOA Reon Aa MUTT PER. P2%d- cohht Fare WAVE LLU EAT ar Peds ohh PU A NeLgadar — L4-0 Youve PAN AP, OTRO NAVA 0H AKIN Nee PFCRHT ian LNA OU PCO LDONGAL dl bj LLU Od PACT HEA wAT dah iN-eort POPES hase AUD NALA PAE S-A com LARINTaOH 74C. PUNE O PCPF a) va Hinreoh- heurhat PCPF NAIR AML LAAT vy) Uma AO) OATSAS Mee hardy RIC a7 Orel WEekoo PFT SCL ch) AM MAG Ah aod ARRoO Lavy17r LAW SCH Oe) NIN AA Av") oUrdA> AiRhow vanial: ayd. rnc: my AMR FON AMR (8) LI MhaodveT PCPF LIS eT HO” AKTeOr NTT VD age Nm NAG AA AT coe: cvaw WE RANT: _Gazets No.63 17% osm av Investors Areas of investment exclusively rescrved for domestic investors shall be specified by regulation to be issued by the Council of Ministers. A yf Mowed_f Investors ‘Areas of investment open for foreign investors shall be determined by regulation to be issued by the Council of Ministers. Federal 7. uber 2012 ve 1 i er th the Government ‘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. ART THRE} FORMS OF INVESTMENT AND CAPITAL MEN’ INVE: 10. Forms of Investment V/, Investments may be carried out in one of the following forms: ) sole proprietorship; b) business organization incorporated in Ethiopia or abroad; public enterprise established accordance with the relevant law; cooperative society formed accordance with the relevant law. °) in 4d) 2/ Any investment made in the forms prescribed under sub-article (1) of this Article shall be ‘registered in accordance with the Commercial Code or other applicable law.eee a * Met om 3 Bl toe AdUOY MLV APE oower natin AMELT POULALNE ANTS PRMD TCEMD NET PATCHY ZAC FAIA HT AA Pook AILUY 2: fily ATER 300 ATR (A) LIT MICH hhIC ONT AVA PC NAVE Aint APLELCT LOT IAUAT PLM LO WHET PhEZA com> — ART, FAMREND AAC LU GAH foachtntc age 0 yNey7 POPE OPP MINE CENT THC HIATT AbnLh PCLT VHS MET AdAZeLTT Pek PoLpecy rar Anuar vert rar URE PHT AA coms v) AbSMA AUD aYTL eReReHD AAC RUGAT A) hAIG @AT NAVA 2G NRE AU Wi, PALLY AAC LUPO 8 NMC AMAT PLLTIO? TCR OI PRC SCH ohh AMINE LeLsAc? roa aU ah ATSA NAS ARMPRT:: Gl TROP wow Aur Of NIC wit PrM@-+ PTD NTPA NEMO Aeron «= PPAHC |= LET OP ROCHA: AEMO ANAUT PLANO? PPONC OLE PH ATES Adee Th PNA WEA Act DAA eH LAE TR. DAA MIA oot? 6Pk ANLALYE A) Peunhhh AnUAEE PRMD AFk PULA IFPA:- v) Power NAUAET | A) API AMING eTLPLCY tac OATS POE NAVA! ch) OILY APE AIR KH) owl NIL MIC MNT AdUO Neokme d.Wih erLgece = NIDAS = htth eo"? Save PO NIC WEL Federal i. q Investors Any foreign investor, to be allowed to invest pursuant to this Proclamation, shall be required to allocate a minimum capital of USD 200,000 for a single investment project. 2/ Notwithstanding the provision of sub-article (1) of this Article, the minimum copital required of a foreign investor investing jointly with a domestic investor shall be USD 150,000, 3/ The minimum capital required of « 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 $0,000 if the investment is made jointly with a domestic investor. lA foreign investor re-investing his profits or dividends generated from his existing enterprise may not be required to allocate a minimum capital. 5/ 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 1/ The following investors shall be required to obtain investment permits: a) foreign investors; b) domestic and foreign investing in partnership; ¢) foreign nationals, not Ethiopian by origin, treated as a domestic investors pursuant to Article 2(5) of this Proclamation; investorsor érto 26% oun $70 SE other t+) KE Ie Federal a0) Ph IN: Tir ree ohh air POLPROTS PNT FOr bFed eo PLLAT PAIG ONT VAR: W/ ey ARK Wh AR @) F122 aurce V) PANIC SMNLIF NTLATATO- Ped hh t PLWAIGT DL A) PARI MEAT NUTIFO- Ped. oDhE POMLIFO PMP ALU AMINE ATLL POLLAT I AIL AIG GNP NAVA PbtMe NDA AAPKLOL? LAV ALEC PdIC war anuNtT Pr Mntett — bFk ont ashhnsto Prick? att Amico AMIN PILL od TO forme YD: F/ My AR Wh AWK (A) Perera Ascr MC SCHR THF AN var aemic Mee FMC SCE Ahhh? Aw KLLAT Care Anuar Tear AVI LLC NTC PRLS. PLLOEED LAS ITH LICNTA: B PPS UNECE MLV AIR W-0 AIK ©) wut Tt Arcna? Advair PMO IC LCEr OZ nnd THA AMA FoR IMT FANG PEwWAIENT C2d- aonn Aare AUT PrstL GUT! My APE etorAht@ art HTAA AT OVI KUNG BHT APE Pratt? AF oA PE CoA FOS ILI RECAP AY Bl PFI PUADEC MLV AIPR WN AWK @ wet oANFO-? Neralarl:- v) TRAM) Hbeihar FMLOT NEL NMA PFI HC LPRD Lehn ORF PAHNEF NOW LonPAL ore A) TE4o> = hAvtenha PAbenAnry PHEE ANAUAE NRdeE Pa PA: it_ Gaze No. 63.17% 4) domestic investors investing in areas eligible for incentives and who are seeking to be beneficiaries of such incentives. 2/ Notwithstanding the provision of sub- article (1) 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 (1) 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 shall obtain prior approval from the Ministry of Trade. 