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.

Addis Ababa Chamber of Commerce and Sectoral Associations (AACCSA) and the Tunisian Chamber of Commerce and Industry held business-to-business meeting in Addis Ababa.

The Tunisian delegation comprised of high officials and representatives of 40 companies engaged in agro-processing and industry.

Tunisian Chamber President, Nejib Mell said the delegation came to explore the scope of partnership in trade and investment.

The companies are interested in finding partners which would intensify the economic cooperation between the two countries, he added.

AACCSA Deputy Secretary General, Shibeshi Bettemariam said on his part Ethiopia has a great place for prospective business partners and investors.

He called into attention the booming construction, infrastructure, agro-processing and manufacturing sectors as well as the lucrative incentives such as 5 year tax holiday, cheap electricity and labor as attractive opportunities.

Representative of the Tunisian Andalusian White Cement Company, Ahmed Ben Abdullah said the construction boom in Ethiopia has attracted his company to visit the country.

He added that there is no company which produces white cement in Ethiopia.

Representatives of the two chambers have finally signed Memorandum of Understanding that improves business cooperation between the two countries.

Meanwhile, Tunisian Secretary of State for Foreign Trade Hichem Ben Ahmed had earlier hold discussion with Foreign Affairs State Minister Aklilu Hailemichael.

They discussed about the issue of strengthening bilateral relation between the two countries.

Secretary of State Hichem Ben Ahmed said Tunisia wants to strengthen business-to-business relation with Ethiopia.

He added that relation between Ethiopia and Tunisia is historical but their trade exchange is low.

Tunisian businesspersons are interested in investing in edible oil products in Ethiopia and strengthen trade relation, according to Hichem Ben Ahmed.

State Minister Aklilu Hailemichael said on his part that as Ethiopia imports huge amount of edible oil Tunisian investment in edible oil products will help the country to save hard currency.

The country can also benchmark Tunisia’s experiences in education, tourism and industry, he noted.

Ethiopia and Tunisia established diplomatic relations in 1968.

President Mulatu Teshome left for a two-day official visit to Turkey.

The president was invited by Turkish President Recep Tayyip Erdogan and is expected to attend the Africa-Turkey Second Economic and Business Forum that will take place in Istanbul, according to Ministry of Foreign Affairs.

During his stay, the president is also expected to discuss trade, investment and other bilateral issues with senior Turkish officials and managers of big companies.

The forum will create opportunity for Turkish investors to expand and consolidate their investment in Africa, it was indicated.

African Union Chairperson President Paul Kagame and AU Commission Chairperson Moussa Faki Mahamat are also expected to attend the forum.

Turkey is among the leading countries in the number of investments in Ethiopia.

The motto of the forum jointly organized by the African Union Commission and Turkish Ministry of Commerce and DEiK is “Building a sustainable future together through investments and joint ventures.”

The Forum will be addressing the following four sub-themes: Infrastructure, Construction, Manufacturing, Tourism and Fashion.

The Africa-Turkey Second Economic and Business Forum is expected to attract over 3000.

Ethiopia Airlines has won the Aviation 100 “Africa Lease Deal of the Year 2018” award of Airline Economics Magazine, Ethiopian Airlines Group reported.

The Airlines received the award during the Airline Economic Growth Frontiers Dubai 2018 conference gala dinner, it was indicated.

The Aviation 100 awards recognize the aviation’s most outstanding performance, innovative and successful finance and leasing deals closed in the last 12 months.

The winners of the award are decided by an Industry-wide survey, rigorous voting process and editorial consideration.

“We are happy to receive this award from Airline Economics. It’s for the first time that the Japanese financing system, JOLCO, financed an aircraft deal with an African airline. JOLCO availed financing for our A350 aircraft,” EAL Group CEO Tewolde Gebremariam commented on the award.

He added that “the deal shows the strong confidence of reputed global financiers in Ethiopian balance sheet and business plan.”

EAL has also received Middle East and Africa Airline of the Year award in 2017 by Airline Economics, it was learned.

Ethiopian is a multi-award winning carrier crowned with Four Star certification by SKYTRAX last year, Airline of the Year awards by AFRAA as well as multiple accolades for its outstanding passenger and cargo transport services.

President Mulatu Teshome has today received four letters of credentials of newly appointed ambassadors to Ethiopia.

The ambassadors, who presented letters of credentials, represent Denmark, Vietnam, Qatar and Belgium.

The President and ambassadors deliberated on the ways to scale up the bilateral relations of the respective countries on trade and investment.

Vietnam is one of Asian countries in conducting successful agricultural transformation and attracting foreign direct investment which rapidly accelerates the industrialization process, Protocol and Communication Director at President Office, Ashebir Getnet said.

In this regard, the president told to Vietnamese ambassador that Ethiopia would get enormous experience from Vietnam especially on technical and capacity building, he added.

It is to be recalled that Belgium offered 39 million Euros for strengthening the cooperation between Ethiopian and Belgium universities, Ashebir said and adding that the president and ambassador discussed to further heighten the two countries relations.

President Mulatu called upon the ambassadors, to exert a successful effort in heightening trade and investment cooperation between the countries.

The ambassadors on their part promised to work hard to boost up the relations between Ethiopia and their respective countries.

 

Italian Prime Minister Giuseppe Conte will pay official visit to Ethiopia next Thursday, according to Ministry of Foreign Affairs.

The Prime Minister is also scheduled to visit Eritrea after holding discussion with Prime Minister Abiy Ahmed and other high level government officials.

In his second leg to Eritrea, the Prime Minister will confer with President Isaias Afewerki.

Conte’s mission is part of a concerted support for the peace deal signed between Ethiopia and Eritrea last July after nearly 20 years of stalemate.

During his visit Premier Conte expected to confer on the issue of migration apart from development cooperation with leaders of Ethiopia and Eritrea, reports indicated.

It is to be recalled that former Italy President Sergio Mattarella visited Addis Ababa in 2016.

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