South African companies keen to invest in Ethiopia

South African investors and representatives of companies have expressed their readiness to invest in Ethiopia and do business with.

A South African business delegation comprising 22 investors and representatives of companies are currently in Ethiopia to explore investment potentials and opportunities in the country, particularly in manufacturing, agro-processing, energy and construction sectors.

State Minister for Foreign Affairs, Dr. Aklilu Hailemichael met with the South African Business Delegation on Monday (March 6, 2017) and briefed them on investment prospects in Ethiopia. 

Dr. Aklilu  underscored that the delegation's current move will promote Ethiopia's aspiration to boost the intra Africa trade and enhance south-south cooperation.

He said, "Ethiopia attracts investors from China and Turkey as well as the US and Europe; nevertheless we would like to also promote south-south economic cooperation between African countries."

Touching upon the huge investment potentials in Ethiopia, the State Minister said, "Ethiopia's geographic location, its active membership in regional and bilateral trade agreements, including various other platforms with the U.S, EU and COMESA region, and the favorable investment policies make it an attractive investment destination."

Ethiopia's young and productive work force which accounts for 60 percent of the population also offers significant comparative advantages to investors, he added.

Ethiopia, China Should Play Exemplary Role in Africa: China’s State Councilor

The cooperation between China and Ethiopia should play even more exemplary role to African countries by pushing forward the relationship and friendship between the two countries, China’s State Councilor Yang Jiechi said.

After conferring with the Prime Minister Hailemariam Dessalegn, State Councilor Jiechi said he had extensive discussion with the premier to further enhance the strategic partnership between Ethiopia and China.

According to him, the officials discussed various possibilities for cooperation in different areas. “A lot has already been achieved in social and economic areas,” he added.

Mentioning China’s support to Ethiopia in building railway and industrial parks development, Jiechi pointed out that China “will continue to assist in whatever way it can the infrastructural development of the country.”

The state councilor noted that Ethiopia is a very important country in Africa and a strategic partner of China.

“I think Ethiopia’s economy is going from strength to strength and this country actually leads Africa in terms of the speed of economic and social development,” State Councilor Jiechi said.

China and Africa can cooperate in wider areas to promote economic integration, he further pointed out.

Prime Minister Hailemariam said on his part China is a key partner for Ethiopia’s economic growth endeavors.

Ethiopia needs more Chinese support in infrastructural and industrial parks development, he indicated.

The Board of Governors of the Asian Infrastructure Investment Bank (AIIB) has adopted resolutions that approve the membership of Ethiopia and other 12 applicants to join the Bank.

The announcement would bring the total membership of the bank to 70, the website of AIIB indicated.

“The interest in joining AIIB from around the world affirms the rapid progress we have made to establish the bank as an international institution," the website quoted  Jin Liqun, President of AIIB as saying.

“I am very proud that AIIB now has members from almost every continent and we anticipate further applications being considered by our Board of Governors later this year,” he added.

The 13 prospective members will officially join AIIB once they complete the required domestic processes and deposit the first installment of capital with the bank, it was learned.

The shares allocated to the new prospective members come from the bank’s existing pool of unallocated shares.

At its launch in January 2015, the Asian Infrastructure Investment Bank had 57 signatories to AIIB’s Articles of Agreement.

The Bank’s total approved membership has now reached 70.

AIIB is a multilateral financial institution founded to bring countries together to address the daunting infrastructure needs.

Turkey is willing to further strengthen its commercial relation with Ethiopia, considering the huge potential the country has, head of Turkish business delegation, which is in Ethiopia to assess potentials said.

During a business to business meeting held in Addis, head of the delegation Ali OZiNoNoU said that Turkey needs to further strengthen its commercial relation with Ethiopia.

The 40 member delegation led by Board member of Turkish Exporters Assembly discussed with local investors.

The business delegations drawn from pharmaceutical companies expressed their interest to engage in Ethiopia in manufacturing of pharmaceutical products and energy development, according to him.

“We have total investment of 2.3 billion USD in Ethiopia as Turkish investment, yet we do not think this is sufficient. We are aware of Ethiopia’s potential” he said.