4/ The Ministry of Trade shall, upon receipt ofa request made in accordance with sub-article ) 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 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.THO RHIC ONT AUOT Pd idbooy> SIL NYT ML BN PDE ae> PPAF PK Novo HY bAD WILF 26 AMA Adar PATIO ogee Wr MAIS PR PLA DANI §/ oeANFa ebé.cova NoOhA Wr PORAS HAM 1297 Me EFT: WAM r: PLO TAO wD PAUot former NCE EE PT oe FAIC ONT MUAH crOtE HC Et PT AG UAT PFCN Uh TCL EPIC: 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 investment organ together with the following documents in one copy: V/._ where the:application is signed by an agent, a photocopy of his power of attomey; 2/ where the-investment is to be made by an individual person, a photocopy of his identity card or 2 photocopy of the identity card ‘evidencing his domestic investor status and his recent 1wo passport size photographs; TR IHE AOR IDET UM HTC BE cones” % 49 IRE A Federal Gazeta No, 03 17" 2012 6581 FE. 009 ODT AAVAT NAMLACH PhTh?ooF} 13. Application for Investment Permit by a bdk TLE El) AWIA+ootk PLhELO N72 ANC 3/_ where the investment is to be made by a hur PINS = PovawseeeF —_ RA-RG business organization, a photocopy of its PoorReee LM CRT OLe ang memorandum and articles of associations or AAD PeLeeT Hy iL hare where the business organization is to be newly PIMCHER eorOLP HCE SR bT established, in addition, it shall submit a OLP ENC OP AVA oorMes Photocopy of the shareholders identity cards ACR GP PT or a photocopy of identity cards evidencing their domestic investor status; Y Minter: — pene Noor ypH} 4/ where the investment is'to be made by a PATH SCEP HUY SCHL Pbekoony Public enterprise, a photocopy of the LN BNE OL PovceeeF KavRF tegulation under which it is established or a POEALEL LN 6 DTS photocopy of its memorandum and articles of associations; Hl AMibootk PMHLLO- NINE He PIMC WWD PING PoOTALCE LIN CE 5/ Where the investment is to be made by a cooperative society, a photocopy of its articles bes of association, MOD NAUDT DATLICN PrITiNrawrt 29% | 14, io estment by Te Foreign Investor w Vor to-r aavat aan 1) Application for investment permit by a PARMA PO LIL NTT Anu bc PHDEOD PeCCANF FR Nava.a NLA: WIZ DC AKRAM NNIe FA, REN BEC: V) VWANFa erscovm NoOhA hwy fONAT KANT 21m Me EF PT AAivtowyt eeLniea ATA hur PAVED OFF POLPAR ATA PAPO COT TATCH IRE OE NT AG UAT PCN UL PCS AICTE 4 forcign investor shall be made in a form designed for such purpose and submitted to the Agency together with the following documents in one copy: 4) where the application is signed by an agent, a photocopy of his power of attomney; 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;ch) NOLO AA Werk NOW MC PUT ATR EE hifi oS PLAT oR NO NIC TPS oor) POLIAR Ae CF PTI MP) AMINO PALO ASK! OAT OtRRee PIS TNC hur: () ®), (ef) PIM = Ronee Kd RT foobALes LN KF HT og TMG DAN PeLRRT HUY hiv DAIS PALIAIA-T PIANC AIA THE LULAL IMA PnFar POF TO7CH RE EF HT AG Perse. yd. ADP PFCH Ub UAT PCE CPIGET! NINE ONT A MC OnP Unt Pm. fort ho ha PhIC MAT AAUAI crMe? ACE GE PTL MINE GAT FI “TNC ose for AIC PCIE ANC HA Powe eF KdvRF POOPALLS LN ORF PPE ATA Toonng. Mk Eb PTE PS7E PIN PoC OL AG PPS TING HANI Sha DHA NADERS MNT AINA AMILL7 PON 2A 1% CF PT: Mw) AMATOr: LeLnkea aaY NIC Ateker FFI IM PARE ros nu GH) PPS 940% PevcoeeF RdvE AG (®) Poobaees Lr mes Pere PAAR Ne EF PTI PECIE He DOLSE et ioont AS ME AG PCH A UAT TCR CHIC $POTAE OA errrh FRIAR RMA SAFO POS TAT CH WF OF PT Oger foxote hCk ER PT AG rere = F97e FINN PPONC Ob) CF PTI ) ‘where the investment is to be made by an Ethiopian permanently residing abroad, preferring treatment as a foreign investor, & photocopy of a document evidencing that he is residing abroad; ‘where the investinient is to be made by a business organization incorporated in Ethiopia: (1). a photocopy of ite 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 organization, a photocopy Of its memorandum of association and articles of association or similar documents of the parent company, ‘commercial 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. where the investment is to be made by an Ethiopian branch of a foreign business organization incorporated abroad: (1) ‘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;te MBER 2c pach mum orc Et owtihie 249 TE 9.77 Feder Gazeta No.63 17% 20 583 © PPS AM HAMS Phar Ana (G) @ photocopy of the minutes of AATEAL OdT AMOT A727 | PON 2A 79% COR DT 2) AMIN beets PPYHYLO- NAIC DATS No-t AAUAT FTE hur At NIK WN AWK Gor) WrovAhkt ARF MAMIE AIL AM CAIC ONT WV PoorOe? NCR KE PT @2P AIR AIC ONT VdvAt PrEMENT foorMes HCK EF HTH A) NRANATIE ARO ASM PIAUAEY 42990 Ak OL OTT POLLO. PINCH: w LY AMOK WA AIMER (8) Chmeirt PYRO DAKE OT PUY NIAFE ZED AINIIT HAM Aho POs PHI OAT AHAF 02277 LICVEPA:: El bo& Phmreor TCEn nent ArAdIN Ao fur AIRY AE Pn TCEnh eienrs TORR? AePALH PORE PIF E ehh bhhA PUPS LITE LECAP A: TE. NA OLI ATTA NALECA PA IiNt-oo bad TPE TROL AVAT DELETE OL LOTTA AHF BFR AIT ALU 1G PHIEOF PeANF FR — NevewA} neta MAF IC ARELO NIE FA Then AAO: Bl PMVANF Pe PPALova NORA hur POHAS AN IL 27 NS CR PTH AMNoyR FLNLLO NAAN hvY NUS O PAVED NF POPLAR AMAT SAFO OF THATCH RF CE PT O2P NI MC OP AVA Prom2nr cormee NCL CR HT AF PPCA UL UAT TCR CRICET! resolution of the authorized organ of the parent company authorizing the establishment of « branch company in Ethiopia. 1). where it is.a joint investment by domestic and foreign investors, in addition to the documents provided under sub-article (1)@) 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, 1s the case may be; ) & document evidencing the financial Position or, identity or profile of the investor, as deemed appropriate by the Agency. 