Company to Invest about 2 Bn. USD in Renewable Energy in EthiopiaA Hong Kong based company disclosed that it is interested to invest about 2 billion US dollars in renewable energy development in Ethiopia. Prime Minister Hailemariam Dessalegn held discussion with Chang Tat Joel, Chairman of Lucky Chain Limited Company today. Lucky Chain Limited is a huge company established with the vision of having a big market share in energy development in Africa.

Chairman Chang Tat Joel said Ethiopia is among the leading market destinations in the continent for the company. He expressed his belief that the company will benefit from its investment, taking the growth prospect of the country into account. “Ethiopia is really a very exciting and dynamic country and we believe that Ethiopia is probably going to be one of the major players in the African market”, Chang Tat Joel said.

Therefore Lucky Chain Limited wants to align with the future economic growth in the country and to make investment in the power segment, he added. The company reportedly wants to engage in the investment as soon as possible.



FDI Growing Despite Global Natl Challenges Investment CommissionerEthiopia’s Foreign Direct Investment (FDI) is increasing despite global and national challenges, Investment Commissioner Fistum Arega said. Foreign Direct Investment flow has reached 4.17 billion USD this year and created 16,000 jobs, he revealed.

Manufacturing, agriculture, construction, hotel and real estate services as well as horticulture are the sectors foreign investors have invested in. In an exclusive interview with ENA, Commissioner Fitsum Arega said “we are one of the few countries to register such a high FDI” even if there were disturbances and commodity prices fell globally.

“Investors from China, India and the Netherlands are at the forefront in their engagement in industrial parks, textile manufacturing and horticulture,” he pointed out. The industrial parks in the country are not adequate enough to meet the demand of investors,” Fitsum said


Chinese Chain Limited Company to invest 2 billion in Ethiopias energy sectorThe Chinese Lucky Chain International Development Limited Company expresses desire to launch $2 billion worth investment in Ethiopia's Energy sector. Company delegation led by the Chairman has conferred with Prime Minister Hailamariam Desalegn in Addis Ababa. The Premier has briefed the delegation on Ethiopia's energy sector drive and conducive investment opportunities.

Chang Tat Joel, Chairman of the company, told reporters that Ethiopia's huge potential in Africa has triggered them to do business here. Zadig Abirha, Media & PR Delivery Unit Minister, PM Office said "This company is a huge and renowned on the Energy Sector. Now it has shown interest to invest in Ethiopia with 2 Billion USD capital".

Ethiopia's massive renewable energy projects are also expected to hasten the economic integration among nations in the East African region.




Ethiopias Industrial Parks luring anchor global investorsEthiopia's booming industrial parks are attracting more and more FDI to the country. South Korea's Shints is one of the companies investing in Ethiopia's industry sector. The firm which operates at Bole Lemi Industrial Park on the outskirts of Addis Ababa exports more than 2000 outfits per day to the European and American Market.

"Finding readymade shades like this one is very hard for investors; constructing such sheds and installation of machineries takes years and years. But this minimizes costs and creates inspiration to invest," says Addisu Mengistu, Shints Ethiopia Manager. 

The company has so far created jobs for more than 4,300 youths. Workers at Bole Lemi Industrial Park told EBC that they are learning good work habit from foreign investors in Ethiopia.

The booming industrial parks development is attracting FDI to the country; however, a lot remains to be done to lure even more local and foreign investors.  

"The sector has huge potential to boost our economy; we have to promote the sector well. Not only foreign investors but also locals should also harness the potential," says Fitsum Arega, Commissioner of the Ethiopian Investment Commission (EIC).



Ethiopia doing very well in terms of economic growth IMF ChiefThe International Monetary Fund (IMF) Managing Director, Christine Lagarde, who is in Ethiopia for an official visit, has praised Ethiopia's economy and called for sustaining the economic development witnessed in the east African country. Lagarde, who is on an official visit to Ethiopia from December 13 to 15, has held discussions with senior Ethiopian government officials including, Ethiopian President Mulatu Teshome and Prime Minister Hailemariam Desalegn on ways of further strengthening the partnership, Xinhua reported.

The Managing Director also visited some of the development projects in Ethiopia, including the eastern Industry Zone at the outskirts of Ethiopian capital Addis Ababa. Lagarde told journalist after her visit that one of the main targets of her Ethiopia visit was to witness the development of industrial parks in the country and the determination of the Ethiopian government to reinforce the country's economic growth.

She also noted that the nexus between the east African country's economic development and the export sector as one area of interest behind her trip to Ethiopia. "I am really pleased to have seen some international companies from China and the Netherlands, manufacturing to international standards for export purposes," Lagarde said after her visit to Dukem Industrial Park.