Addis Ababa November 08/2017 National Plan Commission has forecast an overall 11 percent economic growth this Ethiopian fiscal year.
The forecast is based on the performance of the first quarter of the budget year and an increase by 0.1 percent to that of last year.
In his presentation to HPR Budget and Finance Standing Committee today, National Plan Minister Dr. Yinager Dessie said Ethiopia’s economic growth has resulted in minimizing poverty and expansion of social services.
However, the country has been facing challenges in the export sector since the past four years.
The product most affected in this regard is the sluggish gold export, the Minister revealed, adding that the Commission is conducting a research in the overall chain of gold export.
Dr. Yinager disclosed that lack of quality and timely reports from the concerned government organizations and sectors were some of the hurdles the Commission faced in the planning and reporting activities of the Commission.
He added that unavailability of adequate human resource for macro-economy management analysis is also the other hindrance faced in the quarter.
Addis Ababa Novmber 08/2017 Diplomats of different foreign countries residing in Ethiopia commended the government’s initiative towards advancing democratic system in the country.
The diplomats whom ENA has talked to following the briefing by the Foreign Minister about current situations of the country on Tuesday praised the ongoing political reforms towards widening the political space.
Finnish ambassador to Ethiopia, Helena Airaksien told ENA that the government is taking a good initiative towards enhancing democracy.
She also said that her country welcomes the reform and hopes to see that it would continue from this vantage point.
Mentioning that Finland follows mixed electoral system, which Ethiopia has set to implement; Airaksien said “we support the move of the government towards democratization”.
The Ambassador said Finland is keen to share its experiences in deepening democracy.
“I think the Ethiopian government is good in working with partners, they are ready to listen they are ready open dialogue and will definitely continue this dialogue on democratization process”
Australian Ambassador to Ethiopia, Mark Sawers on his part appreciates the political reform as “an important announcement”.
“We welcome the government’s move down this path in close cooperation with the opposition parties” Ambassador Sawers said.
“As a development it is an important step towards opening up the political space to see more opportunity, different viewpoints to be heard in the political system” he emphasized.
Speaking of the role of the international community and partners in further enhancing the ongoing democratization process, the Australian ambassador said “What we can do is to support from the sideline through assistance and technical aspects of electoral form or funding”.
“Of course what we want to see is Ethiopia moving in the direction it is trying to move forward with the reform and we think it is very important for Ethiopia’s long-term stability and future. It will also be very important for Ethiopia’s trajectory in terms of a developing country and the developmental role” he elaborated.
It is to be recalled that the ruling party - EPRDF - and 15 national political parties had been negotiating on various agendas over the past months within the agreed objectives of strengthening democratization and widening the political space.
Accordingly, the negotiations that have been taking place have brought changes in the electoral system besides revising some of the country’s proclamations.
Thus, under the new electoral law, Ethiopia will have a hybrid electoral system composed of 80 percent simple majority vote and 20 percent proportional.
Agreement has also been reached among the negotiating parties in financing political parties.
Addis Ababa November 08/2017 Wuxi No.1 Cotton Mill, a Chinese Textile Company, has agreed to build integrated textile industry in Dire Dawa, according to the Ethiopian Investment Commission.
The company, with a weaving capacity of 26,000 tons of yarn and 30 million meters of gray fabrics per year, has agreed to invest in a large scale and integrated fabric mill and spinning plant.
The company is known for supplying leading global brands, where 75 percent of its products are mainly exported to Europe, America, Japan, Korea, and Southeast Asia.
During the signing ceremony, Abebe Abebayehu, Deputy Commissioner of EIC, said the investment will contribute a lot to the country’s vision of becoming manufacturing hub.
“This investment would contribute immensely to our government’s vision to build a sustainable, vertically integrated and export-oriented, apparel and textile manufacturing hub in Ethiopia. Indeed, our vision is to make Ethiopia the leading manufacturing hub in Africa.”
Wang Quan, Mayor of Wuxi City, for his part reiterated his administration’s commitment to support Chinese investment in Ethiopia.
In addition to creating direct employment opportunities and earning the country valuable foreign exchange from export, this investment is expected to create significant backward and forward linkages in the fast growing textile and garment industry of the country.
As the industry uses raw materials such as cotton from local sources to produce yarn, it will create a good opportunity for cotton suppliers and is expected to promote large scale cotton production in the country.
Through the industry, the company will bring a state-of-the art manufacturing technology, knowhow and excellence accumulated over a span of 100 years.