2 All documents under sub-article (1) of this Article whose sources are outside of Ethiopia shall be authenticated by a foreign and domestic notary. 3/ 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: 1/ where the application is signed by an agent, 1 photocopy of his power of attorney; 2/ 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 may be;ko 26h uo wre BT oohiner % +7 MME 9.7 Feder 3/ where the investment is made by a business LATO PLNLLO NIT PMNC hu LAVAS Ler-/EF KES PowbAee? SM GP PT AS PING fe ANSE FECA UL UAT PCL ICEL WY PC SCH POS PII 27d. Lk Ch PTI AG G PPCEAD APA PSF CF PTs: AALMIN eo t .FS hHAT Bl AD Aw CAM ooee Lr PAHO bk YooAnFo: Atv APE AtO IE! Ni¢6 1 WLI APO TE PIAR ACHAT NAVE ANIL PPO PAHO ee HD APES APD AMINA HeLOM LES raPdS PF NAG Neraclavl:- Vv) “eAnFo-> = breAh@ = +7. PATAMOT NEF NMA NAVI PAH bHk LAMA OI A) oAnFad nAbenAa sorenanh> PML ANAUAE IRAE LNOBA: HAN SA@ PAAMA-et ooeree PAIN PRD hm MAA AaAnsALO- Dera AoA Far PPE DAT LOO PA: E/ PATINA Lk Ptvme@- Ivar PAH TCR ANTE TP OL NAT chart AOHOLEPCO Uh LN FIN Hd 4H WILSON ALMPPI?:: APN SAO PAM woe? Or ORdR ALLL LAAN 6.HK7 AAA ha SWANK ALFAM:: PAHO BHR AAA Ad APAAT OL ALE tet ADM ALL AMA Ada PA Hider? areree ht +00 PAL LVFECNDO Hor aAVAr NNSFOP 1h eMC ONT AG FoR AU Ie. Prine BAT Newey devin MILL ALTAP 4 S/ 2012 organization, a photocopy of the company’s memorandum and articles of associations end two recent passport size photographs of the general manager; a photocopy of a valid business license of the existing enterprise; and a photocopy of project feasibility study. 116. Issuance of Investment Permit Vv uy ay 4 SI Upon receipt of an application made in accordance with Article 13, Article 14 or Article 15 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. The appropriate investment organ shall, after issuing the investment permit, notify the concerned institutions so thet the latter could conduct the necessary follow up. 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. An investment permit may not be transferred to} another person without prior written approval of the appropriate investment organ, Where an investment permit is transferred to another person or where any change is made in its content, it shall be submitied to the “appropriate investment organ for approval No investor may, at any time, be allowed to invest by holding both a domestic and a foreign investment permitHinteott 678 O&A === NT, Renewal of Investment Permit SS 8) VATINOTE £me NUN PCRS mee? WY eAHintorh BFE AeIARD AUATEY AME PLN AANLAPCH LI £20 MGcok aoFLD HAN: rLecn PIOOANT 6.4% PLLINIANY PNR Goo} Ub ADAP NIE OC Uk @HT #cn oP DA: EL AI PAW PAAMINboert oopree > Avie PFCEHE F907 ALPC WLP ACH PAFAO Oe MnISt UTI NLP MT BIRT LEMAKO:: OW PHU AIR 30- AIR (8) L922 LCR THOR? AUNT BF hone ah EPC LTCENED PME ALEC UAT S00 HALO PAPI Hav Yd LAMINA COS LPR. LUZHA:: OMe AB PUTS PAM} TeRny AATATAAT A NTIS HG BIL NIOM 1 MME « AL PMT PATINA TORE AAA MAUAT UPAR FLAT OTRO AMAUNT PLeAr> ANU: 9497 MII Pd PAT RMA Ada rTINtewh pha NFCA MEAL LE COPAT NUaE MLD NIE FON AHR (8) HMACH “oeAnF 2c LUI? NAF AFeN THEN eSCarA: V) PARA PAIN) BIS EP DT A) AR AML IIT ARTS AAO AHA PHLOUN PLT APM Eo HT ch) NIL UO ATCEE NERVE NAA PhAhNar 67 ATLA P-rAAEM Me Ct PEs L PAINT £.H27 NNN O29 Nrorhen 4] MUNE Lv APE OL gur rPE APNEA” LOM LF MOLI craves Hy; FMA IVT ANLALO? LeIENnE ACTH AAhOn Lah AIAN Saw LAdinra>t mes Mt PRM ke ALIENATE LAA: 117, Renewal of Investment Permit V/ An investment permit shall be renewed every year until the investor commences the marketing of his products or services. 2 An application for renewal of an investment permit shall be submitted and renewed with in one month after the end of a period of one year for which the permit remains valid. 3/ The appropriate investment organ shall renew the investment permit, where satisfied, as to the existence of sufficient"cause for the delay in the commencement or completion of his project implementation, 4/ Notwithstanding the provision of sub-anticle (1) of this Article, any investor who has not commenced implementing his project within Wo years since the issuance of the investment Permit, shall have his permit cancelled without any precondition, ‘Transfer_of an Investment _Project_Under Amplementation Phase 1/- Any investor wishing to transfer his project, which is under implementation phase and for which a business license is not yet issued, 10 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. 2/_ The inyestor shall submit, together with his application specified in sub-article (1) of this Article, the following documents: 8) a photocopy of renewed investment permit; b) a photocopy of the sales agreement authenticated by a notary; ©) 8 photocopy of land lease agreement transferred to the buyer as the case may be. in or Perm 1/ 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KATA PAM PAH NLA PHIEE NIRS Mana ALLITE CAMINO BIRT AUCH LRA: V) VAUM PAIN 49%%4 LTO NTA MRI Phi 2h wes OTA NIVEL NY: a) trem emer FeY nseento- A OF OAD O27 had oe AAA NO PALO HEE ch) MAUAE FANE PHILT OLY APE AOR I Oba — owe Ph TiNbaost AIRS LADLD WILY om) MAU A DATE HE ALRR NbhAHe AU-AT Uh LRLMMINE C7 CR PAten hus wey w)YTCEM: VMN FERC Mo NALNt+ AT ARO TCEWk DBILMNIED ASP MT LAMA Sha PRIA comer WI ALD RHR coud PLLLCIOT Ph Hinboor?