A Consultancy firm based in Addis Ababa
The Ethiopian Investment Commission (EIC) disclosed that 103 million USD export has been generated from industrial parks in the past nine months.
The performance exceeded that of same period last fiscal year by 40 percent, it was learned.
Continue reading “Ethiopia Earns 103 Million U.S. Dollar Export Revenue from Industrial Parks”
Addis Ababa — Delegates from more than 80 UAE anchor companies are taking part in the Ethiopia-UAE business forum in Addis Ababa to explore available investment opportunities.
UAE companies are choosing Ethiopia for investment as their country puts the Horn African nation among the top destinations for UAE investment.
Undersecretary for Foreign Trade at UAE Ministry of Economy, Abdulla Ahmed Al Saleh told journalists that Ethiopia is one of the four most important countries for UAE investment in Africa.
There are several UAE companies that are investing in Ethiopia for years; he stated, and added “we would like to increase the level of investment.”
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Born in beautiful Hanzu near Shanghi China, Anhua Qian has been working in textiles for the last 30 years. He is the owner and the president of ANTEX group. Headquartered in Shaghi, the group has investments in Vietnam, Spain, the United States and Italy and now in Ethiopia. Antex group is the first sportswear and apparel company in Adama Industrial Park. ANTEX group has created job opportunities for seven thousand people worldwide. After the company began producing apparels last October in Adama, the company exported the first batch of products to Italy worth 100 million USD. Capital got a chance to talk with the 55 year old Chinese investor about the textile business. Anhua talk to Capital about his investment in the country.
Capital: What got you interested in textiles?
Anhua Qian: Compared to the other businesses, textiles don’t require a huge investment. The textile industry was the basis of industrialization throughout the world. The industrial revolution that began in Britain was based in the textile industry, the same thing for China, Japan, Taiwan, and Korea, they began their industrialization through textiles. You see 34 years ago textiles made up 40 percent of China‘s exported goods. Now that figure has fallen to 20 percent.
Companies operating in industrial parks can transact in foreign currency while selling and buying raw materials with each other beginning this month, according to a new directive issued by the National Bank of Ethiopia (NBE).
The new directive was issued two weeks ago to enable investors to buy or sell raw materials or inputs in foreign currency when they are manufactured by companies that operate in any of the industrial parks. The purchaser will settle the payments from its foreign currency retention account.
Continue reading “Central Bank Allows Forex Transactions Inside Industrial Parks”
The World Economic Forum (WEF) in 2020 will be hosted in Ethiopia, as the Eastern African nation hopes to attract more investment.
The announcement was made following a meeting between Ethiopia’s prime minister, Abiy Ahmed and Prof Klaus Schwab, Founder and Executive Chairman of WEF.
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Ethiopia is set to inaugurate four integrated agro-processing industrial parks built at a cost of $10 billion before June this year, Ministry of Trade and Industry announced on Tuesday. The industrial parks were supposed to be inaugurated last January, but the ministry stated there were delays due to redesigns.
The industrial park built in Adama, 100 kms east of the capital Addis Ababa, specializing in textiles and apparel inaugurated.
Prime Minister Abiy Ahmed and Lemma Megersa, chief administrator of Oromia regional state attended the inauguration of the first phase of the park.
The world was shaken by images of Ethiopian famine back in 1984, yet since then the country has achieved a remarkable turnaround to become one of Africa’s economic success stories in the volatile Horn of Africa.
Since 2005, it has achieved double-digit annual GDP growth according to some estimates, while the 8% preferred by the International Monetary Fund (IMF) and some Western analysts is still more than respectable.