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.
Ethiopia and Qatar have signed agreements that would enable them to boost bilateral relations in the economic and diplomatic spheres.
Waiver of visa requirements for holders of diplomatic and official passports and protection of investment are the agreements signed between the countries.
Foreign Minister Dr. Workneh Gebeyehu and his Qatari counterpart Sheikh Mohammed bin Abdulrahman signed the agreement providing for waiver of visa requirements for holders of diplomatic and official passports.
Finance and Economic Cooperation Minister Dr. Abraham Tekeste and Qatari Economy and Trade Minister Ahmed Bin Jassim signed the protection of investment agreement.
Prime Minister Hailemariam Desalegn, who is in Doha on an official visit, and the Emir of Qatar Sheikh Tamim bin Hamad Al-Thani witnessed the signing of the agreements.
The signing of the agreements would enable to enhance the ties between the two countries.
According to Dr. Workneh Gebeyehu, the visit of the Premier and his delegation is aimed at strengthening the ties with Qatar based on a win-win principle and to discuss the implementation of the various agreements signed between the countries during the Emir's visit to Ethiopia.
The Minister of Foreign Affairs said as Ethiopia encourages countries to resolve disputes through peaceful means, it supports the efforts of Kuwait to resolve the dispute between countries in the Gulf.
Regarding the meeting the Premier held with the Ethiopian Community in Qatar today, Dr. Workneh said the meeting was successful and the Ethiopian diaspora were briefed about the current situation in their country.
The community members raised ideas that would enable them to enhance their participation and the role they play in the economy of Ethiopia.
There are more than 20,000 Ethiopians living in Qatar.
Ethiopia, Mauritius and Spain received the 2017 United Nations Awards for Promoting Investment in the Sustainable Development Goals (SDGs) at UNCTAD’s Investment, Enterprise and Development Commission in Geneva, Switzerland on 20 November 2017.
Ethiopian Investment Commission (EIC) is the winning agency on the Ethiopian side, according to UNCTAD press release.
EIC won the awarded for its instrumental role in facilitating the development of Hawassa Industrial Park as an eco-friendly textile and apparel facility with efficient use of water and energy, waste treatment, and renewable energy.
The commission has also attracted high-quality investments to the park, which employs more than 12,000 people, over 80 percent of which are young women who can use onsite social facilities, including health care and education services.
UNCTAD Investment and Enterprise Director, James Zhan said during the awards ceremony “the award-winning agencies have demonstrated that leading inward and outward investment promotion agencies are acting proactively on the SDGs and achieving noteworthy results.”
COFIDES of Spain and Board of Investment of Mauritius were the other winners.
“Developing countries face an annual investment gap of 2.5 trillion USD in SDG-oriented investment, and foreign direct investment can play a critical role in filling this shortfall,” Zhan pointed out.
The award can help spur more efforts at the national and international levels to promote more quality investment in the SDGs, the Director added.
The awards for 2017, 2018 and 2019 have been dedicated to promoting investment that contributes towards the SDGs in order to mainstream the goals into investment policies and promotion, it was learned.
The investment promotion awards have been presented annually since 2002 as part of UNCTAD’s investment promotion and facilitation program to honor and disseminate best practices among investment promotion agencies and celebrate their achievements.
Ethiopia needs to take advantage of the huge opportunities that Canada can offer in agro-processing, manufacturing, energy, mining and extraction industries, Foreign Affairs State Minister Hirut Zemen said.
A two-day Ethio-Canada Bilateral Consultation aimed at evaluating the implementation of existing bilateral agreements, identifying new areas of cooperation and coordinating positions on issues of common interest took place on October 2/2017.
In her opening remark, the State Minister noted that Ethiopia’s economy is one of the fastest growing economies in Africa, and added that the country in this phase of economic growth needs more foreign investment and trade relations to sustain the growth.
As Ethiopia and Canada have common strategic interests which are steadily growing, it is now important to give more emphasis to areas of cooperation that could further enhance the mutual benefits of our peoples, she added.
According to her, economic ties and export and import trade between the two countries has been increasing in recent years.
The State Minister assured participants of the consultative meeting that “ the government of Ethiopia is fully committed to encourage and assist the Canadian business community that comes to Ethiopia in every way possible.”
Ethiopia is determined to make every effort to strengthen the special friendship and cooperation that has existed between Ethiopia and Canada over half a century, she added.
Canada's Director-General for Southern and Eastern Africa Bureau, Marc-Andre Fredtte said on his part the history of bilateral cooperation between the two countries is special.
He recalled that Canada had been engaged in promoting agriculture through the Productive Safety Net Program (PSNP) which is not considered a model around the world but brought a change and African countries are adopting various versions of it.
“There is now a maturity in our relationship which is different from those days, because those days accomplished things that were needed at the time, but I think Ethiopia has passed that,” Fredtte pointed out.
In the last 12 to 15 years Ethiopia was able to meet 7 of the 8 MDGs and "we could see the effect of your policies,” he stressed.
Speaking of Ethiopia’s role in maintaining regional security, the Director-General said “the image of Ethiopia in the complicated South Sudan is frankly one of the few sunshine, and we want to work with you.”
The long standing diplomatic relations of the two countries have provided a number of opportunities to nurture the relations and explore different ways to encourage bilateral cooperation in diverse areas, ranging from trade and investment to climate change and regional security, it was indicated.
Prime Minister Hailemariam Dessalegn who is in New York to attend the UN General Assembly has discussed with leaders of various countries and international organizations on ways of strengthening bilateral relationships.
Accordingly, the Premier has met with President of Finland Sauli Vainamo Niinisto, Prime Minister of Denmark, Lars Lokke Rasmussen, and Under-Secretary-General of OCHA and Emergency Relief Coordinator, Mark Lowcock bilaterally.
During the discussion, President Niinisto of Finland commended Ethiopia’s contribution in stabilizing the Horn of Africa.
The President has also recognized the efforts of Ethiopia in realizing economic growth as fruitful.
Prime Minister Hailemariam for his part said that the support of Finland to Ethiopia's development particularly in the education sector is worth appreciating and fruitful.
As Ethiopia strives to eradicate poverty, it seeks the prevalence of peace in the region since peace is important for a country’s development, he said.
Meanwhile, Prime Minister Hailemariam has discussed with Prime Minister of Denmark, Lars Lokke Rasmussen on how to strengthen the exiting bilateral relationship between the two countries.
Ethiopia’s green economy strategy, illegal migration and other current issues are among the points of their discussion.
The Premier has also held discussion with Mark Lowcock, Under-Secretary-General for OCHA and Emergency Relief Coordinator.
Lauding the developmental activities being carried out in Ethiopia, the under-secretary-general affirmed the support towards minimizing the impacts of the drought will be continued, according to a high level official who attended the meeting.