- 49% NM ACEH ALerAnHTO- hhrt PAOPA PAHO BHR PHACHNE NAVA 24% bebidas +9 Ere AsTt PIL: TE ORLA LRLTASA:: OW 6.2% Perma Anuar NINA LTE FO? THOT 69H NebweNNr #9 EPC AAI OC Uh ONT AE RL MPF TPG NAPANY AT AMA ANF AAT AN boot PLCIA:: Gl PAWN BIL PRD OM PAIN comes Vb Om NAA OVE OY" AMA ADIL OLI AWLN ALTAM:: A Pd TINeoF1 bm Kbwctn® adver DAIS Gav} Ne ABA PAIN} BPR MOM ALTA: ENG. LATINOS BHR LOM TO AAU: A DAA TNE PHEART LL Nerd? O% WIN Aha PATNberr oye A 270% PHAN AS revoke an investment permit where it ascertains that: a) the investor obtained the permit fraudulently or by submitting false information or statements; b) incentives granted are misused or illegally transferred to another person; ©) 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 Teport of his project for two consecutive periods; or €) the project can not commence operation with in the period and the Agency believes the project will not be operational. 3/,_ The appropriate investment organ shall notify the concemed 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. 4/ 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 ot revoked by any organ other than the appropriate investment organ having issued same. 6/ An investor whose investment permit is Tevoked 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 permit shall: 1/ submit progress reports on the implementation of his project to the appropriate investment organ at the end of every three months; andTRGINE LCN 126% mm $70 SM sohher 5 +7 MG a” RATAN Mw PAHINeor coer 1 une> = AALENLLO — PATTINow AALS O24 oohntt AANA: WEA arht MENTHR, ATIC ATP AS PAIC ONT AAV NOP AICTS?L OC NALELCIO- PEC APP Pun AAENTA TIC APT A Tor ANA nATintewr: 2C NESEN PANTAR TPIC NePPY NLPPAN Uh APY ALEWO NPL MHI AANE:: H MLD AIR cow.) FoLECH PENTA AIC APH PU TL PLA STINT LECNA A: Vv) WbnTeA beak LIMANF FR1 A) OERTAA FL AFCO oohhr PELLT PPLIIN POPPY NR CF PT! hy PENTOR OMe POT KITE ye. EIR OLE PMN BIR CoE DT: AG 2) PENSAR, APELO FITZ FINN we PTTL MG bPL PINCH: El REO MLD ATER OD AR @®) Ptédoo Phe over PPM WwAhta 110% ALCNAT PPT INZKOWd ANAVEE way 9) OLY AHR owe? MAEMO Faron Pthtek TIT OPT HIB OME ALTO: el hE Atty AIK ound: PLPLCIOY CENT TIIC AIPM PUM AMADEO PEL ov Y TH} NNER, AAT LAGRHA? Federal No.63 17% 2012 6587 2] provide information conceming his, investment activities whenever required by the appropriate investment organ. PART FIVE REGISTRATION OF TECHNOLOGY TRANSFER AND C OLLABORATION WI M | INVE! RS 21. Technology Transfer Agreement 1/ 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; ©) a photocopy of a valid business license or investment permit of the recipient of the technology: and qd) certificate of registration or business license of the provider of the technology. x The Agency shall, upon receipt of a complete application for registration in accordance with sub-article (2) of this Article, issue a ‘certificate of registration to the investor. 4 A technology transfer agreement which is not tegistered 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.i A THOT PNIC OAT Aun ho, Ie 2G WbPPH PUNE oP hoIELC) POs ATHCTALN 2 LKerO? PPC arrrt AE NeeLA Tho nant: H MY NR cower eecn reac APP rr PUM TPL Ub hRS ePERAT PENA UV) AAIC DAP NAVI Pré.2o0 P-egA PMCANF PRI 4) aC MNP NAUAES NO APECTC LI ahha P4RLI Pre oIM APR WL Eh PTS ch) OIC ONT AAUAE POF PITS HG bIR OLP CANIN OI LHe EH HTI AG 2) POP ACTER PI7E PT DLP LVI PG bP PULA: ce AZM MLV ATR NWN ATR (®) eur PUN VerAhFo. + IAt ALCHAT FIN eINZKa-> ANAUA Lena, W MY AIR cowed NAO Paton PAC APPT MIke OMT rLTLMs:: Bl AEW@ MY AER cower PoLeRCIO? PNAC APP INI AeLoOANS Fox ADEA, NHAY ShOHK AE NEA NLNt OAH WMLSFPE PAIGE TAY AE. NAA INcor} Med F PF a) My APE AIK & PhaoAnE ED PANN GAVE cowe> NeVeL7 NLC FHC Ar NON LIN TALEO PLONE FG oodbT omer AIT Ne LUG: 1/_ Any domestic _ investor collaboration agreement with _export- oriented non-equity based foreign enterprise shall register same with the Agency. 2/ 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; ©)a photocopy ofa valid. business license or an investment permit of the domestic investor; and 4) a! business ‘registration certificate or a business’ license of the foreign enterprise. 3/ The Agency shall, upon receipt of a complete Tegistration application in accordance with sub-article (2) of “this Article, issue the certificate of registration to the investor. 4/ A collaboration agreement 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 the collaboration, agreement made in accordance with this Article, 23. Investment Incentives 1/ 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RE. Hf MLu Ate FON ATER owe FLOM LM PWM MLSE E GRIPS cont BODGA:: PILI HAT MAL Nhe? NGA HP NNO EET Ah ATER EE Pree UTceP tow MUAY OL AIR NIG @dT AV Prone foe hI Poorer eG AATIAT CFR He PLENEAIO INET 100% Noors LAAs: OY AFR WOO AIR (8) PrRr Ma £0 APE homme: et FDA PRLTVIEP VAUAEE LAP GA:: NOAAMInbraor PArss Ty Rl ANHbtot PPA UNE ANIA Tee AMAT Nr? APTI cowl HAY NAPEC A.ONS OLY AOLA ALTAR: # Oh aintoorh een UA ANIA PEP TM AONE OL Aweh hort PF 22 eos PUT NY APLOLE oOnd.d ant: fi ALD AIO ANY “oogren" PAD +A “mas” hla IC MEAP PE ye APPT AL PPA ALD ACPO +70, DLP “boomers Pha HELD Lanna: THA O8o-4 NIC hATTOC A) TRO PO AAUA Deeb RAY AMIN 2 MESS ReLerhhy NEP NOPE Aho PPM. +00% mud NOD PHL hee arar AMO BEAR U) DANN $7504 +085 PF-CR SCAT A) hate NIC ATION ARC PS THING OAS HELI ch) MLD APE eR RR owe Whew a P-EhTAA NIC avery OC PELL HES! 25. 