EU Ethiopia Business Forum to Lure European InvestorsThe Ethiopian government has revealed that the European Union (EU) -Ethiopia Business Forum, which kicked off Tuesday in Brussels, envisaged to lure more European investors to Ethiopia.

The Ethiopian Investment Commissioner Abebe Abebayehu, disclosed that the EU-Ethiopia Business Forum, being held from May 14 to 15 in Brussels, capital of Belgium where the EU headquarters are located, would enhance European investments to the East African country.

"The Forum brings together European investors that have shown interest in investing in Ethiopia," said Commissioner Abebe, describing the huge potential of the Forum in attracting European investors to Ethiopia.

The Commissioner also stressed that Ethiopia's "big market, abundant and competitive labor, huge potential for local sourcing of raw materials" are pull factors for the FDI inflow to the country.

The East African country mainly envisaged to promote and attract European investors in various light-industry, textile, apparel and leather, among others.

There are currently over 300 European companies that are active in Ethiopia, making Europe the second-largest investor in Ethiopia, next to investments from China, it was learned.

The Ethiopian business promotion team is mainly expected to "share first-hand information about Ease of Doing Business and Investing in Ethiopia with some 100 attending European companies and trade-enabling organizations."

Ethio EU Business Forum opens in BrusselsHosted by the European Commission, the Ethiopia-European Union (Ethio-EU) business forum opened in Brussels, Belgium on May 14, 2019.

The two-day event brought together European investors that have shown interest to investing in Ethiopia, said Abebe Abebayehu, Commissioner of Ethiopian Investment Commission (EIC).

Executives from Volkswagen and Unilever discussed the vast opportunities Ethiopia avails as an investment destination, it was noted.

Big market, abundant and competitive labour, huge potential for local sourcing of raw materials highlighted as pull factors for investing in Ethiopia.

Agro-processing, textile, apparel and leather as well as pharmaceutical, medical and ICT are focus areas of the forum.

 

 

 

 

French Hospitality Company Plans to Open in EthiopiaAccor SA, a French multinational hospitality company, plans to open seven hotels in Ethiopia by 2020.

Mark Willis, CEO for Middle East and Africa of the European hotel operator, said Accor will open a total of 60 new hotels in 14 countries in Africa in the next four years.

Key markets in Accor’s growth plan include Nigeria, Ethiopia and South Africa, where it will open 10, seven and three hotels respectively by 2020.

Accor has 143 hotels in Africa, 63 of them south of the Sahara, and will promote its Movenpick luxury brand, Willis said.

Accor invested $150m, while the Qatar Investment Authority unit put in $350m. The remaining $500m will be raised through bank loans, according to Willis.

It may expand through mergers, acquisitions and partnerships on the continent, including in SA, where Accor is already considering several opportunities, Willis said.

In a recent survey W Hospitality Group, a Lagos-based firm, Ethiopia stood four in hotel development. According to the Survey, Egypt, Nigeria, Morocco and Ethiopia are the four top hotel development destinations in Africa.

See More at: https://www.ezega.com/News/NewsDetails/7094/French-Hospitality-Company-Plans-to-Open-7-Hotels-in-Ethiopia

 

KPR Group Inaugurates 2.5m Built Plant in Mekelle Industrial ParkKPR Group, an integrated textile manufacturing company from India, inaugurated today its plant built at a cost of $2.5 million at the Mekelle industrial park, Tigray regional state.

KPR made its first apparels export from Mekelle industrial park to the European Union market in January 2019. It has so far exported more than 200,000 units in two-rounds, it was noted at the inauguration ceremony.

Dr Debretsion Gebremichael, Deputy Chief Administrator of Tigray regional state, stated that the inauguration of the plant would contribute a lot is assisting Ethiopia’s industrial transformation.

The company has created employment opportunities for more than 700 people, it was stated.
Meanwhile, Dr Debretsion said a study confirmed the presence of special oil deposit at Ambalage, Nebelet and Adigrat mountainous areas.

He said the special oil will be produced by crashing and melting stones. Efforts will be made to use the resource by inviting global companies as it requires huge amount of investment capital.

See More at: https://fanabc.com/english/2019/05/kpr-group-inaugurates-2-5m-built-plant-in-mekelle-industrial-park/

 

Ethiopia Doing BusinessEthiopia continues to work towards improving ease of doing business in the country as part of wider economic reforms.

In an effort to improve Ethiopia’s raking in the Ease of Doing Business, a workshop was conducted at Sheraton Addis on May 10, 2019.

Ethiopian Investment Commissioner Abebe Abebayehu said on the occasion the measures taken by the public offices on the ten indicators during the past four months have big role to ease of doing business in the country.

These measures, when implemented alongside the national reform, will help the engagement of the private sector by saving time and cost as well as cutting the bureaucratic red tape, he stated.

The ten key indicators in improving Ethiopia’s ease of doing business ratings focus on starting business, construction permits, getting registered property, getting electricity, getting credit, paying taxes, trading across borders, resolving insolvency, protecting minority rights and enforcing contracts.

Ethiopia has started taking concrete measures to improve ease of doing business on the ten key indicators and the newly reinitiated reforms are staged to place the country in the top 100 lists of countries in the coming three years, it was learned.