Items filtered by date: Monday, 06 March 2017

Addis Ababa March 06/2017 The overall policy and investment incentives in Ethiopia are attractive, according to South African delegates on business visit here.

Marketing Consultant of Veterinary Import-Export Authority, Reinier Olckers of South Africa told ENA that “the investment opportunity (in Ethiopia) is really good; it is specially open for dairy industry.”

With all these investment incentives and market opportunities and the prestigious Ethiopian Airlines on top of these, Ethiopia is attractive for foreign direct investment (FDI), he added.

His company, which specializes in export and supply of top genetic dairy livestock and frozen embryos, is interested in engaging in the country soon.

Executive Director of AMD Export Council, Sandile Ndlovu, said “we have always viewed Ethiopia as one of the crucial markets; and that is why we decided to come and visit Ethiopia.”

According to him, South African companies have huge interest in Ethiopia because of the buying power, level of consumption, and as it has the second largest population in the continent.

“The strategic location is also attractive”, the executive director said, adding that “if you are located in Ethiopia you can access the whole eastern Africa”.

He further expressed his hope to work towards identifying the correct local partnership in the coming two or three days.  His company deals with aerospace and maritime which fall under advanced manufacturing.

Among the incentives Ethiopia provides for investors include 2-8 years of income tax exemption, may be more for manufacturing of textile and garment inside industrial parks, and 10-15 years for Industrial Park Developers.

Also, exemption of customs duty on capital goods, construction materials, and partially on spare parts.

Published in Economy

Addis Ababa March 06/2017 A 22 member South African delegation is on business tour to Ethiopia to assess investment opportunities in manufacturing, agro-processing, energy and construction sectors.

The delegation is conducting a business to business meeting with 34 local companies engaged in various areas.

Addressing the meeting, Dr. Aklilu Hailemichael, State Minister for Foreign Affairs said the visit by the delegation promotes Ethiopia’s desire to boost intra Africa and south-south cooperation.

“Ethiopia attracts investors from China, Turkey as well as America and Europe, but we would like to also promote south-south economic cooperation between African countries”, he said.

Ethiopia’s geographic location, its active membership in regional and bilateral trade agreements with the U.S, EU and COMESA region, and favorable investment policies make it an attractive investment destination, he added.

Ethiopia’s young and productive work force which accounts for 60 percent of the population is a comparative advantage that the country enjoys, the state minister pointed out.

Solomon Afework, President of the Ethiopian Chamber of Commerce and Sectoral Association on his part said, “This business to business program connotes a sounding step in fostering closer business cooperation between Ethiopia and South Africa.”

According to him, the trade relation between both countries has grown both in value and volume from 42 million USD in 2004 to over 100 million USD over the last years.

He also noted that mutual understanding and the strong business friendship will enhance the bilateral relation particularly in manufacturing, agro-processing and construction, among others.

The business delegation was also briefed on incentive packages the country offers to attract investment in textile and manufacturing areas.

 

Published in Economy

Beijing March 06/2017 Opposing protectionism, Chinese Premier, Li Keqiang announced his country’s plan to become more involved in global economic cooperation.

In his keynote address and performance report to the Fifth Session of the 12th National People’s Congress (NPC), the Premier said China opposes the protectionism tendency growing in west.

The Premier assured that his country will not shift from its commitment of promoting global economic cooperation.

China will uphold the multilateral trading regimes as the main channel of international trade, and will play an active part in multilateral negotiations, he stressed.

China, the world’s second largest economy, targets a 6.5 percent annual growth for the 2017fiscal year, 0.2 percent lower that the previous year.

China has contributed to 30 percent of the global growth, which outpaces most other economies in the world, the Premier noted.

“In the fiscal year of 2017 China set a target of 6.5 percent growth, or higher if possible in practice”, he said.

Despite trimmed target, which is the lowest for more than two decades, the Premier remarked that the envisaged growth rate is “realistic and keeping with economic principles”. 

The world’s second largest economy has created 13. 4 million new urban jobs over the course of the year and is now aspiring for additional 11 million jobs to reduce the rate of unemployment, he added.

The target will help turn on steady expectations and make structural adjustments as well as attain the goal of building a moderately thriving society in all respect by 2020.    

Prime Minister Li said the government would lower taxes and administrative fees for businesses and boost consumption of services by encouraging more private sector involvement in healthcare and education sectors.

Despite the low target, China remains one of the fastest growing economies in the world.

On its 13th Five-Year Plan, the country has set for a more environmental friendly way of living, which includes reductions in major pollutants and effective control of environmental risks.   

Published in Economy

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