26. 2/_ The regulation to be issued pursuant to sub- article (1) of this Article shall determine the type and extent of the entitlement to incentives, Quwnership of Immovable Property 1 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 Tight to own a dwelling house and other immovable Property requisite for his investment, 2/._ The provisions of sub-article (1) of this Article shall also include those who have invested prior to the issuance of this Proclamation. Investment Guarantees and Protection 1/ No investment tray be expropriated or nationalized except for public interest and then, only in conformity with the requirements of the law, 2/ 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, 3/ 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. nce of Fun 1 Any foreign investor shill 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: ) profits and dividends accruing from the ‘investment; >) principal and interest payments on external loans; ©) paymenis related to a technology transfer agreement registered in accordance with Article 21 of this Proclamation;— ae p = = my Mly APE NR BE cower | Nace PIANC APM OE PELL ELE 1) ANNE ANIC ONT NAVA? A.eOC wee LCR MLA ANIC anvT AUNT MARAE HC ALC? STi Tat 2) SCRE ATT O29" £00 LIN AM LLLTIO ME AG A) MLD APE ATR FER) POULA9° PHY HEP: owe MLD AA OA AteR (@) LroArra- ASCH NPE AbD ALTINA-oe'p)- 1426 LUT LAIC GaP AAU THN OR OY MOC AL SALAVP:: MAIS LCE GAT +ePLO eeLUG POE AIC WIE NTE RoMUG Ad7 HELPT Prick for PI Ah? NLLTLO coe OR OA HIG AN Lae: HEA 19% PA HIAbeott ANTARC PA U-2oF ANTARC AHA PAIN ANFALC AND ABWOTG MAA hI PTLOAY PHAA ALHihtoo}- AHATE PMPAAA:: PARDO HAMS +70C AE iar: MATIN PAE A-booaht AvOhATT «NMAIA Ph/HINAeos7 NPOPAP HS PNLIDAL PAINNEAL POAT PERG +0O8RE Ch Hiro han, NTC AID PIONS PT OAS PAAWOY VANE Looyenar Adter TMGR FROIN en i27. (28. 4) payments related to a collaboration agreement registered in accordance with Article 22 of this Proclamation; proceeds from the transfer of shares or of partial ownership of the enterprise to a domestic investor; e) proceeds from the sale or liquidation of the enterprise; and compensation paid to an investor Pursuant to “Article 25(2) of this Proclamation. gs) Notwithstanding the’ provision. of sub- article (1) of this Article, a local partner in a joint investment may not be allowed to remit funds out of Ethiopia. 3/ Expatriates employed in an enterprise may remit, in convertible” foreign currency, salaries and other payments accruing from their employment in accordance with the forcign exchange laws of the country. PART SEVEN IVES" {IN} LON Investment Administration Organs The organs. of - investment administration comprise the Agency and regional investment organs to be defined by. the laws of the respective regions. we id of the The Agency shall: 1/ serve as a nucleus for matters of investment and promote, coordinate and enhance activities thereon; initiate policy and implementation measures needed to create a conducive and competitive investment climate and follow up the implementation of same upon approval;sare 1k MAB ee Er uy wre BE eohher +7 Nth 477 Federal Foes RCO FET Aamo WPAN Or NICK 2G NS PPPRC PF OS PUTT PATA reo Tbs LG TOS PEE PRERCA NOTE PHC AT ASPRP LBC GP NMOS —APINEETT — NMED NP PAIK mah IR Aare PML Rede BATES LUPHAL SLL Fork COMtn Gok PERE Lenses NIRANEAD ANIC OPT Mole NIC PNYAAL NENIE beodag VOM AE LATSEAL AMIDES LANAI BAMA aD ner MAU Ney reSe emcee MAA PETE NAT AHN oO Mbamatel: NM Ata AHA cohhA TVEY NIG LAGOA LUTANEAL We GFaw ATID th och PT LANIAL LNGPEA! OPIN PRCIAY LATTA LAAT RPA PHN TOT ILA OTA P TD NM LEY LrrParrar denety APIEY AR? — AHN eo AEP PTFE AAMT LANAI mC PATA COFT BPR LAMA PRAY LOCMAL WIAUT COME AINET OF RIC @NP KAY -PAID-o9 NEFA Lao HATA 2c Pree PENTOR ATIC APP AT LaonMas UT to ATHCTERW PUA core APSC7 hos, TIF 2G NeSEl hvIC OAT NUAT IC CLLLCIOD FRANC APP IE Lota! Tal PaTinreer® 298 KaNt oO? AoE Prints? = -VCRNET dO SUIT PATIL BIH CPF Or VEIPT — cubhetarre — MEST PF ASAAED IAF COPAF OM) LL 0NAL W rit_ Gazeta No. 63 17" Scplembes 2012 0391 37 negotiate bilateral investment promotion end protection treaties with other countries where potential investment is likely to flow into the country and sign same upon approval by the Council of Ministers; 4) 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, participate in similar activities and conduct trainings with a view to encourage and promote investment and build the image of the country; 5/ realize liaison and coordination between investors, public offices, regional governments and other relevant organs, with a view to enhaneing investment; 6/. collect, compile, analyze, update