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    Ethiopia reports more foreign direct investment

    Ethiopia reports more foreign direct investment

    ||

    ADDIS ABABA, Sept. 20 (Xinhua) -- Ethiopia attracted about 3.31 billion U.S. dollars in foreign direct investment (FDI) in the Ethiopian 2021/2022 fiscal year which ended on July 7, the Ethiopia Investment Commission (EIC) disclosed Tuesday.

    In a press statement, EIC said 168 investors took out investment licenses during the 2021/2022 fiscal year, with 100 investors taking out manufacturing sector investment licenses, 62 investors taking out investment licenses in the services sector, and six others getting investment licenses in the agricultural sector.

    EIC also said Ethiopia earned 202.5 million U.S. dollars from industrial parks products exports in the 2021/2022 fiscal year. The export earnings showed an increase of 24.4 million U.S. dollars when compared to the 2020/2021 fiscal year.

    In recent years, Ethiopia has embarked on industrial parks' construction and commissioning activities, as part of a broad economic strategy to make the country a light manufacturing hub in Africa by 2025. ■

    स्रोत : english.news.cn

    Mutual growth drives Turkish investment in Ethiopia

    Cutting edge technology, high-quality products and regional integration define Turkish investment in Africa - Anadolu Agency

    ECONOMY, AFRICA

    Mutual growth drives Turkish investment in Ethiopia

    Cutting edge technology, high-quality products and regional integration define Turkish investment in Africa

    Seleshi Tessema   | 17.01.2020

    Murat Ocal, the representative of the country manager, speaks to Anadolu Agency during an interview in Addis Ababa, Ethiopia on January 16, 2020.

    ADDIS ABABA, Ethiopia 

    It was business as usual on a bright weekday morning in the city of Adama, located 100 kilometers (62 miles) southeast of the Ethiopian capital Addis Ababa.

    Motorists who cross the city constantly blare horns while cruising to and from the capital and other regions.

    However, there was calm and order on the premises of Etur textile Plc, a Turkish integrated textile factory that was built in 2010 in Adama.

    The Ethiopian, Turkish, Oromia regional state and Etur flags are blowing in the morning wind.

    Inside the building, men and women operate and supervise the machines that transform waste from textile factories to fibers, fabrics, and garments.

    Osman Basoglu, the general manager of Etur textile, told Anadolu Agency that the company was the first in Ethiopia manufacturing at par with global recycling standards.

    "Our export destinations are mostly U.S.A. and Europe," he said.

    "But there is a huge market demand in Africa that could benefit all in many ways."

    He noted that the company has been receiving export enquiries from many countries from the Common Market for Eastern and Southern Africa (COMESA).

    The 21-member-state trade bloc is duty free and quota free.

    "As Ethiopia has not yet joined COMESA, our potential buyers are discouraged by the price of our products that are heavily taxed," he said.

    Railway construction

    In bustling Addis Ababa, another Turkish company has established its headquarters.

    Yapi Merkezi, a construction giant, is building a railway line in Ethiopia and Tanzania.

    Murat Ocal, the representative of the country manager, told Anadolu Agency that these projects will impact the economies of both countries.

    The Ethiopian project, Awash-Kmbolcha-Hara Gebya is a 400-km (248-mi) railway designed to connect northern, central and eastern Ethiopia to the port of Djibouti.

    Yapi Merkezi signed a $1.7-billion phased construction agreement with the Ethiopian government in 2012.

    "The construction of the first phase started at the end of 2014, while the second phase commenced 13 months later due to the financial arrangements of the Ethiopian government,” Ocal said.

    "So far, we have reached an overall completion of 93% of the two phases of the project," he noted.

    "The state of the art railway will increase the volume of Ethiopia’s export. Undoubtedly, the movement of goods and people will enhance economic integration, harmony, and peace.’’

    Yapi Merkezi’s Tanzanian railway project is another chapter of African economic interconnection.

    The construction of the fastest 1200-km (745-mi) rail line which stretches from Dar Es Salaam to Victoria lake would connect Uganda, Rwanda, the Democratic Republic of Congo, Tanzania and provide access to the Indian Ocean.’

    Turkey’s largest Africa investment

    Turkey has made its largest Africa investment in Ethiopia which amounts to $6 billion.

    Mekonen Hailu, director of public relations with the Ethiopian Investment Commission, told Anadolu Agency that currently, there are more than 150 Turkish companies engaged in construction, manufacturing, agriculture, and chemical, among others.

    "Turkey is the second-biggest investor in Ethiopia with an investment capital of $2.5 billion. To date, the companies have created jobs for more than 30,000 Ethiopians," he added.

    "The excellent relations between Ethiopia and Turkey is the most fundamental factor that made Ethiopia become a preferred destination for Turkish investors," Hailu said.

    According to him, Ethiopia’s abilities in attracting foreign direct investment (FDI) was the other factor behind the investment flow.

    Basoglu is optimistic that the serious shortage of foreign currency that impeded the import of raw materials, problems related to export logistics and political stability, would be solved.

    "I am confident that Ethiopia’s economy will be stable, this country will be the rising star of foreign investment," he added.

    Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.

    Related topics

    economy Ethiopia investment Turkey

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    स्रोत : www.aa.com.tr

    Ethiopia reports more foreign direct investment

    Ethiopia reports more foreign direct investment

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    Ethiopia reports more foreign direct investment

    Tan KW

    Publish date: Wed, 21 Sep 2022, 08:24 AM

    ADDIS ABABA, Sept. 20 -- Ethiopia attracted about 3.31 billion U.S. dollars in foreign direct investment (FDI) in the Ethiopian 2021/2022 fiscal year which ended on July 7, the Ethiopia Investment Commission (EIC) disclosed Tuesday.

    In a press statement, EIC said 168 investors took out investment licenses during the 2021/2022 fiscal year, with 100 investors taking out manufacturing sector investment licenses, 62 investors taking out investment licenses in the services sector, and six others getting investment licenses in the agricultural sector.

    EIC also said Ethiopia earned 202.5 million U.S. dollars from industrial parks products exports in the 2021/2022 fiscal year. The export earnings showed an increase of 24.4 million U.S. dollars when compared to the 2020/2021 fiscal year.

    In recent years, Ethiopia has embarked on industrial parks' construction and commissioning activities, as part of a broad economic strategy to make the country a light manufacturing hub in Africa by 2025.

    - Xinhua

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