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Eritrea Investment Center Takes Shape

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In a move to boost economic growth and development, the Eritrean government has established the Eritrea Investment Center (EIC), an autonomous entity with juridical personality.

Purpose of the EIC

According to Article 20 of the Proclamation, the EIC is responsible for:

  • Promoting investment in Eritrea
  • Providing information on investment opportunities
  • Monitoring and assessing the implementation of investment policies
  • Facilitating the process
  • Providing advisory and training services for local investors
  • Assisting foreign investors in acquiring necessary legality for their investments

Training and Capacity Building

The government has also emphasized the importance of training and capacity building for nationals working in the investment sector. Investors granted certification are required to comply with requests for inspection, monitoring, and reporting, as per Article 1 of the Proclamation.

Precautionary Measures for Accident Prevention

To ensure a safe working environment, the EIC has implemented available precautionary measures for the prevention of accidents, including:

  • Regular inspections
  • Monitoring of investment projects
  • Investors are required to comply with these measures to prevent any untoward incidents

Reporting Methods

The center uses various reporting methods to monitor the progress of investment projects, including:

  • Regular reports on financial statements
  • Performance reports
  • Proposals submitted to the Office of the President

Protection of Natural Resources

The government has also emphasized the importance of protecting natural resources and ecology. Investors are required to take necessary measures to prevent pollution and ensure sustainable use of natural resources.

Advisory Committee

An Advisory Committee has been established to assist the EIC in implementing its duties, consisting of representatives from:

  • Office of the President
  • Ministry of Finance and Development
  • Customs Authority
  • Income Tax Authority
  • Bank of Eritrea

Managing Director

The Managing Director of the EIC is appointed by the President of the State of Eritrea. The director is responsible for:

  • Organizing and managing the center
  • Representing it in accordance with the Proclamation
  • Negotiating and signing agreements
  • Submitting reports to the Office of the President

With these measures in place, the Eritrean government hopes to attract more investors and promote economic growth and development in the country.