and disseminate any. investment related information; 7) prepare and promote concrete investment opportunity profiles, provide upon request, match-making service of possible joint investment partners; 8 issue, renew and cancel investment permits within its jurisdiction and _ register investment capital brought into the country by foreign investors; 9/ register technology transfer agreements related to investments; 10/ register export-oriented non-equity based collaboration agreements made between a domestic investor and a foreign enterprise; 11/ monitor the implementation of investment projects for which it has issued permits, censure that the terms of the investment permit are complied with and incentives granted to ‘investors are used for the intended purposes;LIE LOMAY POI AHINOH — PITT NTA PCY MY FAT Ibkeaoo ANA IE PTET LI GAE PHAA ALFANO comer LET amnshne ence. rence = ehh LGTY RANA foe ePhho OSE PU IKNE H8/MAUALF MY APES APH aemany ; loa L97T5 comeret er ag. POU e-FO- TM NIAANC L2LC2Ai ww A NATO PovrI-HI NIA IC Aoornnc einer oN ERT NIRS LLCO PA MIN roo ACE AMIS 1I9C PATINA CMT OCR Bl UY APE ALPS CREO 112.9" ANAL LM MOEAY BIT) H DNY APE AsO" 26 HELNaW LoL PAN. TART AL ore LANA: BE) NRANBATE = 20 APES APR ANNEAL” LOM KW AVAMMA YON PLP COAE W £07 APES Any APR cower reraa : RWEY AMINLOF PRLABAT wameePiy LONE PABLO PF ALHEC NLAMO- ab PC ROR NAVA Arco? LVF AL LONTAL ANAT, UT ATF MG AL Aa» LA Ce a a rae FU INE NUWALCT PHC LA AAR ards yan eecaar al ‘technical support to investors and assist in the | provision of information to ensure the ‘existence of supply chains among investment projects; 13/ carry out post-investment support and monitoring services in collaboration. with organs established for such purpose; 14/ provide advisory service and technical support which help “strengthen regional investment organs; organize joint consultation forums; 15/ raise the awareness of investors on the of this Proclamation and regulations and directives issued hereunder; contents 16/ cause investment bottlenecks to be resolved in collaboration with appropriate government organs. ). Powers and Duties of the Investment Board The Investment Board shall: 1/__ supervise and follow up the implementation of this Proclamation and the activities of the Agency; 2 decide on policy issues arising in connection with the implementation of this Proclamation; 3/ recommend, as necessary, amendments to this Proclamation and regulations issued hereunder, 4/ issue directives necessary for the implementation of this Proclamation and regulations issued hereunder; 5/ decide on appeals submitted to it by investors against decisions of the Director General of the Agency; 6/ where necessary, forward recommendations, for approval by the Council of Ministers, to grant new or additionat incentives other than what is provided for under existing regulation;a wer 2.n2A y2e% one dere BE oobhige 4 49 RAE 3 BW DEAL UT ATE ANIC OAT VAUNE MF PrhAA: PAE atin hardy AdUTT net Ar NWATCT whe AA NIRLPL LON YON PECIA: A MAUATTY NAIL WhA NATIATSIS A ARVO Ov APR APPR G cove? PAINT eoFT BIR ANNOY Ieee AIDC H ooh ALU MAVAET OLY NER Pb eoA ET LAS TOA HIATT ATAN ANFay NTF cower LON #) ARO AIR AMIN Pans Fat Pbekoere — aoFI MRI PHAR mre st ANA AHA? Nova PLEAS NIT RTE LAMA: UV) AEG beT TY Kooy PMETFY Pong:pe | A) F779 B98 Lookin: Ah) Lava pZF KEG LawbAeee LN NIRV ONL LTS LVPPAT PEF PUN Lo6.07° AF PUMA? LILA: KONA’ Poot) mgs" foow' ent w) PII OI PHANG Ne 7710 Poog.ay” AG PUMars —KeTIAS Lami O89 Pooure ni 2) AOA 2 TENCPT KH BIR foot AG kD LTE Poort! PIS OLF Pooureni A) PPTL 296. AP LOODMT: 1) Abend Len Lavan i +) PPNC HEL CAS KPC Poort: fi ONY AR WON WIR (EB) HaRA be (eh) ANH (2) DEMdeT AMAIMETR PC ASEH MAELO KORKLD LeTITAS FURN! — Kaobh bs — foouren — pd. PeUhTMa AAU PII Ad BIL ANHLLOM 20 NF RUA a Federt_Negart_Gazet, No.61_17* September 2012 77 where necessary, forward recommendations, for approval by the Council of Ministers, investment areas exclusively reserved for domestic investors to be open for foreign investors. 6593 30. One - Stop Shop Service 1/ 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. 2/ 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; >) issuance of constriction permit; notarization of memorandum and articles of associations and amendments thereto; c d effecting commercial registration, and renewal, amendment, replacement or cancelation of same; ¢) effecting registration of ade or firm name, and amendment, replacement or cancelation of same; 1) issuance of work permits to expatriate employees, and renewal, replacement, suspension or cancelation of same; issuance of business license; 2 hh grading of construction contractors; ji) issuance of tax identification number (TIN), 3/ Amendments, renewal, replacement’ and cancelation pertaining to the services referred to in paragraphs (c) to (f) of sub- article (2) of this Article shall only be made by the Agency until the investor is issued with a business license,MATE £AN0: U) NAUAEE ANIA TCRMAF Ta POL arA ore NITY LLSECO TONY PSEPF POMERAT A) PMAVNETY PALO MAM TSEPT POUL AFP A) LOD AUNEFI Poses b9R TLEPY PNET T PYWUAFE ONIN OM