Nation Taking Measures to Correct Macro economic Imbalances Deputy PM DemekeThe Government of Ethiopia has been taking measures and critical adjustments on macro-economic imbalances in order to protect the country’s economy from crisis, Deputy Prime Minister Demeke Mekonen said.

Opening the Home Grown Economic Reform Forum today, the deputy premier said since last year the government has embarked on economic, social and political reforms at macro level.

Appreciating the double-digit economic growth in the country over the past 15 years, Demeke underlined that macro-economic imbalance which hindered the nation from generating sufficient finance has been witnessed.

Following this gap, Ethiopia has been undertaking diverse measures to correct the imbalance, he stated.  

Accordingly, the government has prepared a Home Grown Reform Document that would enable the country to uphold the previous achievements and solve the current challenges on economy, he indicated.

He called on all the stakeholders to contribute their share for reform activities that would make the economy sustainable and stable.

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Council of Ministers Approves Regulations on Licensing Mine ExplorersThe Council of Ministers has approved regulation on issuance of license for coal and chromite mining, and regulation that allows Maritime Affairs Authority to collect fees for services in order to minimize cost. 

According to the Office of the Prime Minister, the council also deliberated and referred the draft proclamation on combating human trafficking to the House of People’s Representatives.

In its 73rd regular session held today, the council approved the regulations to be effective immediately.

The draft proclamation on combating human trafficking was prepared by the Attorney General, according to ENA.

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Ethiopia Secures over 300 Million USD from Horticulture ProductsEthiopia has earned 318 million USD from the export of flowers and other horticulture products in the concluded fiscal year, which ended July 7, 2019.

Ethiopian Investment Commission (EIC) Public Relations Director, Mekonnen Hailu said that the east African nation generated $261 million USD form the export of flowers and the remaining $57 million USD was secured from vegetables, fruit and herbs export.

The export of Ethiopia’s horticulture products has been increasing steadily from time to time and especially the flower sector takes the lion’s share in generating huge amount of the foreign currency, he added.

Netherlands, Saudi Arabia, UK, USA, Japan, Norway, Germany, UAE, Belgium and Italy were the main export destinations of Ethiopian horticulture products.  

More than 100 companies have been engaged in cultivation of flowers, fruit and vegetables as well as herbs and supplying high quality products to the international market, according to the Public Relations director.

So far, the horticulture export industry has created job opportunities for over 100,000 citizens in different parts of the country, it was indicated.

See More at: https://africabusinessnetworking.com/ethiopia-secures-over-300-million-usd-from-horticulture-products/

 

UK Secretary of State for Intl Development Visits Eastern Industrial ParkUK Secretary of State for International Development, Alok Sharma, and Oromia Regional State Deputy Chief Administrator Shimelis Abdisa have visited the Eastern Industrial Park on the outskirts of Addis Ababa.

During the visit, Shimelis said efforts have been exerted to encourage more investment flow to the regional state.

He pointed out that incentives offered to businesspersons by the government have proved to attract foreign investors in various sectors.

According to the deputy chief administrator, efforts are underway to make the region hub of investment. Foreign investors would benefit if they invest in Ethiopia, Shimelis reiterated.

UK Secretary of State for International Development, Alok Sharma said “I have been really excited to see the work of my department here in the industrial parks in terms of female economic empowerment, which is ladies getting job and supporting themselves and their families.”   

Stating that this is his second visit to Africa, Sharma said, “I hope the message you are getting from this is Africa is important to UK; and Ethiopia is also a very much important country for us.”

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Nation Striving to Create Favorable Environment to Private Sector Create Jobs EIC CommissionerEthiopia has been exerting efforts to ease the bureaucratic bottlenecks that hamper the growth of the private sector that creates jobs.

Ethiopian Investment Commissioner, Abebe Abebayehu said many activities have been carried out to increase the engagement of the private sector and bring the economy together through creating forums which help to share best practices.

He added that the reform under way is aimed to create conducive business and investment environment for the private sector.

The commissioner emphasized on the need to create favorable and affordable surrounding for investment in order to encourage the youth to engage in their own enterprises.

The government is, therefore, working hard to create enabling surrounding for the private sector so that it could be competitive and more productive to create jobs and lower youth unemployment, Abebe elaborated.

He added that the old investment proclamation is being reviewed in order to remove constraints on foreign direct investment flow and the integration of local investors and foreign companies.

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