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Eritrea Establishes Investment Center to Boost Foreign Direct Investment

August 24, 1994 - Asmara, Eritrea

The Government of Eritrea has established the Eritrea Investment Center (EIC) to promote foreign direct investment in the country. The center will be responsible for facilitating investment opportunities, providing advisory and training services, and monitoring the implementation of investment policies.

Key Provisions of the Investment Center

  • The EIC will have a Managing Director and necessary staff, reporting directly to the Office of the President.
  • The Center’s functions include:
    • Promoting investment
    • Providing information on investment opportunities
    • Facilitating the implementation of investment projects
  • The center will also keep registers of certification and technology transfer agreements, advise the Government on investment policy matters, and perform other activities incidental to its purposes.

Advisory Committee

  • An advisory committee consisting of government officials, investors, and experts will be established to provide guidance to the EIC.
  • The committee’s duties include:
    • Reviewing investment applications
    • Providing recommendations to the EIC
    • Resolving disputes related to investments

Fiscal Provisions

  • The EIC will have several sources of revenue, including:
    • Fees and charges
    • Proceeds from the sale of publications
    • Government subsidies
    • Grants
    • Other forms of assistance
  • The Center’s fiscal year will coincide with that of the Government.

Punitive Provisions

  • Any person who intentionally gives false or misleading information or evidence, refuses to provide information or documents when requested by the EIC, fails to implement decisions rendered by the Center, or causes the non-implementation of the Proclamation shall be punished according to the Transitional Penal Code of Eritrea.

Transitional Provisions

  • Investments and/or expansions made under the previous Investment Proclamation No.18/1991 will continue in force in accordance with that Proclamation.
  • Investment applications submitted to but approved by the EIC before the effective date of this Proclamation shall be governed by the provisions of this Proclamation.

Effective Date

  • This Proclamation shall enter into force on the date of its publication in the Gazette of Eritrean Laws.