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, 6 May 2014 (WIC) - During Chinese Premier Li Keqiang’s state visit to Ethiopia, a Memorandum of Understanding was signed between Ethiopian Airlines and ICBC Financial Leasing Co., Ltd. (hereinafter referred to as "ICBC Leasing").
According to the MOU, ICBC Leasing will provide Ethiopian Airlines financial support for its fleet expansion plan, including but not limited to B737 and B787 aircraft in the form of finance lease, sale and lease back, commercial loans or operating lease from ICBC Leasing’s Boeing order.
The MOU is one of the largest financial cooperation in the aviation industry between the two countries, which is an important step of China's financial industry to go international.
"We are delighted to work with Ethiopian Airlines-the top leading operator in the Africa, and to support its fleet expansion." said Chief Executive Officer of ICBC Leasing, Mr. Cong Lin, "The MOU marks a significant milestone between China’s Lessors and African airlines, which will promote deep financial cooperation between China and Africa."
"We are pleased to have ICBC Leasing, a leading global leasing company, as a strategic partner." said Chief Executive Officer of Ethiopian Airlines, Tewolde Gebremariam.
"The cooperation with ICBC Leasing and its parent company ICBC Bank, the largest commercial bank in the world, will support our Vision 2025 fast, profitable and sustainable growth strategy. We look forward to a long-term and mutually beneficial partnership with ICBC."
Ethiopian Airlines, the flag carrier of Ethiopia, was founded on 21 December 1945 and commenced operations on 8 April 1946. It is the most profitable and fastest growing global Pan-African carrier currently serving 80 international destinations across 5 continents with over 200 daily flights, and using the latest technology aircraft such as B777s and B787s.
ICBC Leasing, a wholly owned subsidiary of Industrial and Commercial Bank of China (ICBC), with a registered capital of 11 billion Yuan, was founded in November 2007. It is the largest and the most innovative Lessor in China.
With domestic and foreign assets of 200 billion Yuan as of the end of March 2014, it manages more than 380 aircraft, of which 168 aircraft were delivered to more than 50 domestic and foreign world-class airlines.
According to a press release issued by Ethiopia, ICBC Leasing is not only the top aviation leasing company in China, but also one of the leading Lessors in international aviation leasing market.
The World Bank had provided 7 billion birr (US$380 million) financial credit for Ethiopia to finance another round of urban development projects. The agreement was signed between Sofian Ahmed, Minister for Economy Finance and Development, and World Bank Country Director to Ethiopia, Guang Zi Chenm on Tuesday (May 6). Minister Sofian Ahmed said the finance will be mainly used for the construction of infrastructure in urban areas and improvement of public services.
The first phase of the urban development financial support was utilized by 19 cities including Addis Ababa, with around 2.6 million people benefitting. The fund was spent on construction of over 700 kilometers of cobblestone roads and purchase of firefighting equipment as well as provision of dry and waste collecting vehicles, the provision of improved water sources for 29,000 people and other improvements.
These projects also created 300,000 jobs. Mr. Guang Ze Chen underlined the importance of urban infrastructure and job creation to cope up with increasing migration to cities in Ethiopia. He said in 2000 11% of the poor lived in cities; this had risen to 14% in 2010/11. This second round of urban development finance will consolidate and expand the achievements of the first phase with funds disbursed on the basis of performance by participating local government. It will benefit 26 new ULGs and provide for support to a total of 44 cities in capacity building, infrastructure development and improvement of service delivery.
The day marked Emperor Haileselassie of Ethiopia’s grand entranceinto, Addis Ababa, on May 5, 1941 ending the five years Italian occupation.
As the day was celebrated at the Arat kilo’s Victory square, Ethiopian President Dr. Mulatu Teshome said the current generation should replicate the courageous deeds of ancient Ethiopian patriots in the development realms too.
Ancient Ethiopian Patriots Association President Lij Daniel Jote on his part said that while celebrating this victory day Ethiopians should collaborate for the realization of the Grand Ethiopian Renaissance Dam (GERD).
United Nations Secretary-General Ban Ki-moon has announced the appointment of Hiroute Guebre Sellassie of Ethiopia as the new Special Envoy for the Sahel and Head Office to succeed Romano Prodi of Italy.
Ms. Guebre Sellassie has been serving as the Director of the Political Affairs Division and Head of the Goma Regional Office in the United Nations Organization Stabilization Mission in the Democratic Republic of the Congo (MONUSCO). Before joining the United Nations, Ms. Guebre Sellassie who has extensive experience combining strategic and managerial leadership, operational planning and policy formulation in the area of peace and security in Africa, was Oxfam Regional Peace Building and Conflict Management Advisor for Horn, East and Central Africa.
From 1998 to 2004, she was the CEO of the African Women Committee on Peace and Development, established by the Economic Commission for Africa and the African Union as an advisory organ on women’s involvement in peace and security issues.
Addis Ababa, 3 May 2014 (WIC) -The Addis Ababa-Adama expressway built with over 10.3 billion birr would be inaugurated on Monday.
The Ethiopian Roads Authority told ENA that this first highway of its kind in the country has six lanes and is 84.6 kilometers long and 31 meters wide.
The expressway would cut the travel time from the capital city to Adama from three hours to 45 minutes, the authority said.
The highway has immense use as it connects the capital with the port of Djibouti and also with the eastern and southern parts of the country.
Besides, it would ease traffic, cut transportation cost and time as well as pollution.
The expressway would be inaugurated in the presence of China’s Prime Minister and high Ethiopian government officials, it was learned.