TCEREF TO AL PELE PAN, ERT DIY TORE WIARER PLSeCL TO? SPEDE PINEAL AG w)NAUATE fost PhAnhch seas Pang — MAMET ORTH PUSPCLED) TEP TE COIMNLRP: G/ MU NIK Wd AER (GH) ALKA PLANS TO Pbafoer\ ANE AHA? EWM PeLPPChaxd PAAVA) TLE PT tito MAT ET feLsnrs7A. PAH oor 2.00% AEP LECT PA: PRAA AnLIT AAI gd her TMG Phiintes3? Znnto eee LEA HY MU AR FON ADR (G) ererna AME UT LOLCOAhA Far $b.2d-0 ope PHAN ANBAR AHA APIO NLU AIR WON AER (B) PPoOAD ET PATEE NAT WIAON hndALO? Ute Pave.AI 72.5 NAVE Y DEO MLD AR WD ATER ®) wet ANTM TYLA OPCHAY TARY nn hia = ah? AAC Nowa oo(:- VU) PANTO hrtnho- 710-7 nee APTANA ATG AIL Ueda AAA AMAT SAFO-F PAIGE «IT MAE Aewerarh — Pa HIRI NISC ANLALO "TNZE LANA! one 1) WOAKFOs hAtnAw Paterna? PHIET AMNAUTE IFdeS PAO-S, vy W services on behalf of investors: a) execution of investors’ requests for land required for their investment Projects; b) execution of investors’ requests for loan; ©) execution of foreign investors’ requests for residence permits; d) execution of investors’ requests for approval of environmental impact assessment studies conducted on their investment projects; and €) execution of investors’ requests to acquire water, electrical power and telecom services. For the implementation of sub-article (4) of this Article the appropriate federal executive organs shall establish investment desks that expedite and facilitate investors’ Tequests submitted by the Agency. The regional executive organs may accept this practice and establish investment desks. Without prejudice to: the provision of sub- article ($) 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) of this Article. 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: 4) issue the necessary’ documents, upon Teceipt 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 ) notify the investor of its decision and the reason thereof in writing, where the pplication is found unacceptable.2 ere BE oohhey % +9 ME 9 B hea ily APPR 900 ADR (Ke) Prorahkty AIFF hom NAA AnAEALO PTA ATA Aa PhokaGANT MAD ANAL AMV FoO-FA: 1171S 7G 4dk NIRAMO Trey AALILO PLLECN AAUE NTN Adar COLT YAY LAE D8 AT Aba VIO LTCEED APaaL PSY “Te NANI PAA PATO AHA PAIN oop BIS MNVFOr AUT APA NFO Pook NF PHAN COTTE WIT covet My AR Pbeonhktd PATS IOhA DIATAAT Adar 2A: DATING OF} eZ KOT fl NANT LATO Pb Let COTTE WLI PAA oom T AAT AEMO- OL9 ThAA AMIN? comer AEF At APE erANTO? “AMS HC ANN PONT WIT Ade TCE MOA wet O£ RIC MAT aA" fore WTA RIAU AA nNLATE PAG ORFE AVN th APE ARKO AMAA A2In oor? OPEL NAT SNVEAAT NAN FOH: ALIA PHAA PATINA corse 1 Hanada fun RRS eA shoot OLA PhMTe — OLED IIS AANA ANAL WAFL LIND 67 CRF AAEM LiPNASA: u E/N Sha Frinreor? coer f+ ALY AIK WH AIR (Kk) cowst LUEOS LAPT LMGHEDI BEGA DIR ANBALTER? Forde: TOP PB LdoR FIT OL MAN ANE MA AMINO TH th coche ty ATA Ahar LrAneor copes Nt Ame® arden: 22.3° DAN: DAALAA APEC a) TROP AAUE bhtihtork 2c Oreen Po hae «ANN = AAO- PAIN AHA Aleks PTCA ot: LFEPA: 31. p2. Federal_N ®/ The Agency shall, after rendering the services provided for in sub-article (2) of this Article, notify the concemed federal and regional executive organs for the necessary follow up. 9/ 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 business license shall furnish his project feasibility study. Regional investment organs may give, to investors they haye issued with investment permits, the one-stop shop services provided for in this Article, in accordance with the relevant federal and regional laws. Investment Related Information V/ The appropriate federal ‘and regional executive organis 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. Each regional investment organ shall transmit to the Agency information compiled with Tespect fo the resource potential and investment opportunities of the region as well aS periodic reports on investment activities therein. 3/ The appropriate investment organ shall compile, analyze and distribute, _ as necessary, the information it acquired pursuant to sub-article (2) of this Article. 4) Any federal or regional executive organ shall have the duty to provide information relating to investment whenever so required by the appropriate investment organ. Complaint 1/ Any investor shall have the right to lodge complaints related to his investment with the appropriate investment organ.¥ oer eg MMO OA FC P-rw aAvAr Ow- Meh 1 OG wp teora-4 AAT AHN ow7 ace oer ALeAhto PAA F720 HA TEEN LAA: hea ar3> MN IRD ANF tag PF PRIANTS ACTH PMEPES HAIER WPA CO HCH NAIC Agog, Povsrks 19 IRL ATH Pb Ladod OI MAE PADS Ar TOEP TS eepoqn:: MLD APE AIR & EERO AI+MNe VT PRIRNTS tS APT eornyear NACA eri mee ANLAD rE Aram NeeFII-G NA davar OPED esa: § PAINE AoW FOG PF rivraec a ” PRIANTS AT oms—E? aNagy)- PLDs PLENMLO AHA NeLLAPCE PHC 14 ALON KN Langa: MU AIO MOA AT (8) oomrey NLALCT PHC AY FeLAPOCD dha ALY APE AG NPR cow2} NeL@ma ein DNTP Pboom PL MCIREY voeh PAIGE OTA AT AP MAE ohn WTOP PMIRNE AT 4s KRM DLP DIAM AIELT ALICE Pho QP Pons YON PecnA: ML ATS JON AIO ®) thovantro- Pon, Yan eee AIAN AF) POS PE OAT AK PrPns mgge DPA Ae ag. PoyPEy Oey: Y) AAT coe? WAC PAHS aw FMS 26 AIM FAAT 4) Of DIOS De Hmg~% war PHMEE AUTH ogg 133. Ba, 0596 21 An investor who has a grievance apainst the decision’ of the appropriate investment organ may, within 30 days from receipt of the decision, appeal to the Investment Board Or to the concemed regional organ, as may be appropriate. PART EIGHT INDUSTRIAL DEVELOPMENT ZONES it of I ‘elopment Zon 1/"In order for the industrial sector to have 2 leading role in the economy of the country the federal government shall establish industrial development zones in regions. 