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.
Official visits by world leaders to Ethiopia is on the rise, according to the Spokesperson for the Ministry of Foreign Affairs (MoFA) Tewolde Mulugeta.
Tewolde mentioned visits by Presidents of U.S. and Turkey as well as Prime Ministers of Italy and China as proof of the increasing trend of world leaders coming to Ethiopia.
Briefing the media, the Spokesperson also referred to last week's official visit to Ethiopia by South Korean President Park Geun-hye which he said has created opportunity to strengthen trade, investment as well as people to people relations between Ethiopia and South Korea.
Park Geun-hye's visit to Ethiopia prompted the signing of 14 Memorandums of Understanding on information technology, transport, agriculture, and others.
According to the Spokesperson, besides its fast growing economy, Ethiopia has been playing a vital role in ensuring peace and security that led to its popularity at regional and international levels.
The country also boasts an ample investment opportunity which is attracting investors from around the world.
The latest visit by the UK Secretary of State for Foreign and Commonwealth Affairs, Philip Hammond was also included in the Spokesperson's briefing in which he said Hammond's visit paved way for increased cooperation in trade and investment between Ethiopia and UK.
The Republic of Belarus has expressed willingness to diversify and strengthen relations with Ethiopia, according to the country's ministry of trade.
The ministry announced plans to elevate the political and socio-economic relations with Ethiopia.
Putting plans into action, representatives from Minsk, the Capital of Belarus concluded an agreement with Ethiopia's town of Adama to set up linkages in the fields of industry and manufacturing.
Korchik Dmitry Alexandrovich, Deputy Minister of Industry of the Republic of Belarus on the occasion expressed his country's keen interest to bolster ties with Ethiopia in political and socio-economic fields.
The fields of interest for the country include mechanized agriculture, automotive and heavy construction machineries industries.
The deputy minister indicated that investors from Belarus prefer Ethiopia due to its natural landscape, reliable peace as well as its fast growing economy.
Belarus is interested in sharing its advances in technology, according to the official who indicated growing interest from his countrymen to set up heavy machinery and automotive assembling plants in Ethiopia.
Ethiopia's state minister of trade Dr. Alemu Sime for his part invited the team from Belarus to increase involvement in Ethiopia through exchange of technologies and technical support, among others.
Ethiopia's state minister presented government priority areas such as agriculture, textile, leather and leather products, metals and engineering as well as mining sectors.
Dr. Alemu also revealed huge investment potentials in road construction, mechanized farming and irrigation development.
Deputy President of the regional state of Oromia Eshetu Dese also said the state government is interested to work in partnership with Belarus in the fields of agriculture and manufacturing.
Eshetu assured the Belarusian team that the state and federal governments provide required support to facilitate investment in the country.
It was revealed that Belarus is currently investing in more than 120 countries worldwide.
Foreign Affairs Minister Tedros Adhanom has emphasized on the need to intensify efforts for a greater trade and investment relation with Italy.
Dr. Tedros's remark came on the margins of the 4th Italy-Africa Ministerial Meeting in Rome where he met with his Italian counterpart Paolo Gentolini.
According to the Ministry of Foreign Affairs of the Federal Democratic Republic of Ethiopia, the two officials exchanged views on bilateral and regional matters of mutual cooperation.
They underlined that the long standing bilateral relation between the two countries is showing marked growth.
Dr Tedros on the occasion noted that following the Milan Expo, the number of Italian investment flowing to Ethiopia is rising and underscored the need to further work together for an even greater trade and investment ties.
In relation to regional matters, the two sides discussed on the upcoming election of Somalia and on the South Sudan peace process.
Noting the positive progress made in Somalia and South Sudan, the two Ministers underlined the need to sustain support to ensure that the processes move forward.
Palolo Gentiloni for his part appreciated Dr Tedros's participation on the 4th Africa-Italy Ministerial Meeting.
The Italian minister agreed on working on trade and investment while noting Italy's commitment to continue its support through the Italian Cooperation and other multilateral forums.
He said the Africa-Italy Ministerial Meeting could be an important platform for Italy and Africa to partner in tackling common challenges as migration and other issues related to development.
Ethiopia has started to enjoy fruits of the May 28 Victory as its drive towards industrialization is taking shape, according to President Mulatu Teshome.
The industrial development initiative launched in the aftermath of the victory against dictatorship is showing progress.
The President made the statement at the opening of an exhibition at the Millennium Hall on the 23rd May 2016 depicting the progresses achieved following the victory.
Dr. Mulatu recalled Ethiopia’s situation back in the days which was overwhelmed with wars and conflicts which put the country at cross-roads.
He attributed the current unprecedented changes to the victory of May 28.
“May 28 opened the gate which enabled the country to turn its back on war and chaos, and embrace development and democratic system,” Dr. Mulatu said.
“We started to enjoy better achievements from the country’s drive towards industrialization.”
More than 147 public and private institutions are taking part in the fair which showcases local products, research findings, innovative works, among others.
The exhibition which will stay open until 26th May 2016 is expected to attract more than 100 thousand visitors.
Ambassadors accredited to Ethiopia have reiterated the need for African nations to follow Ethiopia's green development model.
Talking to ENA, Swedish and Norwegian Ambassadors commended green growth initiatives in Ethiopia.
The Ambassadors said Ethiopia’s Climate Resilient Green Economy (CRGE) is exemplary to other African countries.
“When it comes to the Ethiopian ambitions and the effect on Africa, I believe that Ethiopia could be seen as a role model for the rest of the continent,” remarked Swedish Ambassador to Ethiopia Jan Sadek.
Appreciating Ethiopia’s responsible action regarding climate change issues domestically and internationally, Ambassador Sadek said the country’s strategy makes it a champion among developing countries.
"Frankly speaking I am very impressed by the role that Ethiopia is playing in the area of CRGE. the country is taking a great responsibility both domestically and internationally in the discussion about climate."
Ambassador Sadek also mentioned Ethiopia’s support to the African Union in consolidating the African position on the issue of climate change.
“The Swedish government is very great supporter of the Ethiopian role, and now the government has decided about the new development strategy for Ethiopia which will double the volumes of our support to Ethiopia,” the Ambassador indicated.
Ethiopia’s clean energy strategy and its commitment to increase forest coverage contributes immensely in lowering carbon dioxide levels.
Norwegian Ambassador to Ethiopia, Andreas Gaarder on his part said: “Ethiopia’s example and role in building CRGE strategy is extremely important. It has continued to be sole for Africa and globally and we will be committed to cooperate with Ethiopia in these issues.”
The country’s effort to build CRGE at national scale is something quite remarkable, Ambassador Gaarder said.
“I think Ethiopians are able to, in a very positive way, to create an example for other African countries on how to combine a green development path with sustainable economic growth,” he stated.
"I believe what Ethiopia doing here now trying to build CRGE at the national scale is something quite remarkable and what is now happening is of course the major efforts by all government agencies and institutions to try to mainstream CRGE strategy into the economy through the GTP."
According to the Ambassador, climate engagement is the backbone of Norway’s engagement with Ethiopia since the Durban declaration of 2011.
Ethiopia has played a very important role in the Paris climate negotiations, according to Ambassador Gaarder, who said Ethiopia’s role is extremely important in global negotiations.
He said the common position taken by African countries in the Paris Agreement was more ambitious.
Africa’s aim was to limit greenhouse gas emission to 1.5 degree Celsius but the goal at international level is two degree Celsius.
Ethiopia has adapted Climate Resilient Green Economy (CRGE) strategy since September 2011 and Norway, UK, Sweden, France, Denmark, Germany and USA have been supporting the strategy.