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.
South Korea has reportedly announced that it would send a team that is to come up with a business model before setting up a local town that is self-sufficient in terms of energy.
According toBusiness Korea, Ministry of Trade, Industry and Energy of South Korea has said an on-site inspection team to Ethiopia was scheduled to be sent to Ethiopia to come up with a business model before setting up a local town that is self-sufficient in terms of energy.
The team which includes personnel from the ministry, the Korea Electric Power Corporation, the Korea Electric Power Research Institute, the Korea Energy Management Corporation and the Korea New and Renewable Energy Center will stay in Ethiopia from June 19 to 25/2016, it was indicated.
Specifically, power is to be produced in an environmentally friendly way by means of solar power, wind power and the like and then be stored and distributed by the use of energy storage systems and micro grids.
Although Ethiopia has registered high annual economic growth rate, its power and water shortage is still chronic,Business Korea added.
“Once the project is completed, it becomes possible for Ethiopia to do farming in a stable way by developing agricultural water with electricity,” the ministry explained, adding that “then, the living standards of the people will be improved along with their income.”
The African Union (AU) has praised Ethiopia's sound handling of refugees despite the critical challenges it faced due to the El-Nino impact.
The various humanitarian supports Ethiopia is availing to the refugees from different African countries is commendable, according to the AU.
The acclaim came during the commemoration of this year's World Refugee Day in Tsore Refugee Camp in the regional state of Benishangul -Gumuz on Monday 20 June, 2016.
Dr. Aisha Abdullahi, Commissioner for Political Affairs of the African Union Commission delivered speech at the event representing the AUC Chairperson.
The AUC representative mentioned the current grave humanitarian situation in the world including the continued loss of lives in the Mediterranean.
She also disclosed a 20 thousand dollars support to the refugee camp whose refugee population is composed of over 80 per cent women and children.
UNHCR Representative in Ethiopia Clementine Nkweta Salami on the occasion also commended Ethiopia's open door policy for refugees.
According to Zeinu Jemal, Deputy Director for the Administration for Refugee and Returnee Affairs (ARRA) of the National Intelligence and Security Service, the country is working to improve the livelihoods of refugees sheltered in Ethiopia.
Speaker of the Benishangul-Gumuz State Council Fekadu Tadesse for his part assured those attending the event that the refugees sheltered in the camp will enjoy a close follow up and continued government support.
Despite mentioning shortage of water at the camp, some refugees also expressed gratitude for the support they are entitled to in Ethiopia.
Many participants including Ambassadors of different countries attended this year's World Refugee Day in the state which featured planting of tree seedlings.
The trade and investment exchange between Ethiopia and Egypt is showing progress, claimed the Ministry of Foreign Affairs (MoFA).
The ministry said the two nations have agreed to further strengthen the exchanges in the two sectors.
"Trade and investment volume of the two countries has reached to 137 million USD during 2013," according to MoFA Spokesperson Tewolde Mulugeta.
Talking exclusively to ENA, the Spokesperson said pharmaceuticals, manufacturing and health, are among the key areas Egyptian investors are engaging in.
The two countries have signed investment promotion, avoidance of double taxation and Memorandum of Understanding (MoU) in agriculture to enhance trade and investment ties.
This fiscal year alone, some 13 business persons from Egypt carried out investment feasibility studies in Ethiopia, Tewolde added.
Commercial Office Counselor of the Embassy of the Arab Republic of Egypt in Addis Ababa, Waleed El Zomor on his part said the trade and investment relation between the two countries is in a good condition.
"There is good commitment in Egyptian businessmen to come and explore investment in Ethiopia," the Egyptian embassy official remarked.
El Zomor also mentioned Egypt's increased commitment to further enhance the import and export volume between the two nations to over 200 million USD.
Egypt increased its export volume into Ethiopia by 27 percent between 2012 and 2014, he said, adding in 2014, Ethiopia secured over 33 million USD from export products into Egypt.
El Zomor applauded Ethiopia's emerging economy as an important element in attracting Chinese, Turkish, Indian and other international companies.
Agro processing, pharmaceuticals and chemicals industries are among the priority areas for Egyptian companies to bolster trade and investment ties, he said.
Tourism, peace and security are mentioned by El Zomor as potential future areas of partnership between the two nations.
He cited visits by leaders of the two countries that aimed at strengthening bilateral exchanges and partnerships.
Ethiopia exports among others, cereals, live animals and coffee to Egypt while it imports chemicals and medicines from the country.
Ethiopia and Jamaica are set to foster their historic ties, according to the Ministry of Foreign Affairs (MoFA).
The two countries have agreed to work together on enhancing people to people relations as well as strengthening cooperation in the areas of tourism, investment, trade and sport.
The announcement for improved relation came as Ethiopia's Minister of Foreign Affairs Dr. Tedros Adhanom paid an official visit to Jamaica on 13th June 2016.
The Minister's visit was said the first ever by an Ethiopian official in about 50 years after the historic visit of Emperor Haile Selassie to Jamaica.
Dr. Tedros met and discussed with the Prime Minister of Jamaica, H.E. Andrew Holiness on ways of fostering the historic relations between Ethiopia and Jamaica.
During his stay, Dr Tedros Adhanom also met and exchanged views with various high-level officials of the Jamaican Government.
The 250 member committee for the return of the Axum Obelisk has received nationwide recognition at an event organized at the National Palace.
The national committee is credited for reinstating the obelisk which was looted by the fascist Italian dictator Benito Mussolini.
The recognition will encourage the new generation to follow suit in bringing back other valued Ethiopian heritages to their homeland, remarked President Dr. Mulatu Teshome while delivering speech at the event.
The late Prime Minister Meles Zenawi, Dr. Richard Pankhurst, Sheik Mohammed Al Amoudi, Engineer Tadele Bitul, Liketiguhan Astatkie Abate and Fitawurari Amede Lema were among the recognized personalities.
The late Meles Zenawi was awarded a special honorary prize for his initiation and intelligent negotiation with the government of Italy, it was indicated.
Minister of Culture and Tourism Engineer Aisha Mohammed on her part said encouraged by the successful efforts made to return the Axum Obelisk, the government in collaboration with the new generation is keen to return other Ethiopian heritages.
Awards of recognition considered contributions each of the members of the committee made for the return of the obelisk.
The 24-metre high obelisk was taken in 1937 on the orders of Mussolini and returned 68 years after it was looted.
The Axum obelisk is regarded as an outstanding example of architecture from Ethiopia's ancient city of Axum.