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 goverment and private sector. Administration of Industrial Development Zones \/ The organ responsible for administering and Supervising industrial development zones shall be determined by regulation to be issued by the Council of Ministers, ‘The organ to be designated by the Council of Ministers in accordance with sub-article (1) 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. Where the recommendation specified under sub article (2) of this Article is approved a Teaschold land within or adjacent to industrial development zones may be possessed by Negotiation or decision for the purpose of: uy 8) incorporating the land with existing industrial development zone; b) getting passage to enter in to industrial development zones; oroe WEN Keon act um ore BE eohher A) PPETC UAPTH! FOOTE AG Nh? rrar TAS NIALLIATO erOnr Os 9% Noo rmnAbAs AMA NECRC OZF NOAr ALT READE Bl MeBodte oN NPLLLD PRINTS ATT $MF PAA DE AL KOUATIC tap AeLLATCr Pn At 2H LARA W PRIA. ATH NSP FT nAeLAR ee AWECT —ANMLARNM — eoHrh.CHT! NASMETO AMAA?! NEMIPT OAT DAWU MAUDEF CONES D2APT hoon «TTF ATLINTar AR DIAM EE NERS LAPT AVECT LOUENSOS Tor THIPT NAPLES HETC ANDALITE LAP TE MLV APE NOLLTH Nracierh AALANEO- NLIFPT AG MLV HEA GaP Pe LIMP nerso7 —AhsAD AU ETOP TARE MULTE MHC Mr NOM LN Lanse: F/ Oy HRA ObeoAht A RIDIPF AT LPH ood ACID NO LF PLM AVY AEC NATANS AW eNGPF Af LU APES APH? nemneo7 = POM LE PERO LUG et hea nat AR AL £7929 F Bi. DANSE AT Dhow Me AMFEP” Ai hoe ALC STF AVA LVI ALC ARAERE Thee AT AFCA NY oan, ? COWLE PINGNTN LICATA: ROP Roe NUM AdANrot DSA FCT PAPERE AhoL AH NeLPMMa@ aware? cord MPLPRAT PRI OAT ADT fo PIE PATH Yt ond. FAO 147 RB ag Foden! Gaze No. 63 17% 2012 mn ‘c) maintaining natural resources, henitages and places required by law to be preserved. 13s. Regulations Related to Industrial Development Zones 1/ An organ to engage in the federal government development activities of -—_industrial development zone shall be established by regulation of the Council of Ministers. 2/. 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 then those under this Proclamation and the implementation of this Part of the Proclamation, shall be determined by the Council of Ministers regulation. 3/. Unless otherwise it is to be governed by this special Port and regulations based on the provisions of this special Part of this Proclamation, the provision of this Proclamation and regulations issued hereunder shall be applicable to. industirial development zones. PART NINE MISCELLANEOUS PROVISIONS (36. Loans and Utilization of Foreign Currency 1/. Am 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. 2/ For the purpose of his investment activities, any foreign investor shall be allowed to open and operate fgreign currency accounts in authorized local banks in accordance with directive of the National Bank of Ethiopia.Rar Mat Avow AP>OPA AOL PUTT FLO om" LATar> Po WIC HHATCHA ATC BAA: MY AFPR OA APR (f) come? fore FD PPP MAHA OATRR LOLS ANEALO HAMS NAAT NILCT Arony I or Pot I ND PILI Add Aan PHU APPR OD AIPR (8) AT &) LPT SEP roa gavAt AUPNLLO CEL Poe Tt LAF OF EEF CK ANAT AePOC A ALRLIMAT:: . AMF HTH NAMHMNCS dAdNIN, TAY TROP ANE Phiékd aTt nemNC PAMINoott 17067 ShoMsa:: AEALI PAaintoort TCEMS FMER ALLCT AAA TAF AK Pet ATE otHren LECAFA:: £90 POM amy P7ULLNTCT PHC Me LVI APE arineor PLENLAT LW YorM QPAA:: PEACG PLL PILE FO htt A PAM eOFt APE bec KERTORD (APRETIA) MY APE FAzAs: f/ PUT APE (1d. TOP a) ORF PAWEE APH MY APE bid PARE AL TAIT ALT OP: APR eLosnt an PU APE NARCA F9dr oun APE hom? +7 Rec ver sarca:: & AAD ANA oonher % 49 HE 9.9" IC PALRILCTN PRAPKS ARCA APhOEE | CTAAN TEMATE 38. 41. 1/ 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 (1) of this Article, shall be responsible for replacing, within a limited period, such expatriate personnel by Ethiopians by arranging the necessary training thereof. 3/ Notwithstanding the provisions of sub- article (1) 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. rve Other Laws and tion of | mes Any investor shall have the obligation to observe the laws of the country in carrying out his investment activities, In particular, he shall give due regard to environmental protection. to The Council of Ministers may issue regulations necessary for the implementation of this Proclamation. ible 1/ The Investment Proclamation No. 280/2002 (as amended) is hereby repealed. 2/ 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. Effective Date This Proclamation shall enter into force on the date of publication in the Federal Negarit Gazeta. Done at Addis Ababa, this 17° day of September, 2012. GIRMA WOLDEGIORGIS PRESIDENT OF THE FEDERAL DEMOCRATIC REPUBLIC OF ETHIOPIA