“We believe that we will increase this investment of 2.3 billion USD to 10 billion USD with the upcoming period,” OZiNoNoU said.

“Our foreign trade with Ethiopia has increased by five percent in 2016 up to 440 million USD. Still this number does not reflect our exact potential” he noted.

“Our target in foreign trade is one billion USD with the coming five years,” he pointed out.

Ethiopia comes second in Turkish contract businesses in Africa and the first in contract amount, indicating the growing interest by Turkish companies, OZiNoNoU said.

“We are not here only to increase our own exports; we would like Ethiopia’s export to Turkey increase as well. We would like to establish strong economic bound between the two countries,” he said.

Solomon Afework, President of the Ethiopian Chamber of Commerce and Sectoral Association (ECCSA), organizer of the event, said Turkish trade and investment is growing rapidly in Ethiopia due to Ethiopia`s fast economic growth.

Significant progress was registered during the past years in trade and investment.

He mentioned the growth of Ethiopia’s export to Turkey to 70million US dollar in 2015 from around 17 million USD in 2004, increasing by about 200%.

“We can see that the import –export capacity of Ethiopia and Turkey is growing with Ethiopia exporting sesame seeds, dried kidney beans, including white pea beans, shelled, pickled skins of sheep or lamp and importing iron/ steel bars and rods, hot rolled transformer, textile spinning machines from turkey.”

He also said, “Turkey-Ethiopian Business to business meeting and the side line events can best be taken as good opportunity to further reinforcing the trade and investment.”

 

United Nations Secretary-General Antonio Guterres met Somalia's President Mohamed Abdullahi Mohamed in Mogadishu on Tuesday (March 7) at the start of what Mr. Guterres called an emergency visit to Somalia to highlight the country's famine crisis. He said: "People are dying. The world must act now to stop this." He added: "We need to make as much noise as possible, conflict, drought, climate change, disease, cholera. The combination is a nightmare." The UN Secretary-General urged international support to provide food and humanitarian aid to Somalia. "This hunger requires a massive response," he said. Welcoming Mr. Guterres, the U.N. chief, Mohamed said: "My first priority is to address this drought crisis and my main priority is to make an appeal to the international community to help us." The UN Secretary-General said he was bringing a message of solidarity to the president, a message of support. They discussed the perilous humanitarian situation in Somalia as well as pressing security issues that would affect the coordination efforts. At a joint press conference, the Secretary-General said: "People are dying, the world must act now to stop this. With the support of the international community, it is possible to avert the famine and save millions of lives. Somalia needs more international aid." The Secretary-General flew to Baidoa for a visit and is expected to visit hospitals and internally displaced people camps on the frontline of the famine. Meanwhile, the head of UN OCH, Stephen O'Brien also arrived in Somalia on Monday (March 6), following visits to Yemen, South Sudan and Kenya to see the drought situation at first hand. 

 

South African investors and representatives of companies have expressed their readiness to invest in Ethiopia and do business with.

A South African business delegation comprising 22 investors and representatives of companies are currently in Ethiopia to explore investment potentials and opportunities in the country, particularly in manufacturing, agro-processing, energy and construction sectors.

State Minister for Foreign Affairs, Dr. Aklilu Hailemichael met with the South African Business Delegation on Monday (March 6, 2017) and briefed them on investment prospects in Ethiopia. 

Dr. Aklilu  underscored that the delegation's current move will promote Ethiopia's aspiration to boost the intra Africa trade and enhance south-south cooperation.

He said, "Ethiopia attracts investors from China and Turkey as well as the US and Europe; nevertheless we would like to also promote south-south economic cooperation between African countries."

Touching upon the huge investment potentials in Ethiopia, the State Minister said, "Ethiopia's geographic location, its active membership in regional and bilateral trade agreements, including various other platforms with the U.S, EU and COMESA region, and the favorable investment policies make it an attractive investment destination."

Ethiopia's young and productive work force which accounts for 60 percent of the population also offers significant comparative advantages to investors, he added.

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