President Mulatu Visits DamagedSebeta October 14, 2016 President Mulatu Teshome said the government will provide the necessary support for investors whose properties were damaged and looted recently around Sebeta town.

During his visit to the damaged sites around Sebeta today, the president assured the investors the government’s commitment to render the support need to enable the factories start operation soon.

President Mulatu told the owners of the factories and flower plantations that they should not get worried as the government is taking measures to fully protect the properties.

He assured them that things have now stabilized and could start operations as soon as possible.

President Mulatu also advised Ethiopian employees in the factories to take up the responsibility of protect their workplaces from similar damages since they are the sources of their livelihoods and where they earn knowledge. 

Following the discussion, most of the investors have expressed readiness to go back to business and appreciated the attention given to them by the government.

The investments visited by the president were Saygin Dima Textile Company; Bmet Energy, Telecom Industry; Ayka Addis; Selam Flower; ET Highland; Tal Flower; and Mina Textile.

Source: ENA 


honey well

Honeywell International Inc, American advanced-technology company, plans to invest in Ethiopia.

With 50 billion US dollars annual sale, the company manufactures aerospace and automotive products; residential, commercial, and industrial control systems; specialty chemicals and plastics; and engineered materials.

The company came to invest in Ethiopia after studying the favorable investment atmosphere of the country, said Fitsum Arega, Commissioner of the Ethiopian Investment Commission (EIC).

Moreover, it came to Ethiopia after taking into account the extensive infrastructures and power development activities carried out by the country, he added. 

Honeywell’s move to invest here helps Ethiopia to attain its target of attracting labor intensive and technologically advanced foreign companies in the second Growth and Transformation Plan (GTP-II) period, he said.

Source: FBC 

agro ind forum

Addis Ababa October 05/2016 Ethiopia’s development partners have expressed their readiness to support the construction of 4 integrated agro-industrial parks in the country.

This was disclosed at the opening of the 1st International Agro-Industry Investment Forum that kicked off here today.

African Development Bank (ADB) Regional Director for Eastern Africa, Gabriel Negatu said the development of the proposed integrated agro-industry parks in Ethiopia is a notable approach towards the realization of the overall economic transformation agenda in the country.

The bank, in partnership with others, remains committed to Ethiopia’s overall economic and social development efforts by supporting both public and private sectors, he said.

ADB intends to strengthen its support to the private sector by addressing the challenges of access to finance.

Italian Agency for Development Cooperation Director, Laura Frigenti said the agency supports in particular the ambition of the government of Ethiopia to achieve agricultural mechanization and industrialization.

Source: ENA

ethiopia kenya

Ethiopia's economy is expected to overtake Kenya's this year, buoyed by massive government spending on infrastructure that has kept the Horn of Africa nation in the list of the world's fastest economies in the past 10 years.

The International Monetary Fund's (IMF) latest statistical estimates indicate that Ethiopia's gross domestic product (GDP) is forecast to grow from $61.62 billion in 2015 to $69.21 billion this year, narrowly beating Kenya's output which is expected to rise from $63.39 billion to $69.17 billion over the same period.

"Ethiopia has experienced double-digit economic growth, which has mainly been underpinned by public-sector-led development," the African Development Bank, the OECD Development Centre and the United Nations Development Programme say in the latest African Economic Outlook report.

Kenya's GDP of $14.1 billion in 2000 was 71.6 per cent larger than Ethiopia's $8.23 billion in the same year but the Horn of Africa nation has closed the economic gap in the last five years of robust growth.

The IMF's GDP estimates are based on current market prices using exchange rates prevailing between July 22 and August 19.
Having established its economic lead ahead of Kenya, Ethiopia is forecast to maintain its position as Eastern Africa's largest economy over the medium term — a position that is also expected to improve its standing as an investment destination.

Ethiopia's rise as a regional economic powerhouse has mostly been fuelled by mega public sector investment similar to the Chinese model that has enabled the Asian nation to become the world's second-largest economy in two decades.

Ethiopia's investment, as a percentage of GDP, raised sharply from 20.2 per cent in 2000 to 39.2 per cent last year and is expected to hit a new high of 39.2 per cent of the domestic output this year.

Source: Daily Nation

Agro-ind forum

Ethiopia will host the First International Agro-Industry Investment Forum under the theme "Unleashing Ethiopia's Investment Potential" from 5-7 October 2016, according to the Ministry of Trade.

Ministries of Finance and Economic Cooperation and Industry jointly announced the ongoing preparations to host the investment forum.

The forum, in the framework of the Government of Ethiopia and United Nations Industrial Development Organization (UNIDO) joint Program for Country Partnership (PCP), aims at providing a unique chance to foreign entrepreneurs for understanding the potential of Ethiopia as market and investment destination.

In addition, it will give the chance to potential investors to start exploring concrete opportunities regarding industrial and business partnerships for development.

Organizers expect at least 1,000 participants including high level representative of the Ethiopian Government, international finance institutions, development banks, investors, multi-national companies, among others.

The form will feature focused bilateral meetings and visits to industrial zones, according to the profile and interest of visiting companies, the statement from the ministry said.

Source: ENA