Investment Proclamation No. 1180/2020.

This Law is enacted to apply to all investments carried out in Ethiopia except investments in the prospecting, exploration and development of minerals and petroleum. It further establishes the Ethiopian Investment Commission and charges it to oversee the administration of all types of investments carried out in the country. The Commission is established as an autonomous government agency having its own legal personality and being accountable to the Prime Minister. The overarching investment objective guiding the enactment of the legislation is to improve the standard of living of the citizens by realizing a rapid, inclusive and sustainable economic and social development, other objectives include to exploit natural, cultural and other resources of the country and to encourage socially and environmentally responsible investments. The Law provides minimum capital requirements for different classes of prospective investors. The Law further requires for the obtaining of an investment permits and makes extensive provisions of this procedure, including the procedure for the renewal of the permit. The Law tasks investors with the duty to pay regard to social inclusion and environmental protection. This Law repeals the Ethiopian Investment Board and Ethiopian Investment Commission Establishment Council of Ministers Regulation No. 313/2014.