Addis Ababa August 01/2015 Multeka Engineering Group, a Saudi-based company expressed interest to engage in Ethiopia in the areas or agriculture and infrastructure development.

Company delegation led by Mohammed Mubarek Al Mashay held talks today with Foreign Minister DrTedrosAdhanom about investments opportunities in Ethiopia.
The delegation leader said Ethiopia has ample investments opportunities with stable peace and security which attract his company's attention.
The company is interested to engage in agriculture, infrastructure, and transport and energy development, according to a high level official who attended the meeting.

The Group has submitted proposal for the project it plans in the agriculture sector, which includes building agricultural zone.

The delegation has also conferred with ministers of agriculture and transport.

Minister Tedros for his part affirmed the government's commitment to provide the necessary support and create favorable conditions for investors to enable them utilize the vast investment opportunities.

Source:-Ethiopian news agency

diaspora dayThe Ministry of Foreign Affair said that Diaspora Day to be celebrated in early August will help to foster contribution of Ethiopians living abroad in the development endeavors of the country.

 In a press conference he gave here yesterday, Spokesperson of the Ministry TewoldeMulugeta said the event will enable the Diasporas support the country’s development particularly in the manufacturing, construction, and knowledge transfer.

Diasporas are arriving in Addis Ababa to participate on the event which is expected to attract over 6000 Diasporas from all over the world.

The contribution of Ethiopian Diaspora to the country’s development is growing from time to time, but it doesn't reach the desired level, he said

The government has been working to attract more Diasporas involvement in the economy. Organizing this event is part of the initiative to boost their participation.

The Day will be celebrated through exhibitions, workshops and panel discussions with the presence of high level government officials.

Regarding the recent visit of US President Barack Obama to Ethiopia, the spokesperson said his visit is important to further foster the cooperation between the two countries in peace and security, economy, good governance and diplomacy, he said.

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The Ethiopian Investment Commission Director General FitsumArega recently told The Ethiopian Herald that Ethiopia has been given another 10 years extension opportunity for accessing US market duty and quota free.

He also said that African Growth and Opportunity Act (AGOA) has been extended which is big news for the country. I congratulate those companies which are manufacturing in Ethiopia and supplying to the American market. And we are grateful to the US government for allowing the extension, he added.

In the past we haven't utilized the opportunity to the maximum extent. But we believe in the years to come the Commission will work with other ministries on the construction of industrial parks to attract and allow more manufacturers to settle and manufacture in Ethiopia and access American market through the AGOA opportunity, Fitsum added.

"The relationship we have with the US government is so good that Americans want us to grow and access their market.”

He said that Ethiopia is also accessing European market tax free and without quota limitation as well.

It was learnt that AGOA was going to phase out in December 2015 but the US government allowed its extension for Ethiopian manufacturers to export tax and quota free.


Chinese Ambassador to Ethiopia, La Yifan, has called on foreign diplomats and business leaders in the country to work together to explore and exploit the business opportunities in the East African state. Speaking later Tuesday at a dinner reception organized on the premises of the Chinese Embassy in Ethiopia's capital Addis Ababa, the Ambassador noted that diplomacy plays important role in helping investors conduct successful businesses in overseas markets.

The event has attracted foreign diplomats, foreign investors and business leaders in Ethiopia.

Reiterating that Ethiopia has been registering fast economic growth with success also in achieving the millennium development goals (MDGs), La emphasized on the need to have collaboration among diplomats and investors of different countries towards exploring and making use of the ample investment opportunities being created in the country.

Exemplifying his remarks, particularly with a Turkish textile factory in Ethiopia, which imports raw material from and exports its finished products to different countries, the Ambassador presented situations whereby countries could cooperate on foreign businesses in a single country.

He also stated that the Addis Ababa-Djibouti modern electrified railway being built by Chinese companies plays significant role in import and export of business goods for foreign investors operating in Ethiopia.

La has also stated that foreign investments create tremendous job opportunities for the local people while transferring technology and sharing expertise in the country.

As different countries could contribute to industrialization in Ethiopia, the Ambassador expressed China's keen interest to relocate industrial capacities to Ethiopia bringing technology as well as technical and managerial expertise in the industrial sector. 

Stating that the country is hosting foreign investors from different parts of the world, Dewano Kedir, Ethiopia's State Minister of Foreign Affairs, hailed the contribution of foreign investments in Ethiopia to the growth and transformation being witnessed in the country.

Appreciating the informal event of the diplomats and investors for dialogue on investment climate and opportunity in Ethiopia, the State Minister noted that all should work together towards successful businesses and addressing challenges to avoid failures.

Dewano expressed his country's commitment to working closely with and providing the necessary support to foreign investors towards success of businesses, which he said is also the success of the country.

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Dangote Cement Plc says it will inaugurate its 2.5 million tonnes per annum cement plant in Ethiopia on Thursday as the company inches towards the mark of 40 mtpa global production capacity before the end of 2015.

Located in Mugher District, the cement plant is said to be the single largest investment by an African in that country and the fifth offshore cement plant of the company to be rolled out in the last one year in Africa, coming after Senegal, Cameroon, South Africa and Zambia.

The statement by the Dangote Group on Sunday indicated that the government and the people of Ethiopia were excited about the completion of the project and the economic prospects of having such a huge company in their country.

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