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.
The Fifth Ethio-Yemen Joint Ministerial Commission Meeting concluded on Thursday (May 15) with the signing of several new
agreements following a review of previous agreements, executive programs and
the Agreed Minutes. These covered various areas including services, trade,
investment, agriculture, culture, tourism, and urban development. The
agreements focused on building the historic relationship of the two countries
into a more enduring and comprehensive relationship and exploring new methods
to expand bilateral trade and investment and deepen economic cooperation.
During the signing ceremony, Foreign Minister Dr. Tedros welcomed the
transformation of the traditional partnership into a strategic, long-term and
sustainable partnership in the areas of trade and investment. He reaffirmed
Ethiopia’s commitment to the rejuvenation of the Sana’a Forum to address
regional insecurity and underdevelopment. He also recognized the important role
for forums for the business communities of the two nations and underlined the
pivotal contribution to be made by the respective Chambers of Commerce to
fast-track economic partnership and create conditions for close cooperation and
participation. Yemen’s Foreign Minister, Dr. Abubakir Abdellah al Qurbi, noted
with satisfaction that Ethiopia and Yemen had common positions in regional,
sub-regional and global affairs, and urged both countries to work together for
the resumption of their historic ties with a renewed partnership in areas that
would provide mutual benefit and a win- win approach. He said the Sana’a Forum could revitalize and
renew both bilateral and regional ties.
Dr. Tedros extended an invitation to Foreign Affairs Minister, Dr.Abubakir Abdellah al Qurbi , to visit Ethiopia in order to fast-track
implementation of the signed agreements.
A total of seven Memoranda of Understanding were on Agriculture, Social
Insurance, Manpower Exchange, Youth, Women, and Education. Three Executive
Programs were also signed on Housing, Urban and Municipal Development, and
Culture and Tourism.
Dr. Tedros Adhanom met on Thursday (May 15) with President Abdu Rebu Mansour Hadi in Sana’a following the conclusion of the Fifth Joint Ministerial Commission Meeting. Discussions centered on matters related to bilateral and regional affairs of common concern and interest. President Mansour Hadi welcomed Dr. Tedros and characterized Ethio-Yemen relations as historic and deep-rooted. Dr. Tedros briefed President Hadi on Ethiopia’s efforts to resolve the Ethio-Eritrea border dispute, pointing out that Ethiopia consistently stressed the importance of negotiation and dialogue to resolve the issue. However, he said, the Government of Eritrea persistently disregarded the logic of reason, dialogue and negotiation and attached greater significance to the logic of might and conflict. He affirmed that Ethiopia was always open and willing to participate in sustained dialogue and constructive discussion. Dr. Tedros also explained that the Grand Ethiopian Renaissance Dam was a landmark in Ethiopia’s march towards prosperity and sustainable development, adding that the GERD would contribute greatly to the transformation of the economies and societies of all Nile Basin countries including Egypt. He underlined that Ethiopia was committed to genuine negotiations with Egypt in order to address the concerns of Egypt, and underlined that Ethiopia was always prepared to follow the path of equitable and reasonable utilization of the water resources of the Nile for the realization of shared benefits and a win-win approach.
Addis Ababa, 14 May 2014 (WIC) The Ministry of Finance and Economic Development (MoFED) expressed its pleasure with first sovereign credit rating by three leading global rating agencies.
Last week, Fitch and Standard & Poor’s (S&P) assigned Ethiopia a long-term foreign and local currency Issuer Default Debt Rating (IDR) of ‘B’ with an outlook of stable. On Monday, Moody’s followed up giving the country a higher rating of a “B1” (B+).
The ratings will open the door for the Ethiopian government to diversify its sources of finance and highlights the country’s overall transformation aided by a double-digit economic growth over the past decade.
“We are proud and very pleased with the first ratings and it testifies to the tangible transformation of the country,” Sofian Ahmed, Minister of MoFED, said today at a press conference.
“This shows that our economic model is bearing results and we are on the right track of growth and renaissance of the country,” Sofian added.
The rating paves the way for the government to issue international bonds and also attract more flow of foreign direct investment into Ethiopia.
The rating agencies evaluated various aspects of the country’s economy for the past six months and their ratings will be reviewed annually. The rating agencies highlighted a record of strong economic growth and reduction of poverty with bright prospect.
The agencies hailed the country in reducing poverty, expansion of infrastructure, internal stability coupled with a role in bringing about regional peace as well as a healthy external debt, the minister said.
Sofian said the rating paints a positive outlook of the economy of Ethiopia, a country associated with poverty and hunger for long, for potential investors.
“We believe the report provides investors who wish to invest in Ethiopia with factual and accurate information about the country,” Sofian said.
Sofian highlighted the importance of continued public investment on infrastructure development such as roads, railways and hydro-power projects which is driving the economy as well as contributing for the growth of the private sector.
However, the minister said more needs to be done to improve the efficiency of government agencies, build institutional capacities and improve quality of infrastructures.
The government expects the economy to continue to grow fast and one of the rating agencies - Fitch has predicted growth of around nine percent this year, lower than the government’s target.
Following its ratings, Fitch has published a full rating report and a special report entitled 'Ethiopia: Rapid Progress, Strong Potential' analyzing the country's strengths and weakness compared with its rating category, based on the analysis of the four key elements in Fitch's sovereign rating criteria: structural features, macroeconomic performance, public finances and external finances.
Turkey's Anadolu Agency (AA) officially inaugurated its new regional bureau in Addis Ababa on Monday (May 12) as part of the agency's plans to bolster its Africa coverage. Formally launching the bureau along with Ethiopian State Minister in Charge of the Government Communication Affairs Office, Mr. Ewnetu Bilata, the Anadolu Agency Director-General and Board Chairman, Mr. Kemal Ozturk, said the new Addis Ababa office would produce Africa news in English, Arabic, Turkish and French languages. He pointed out that the new Ethiopian bureau would be the agency's biggest in Africa after Cairo and Tunis, and noted that AA had some 1500 subscribers around the world. He indicated that the agency would also soon open offices in both Senegal and South Africa. The Turkish Ambassador to Ethiopia, Mr. Osman Riza Yavuzalp, said that the opening of the office would help to further bolster the existing excellent relations between Ethiopia and Turkey. He said the the new Addis Ababa bureau would cover not only Ethiopia and the African Union, but also other African countries. He underlined that the Anadolu Agency was “one of the most respected news agencies in the world”, adding “I only have one wish: that this office will produce good news for people to see the beauty and stability of Africa." State Minister Ewnetu said he hoped the new bureau and Ethiopia's official news agency would work together as "real partners," suggesting that they could share experience, technology and expertise. He said the government would provide the necessary support to make agency’s work successful.
Addis Ababa May 14/2014 The International Civil Aviation Organization has chosen Ethiopia to lead the African Aviation Academy, which will be established in the future.
After visiting the Ethiopian Airlines and Civil Aviation Authority yesterday, Secretary General of the Organization, Raymond Benjamin said the organization made
the decision considering the strong aviation industry and the country's leading role in the continent in this regard.
He requested for Ethiopia's assistance in supporting countries in the region in ensuring flight safety using its advanced technologies and strong capacity.
The development of the aviation industry of the country can be exemplary to other countries in the continent and displayed the commitment of the government, he said.
Ethiopian Transport State Minister Getachew Mengiste on his part thanked the Organization for recognizing the aviation industry growth in the country.
Ethiopia will work in close collaboration with the International Civil Aviation Organization to further boost the industry, he added.