Ethiopia Receives the 2018 AIM Top Investment AwardThe Annual Investment Meeting (AIM) awards the most dynamic and proactive investment promotion agencies across different regions of the world. The award recognizes outstanding works of investment promotion agencies that successfully attracted sizeable foreign direct investment projects which contribute immensely to economic growth.

This year, the Ethiopian Investment Commission and the Rwanda Development Board were nominated for the award in the East Africa Region. Ethiopian Investment Commission received the award as the best investment promotion agency in East Africa while the Rwanda Development Board finished a runner-up.

Eyerusalem Amdemariam, Consul General of the FDRE in United Arab Emirates received the award presented to the Ethiopian Investment Commission at the Annual Investment Forum held 9-12 April 2018 in Dubai, United Arab Emirates.

During the event, the Ethiopian Investment Commission was lauded for its success in attracting sizable investments into industrial parks which are of high potential for export growth, technology and skills transfer as well as sustainability and local linkages. Such investments are said to be key drivers of the country’s development and competitiveness.

Source: EIC Public Relations Directorate

Fairfax plans to build USD 4 bln oil refinery in EthiopiaFairfax Africa Fund, a US-based investment firm, in collaboration with multiple partners from Asian countries is planning to build an oil refinery in Ethiopia with a total investment cost of four billion US dollars. Zemedeneh Negatu, Global chairman of Fairfax Africa Fund, told The Reporter that his company has undertaken the feasibility study.

According to Zemedeneh, Fairfax Africa Fund is working on the project with Asian investors whose core business is oil trading and infrastructure development. “Our initial plan was for our investors to be from Asia but more recently, we were approached by American financiers who are interested in the project. So, we may end up with financiers both from Asia and the US,” he told The Reporter.

The investors have evaluated several places including Djibouti where the oil refinery will be built and finally selected Awash town, 221km east of Addis Ababa. Awash is found in the Afar Regional State in the Ethio-Djibouti corridor where the national fuel depot of the Ethiopian Petroleum Supply Enterprise is located. “Awash is selected as the ideal place by the authorities,” Zemedeneh said.

See More at http://bartamaha.com/fairfax-plans-to-build-usd-4-bln-oil-refinery-in-ethiopia/

 

Ethiopia attracts 2.2 billion US dollars FDI in 6 monthsEthiopia attracted 2.2 billion US dollars’ Foreign Direct Investment (FDI) in the first six months of the current Ethiopian Fiscal Year 2017/18, which started July 9, an Ethiopian official said on Wednesday. Speaking to journalists, Fitsum Arega, Director General, Ethiopia Investment Commission, said the FDI inflow has exceeded that of the same period last year by 22 percent.

He further said the bulk of FDI inflow is in the manufacturing industry with infrastructure investment by the Ethiopian government in energy, rail, road and air network helping attract investment especially in the manufacturing sector. “Ethiopia has instituted incentives to attract foreign direct investment including tax breaks, construction of industrial parks, provision of trained human capital and provision of water, banking and power services in one center” said Arega.

“Hawassa Industrial Park has been completely commissioned, Kombolcha and Mekelle Industrial Parks have become partially operational while construction of Adama and Dire Dawa industrial parks is being finalized” he further said. China Civil Engineering Construction Corporation (CCECC) undertook the construction of Hawassa and Kombolcha Industrial Parks. It’s also currently undertaking the construction of Dire Dawa and Adama Industrial Parks.

See More at http://ethiodailypost.com/2018/03/29/ethiopia-attracts-2-2-billion-us-dollars-fdi-in-6-months/

 

 

Ethiopia export revenue hits 42 mln USD from industrial parks in six monthsEthiopia earned 42 million US dollars in export revenue from industrial parks during the first six months of Ethiopian Fiscal Year 2017/18 which started July 9, an Ethiopian official said on Saturday.

Speaking to journalists, Fitsum Arega, Commissioner of Ethiopia Investment Commission, said manufacturing firms operating inside industrial parks have created job opportunities for 50,000 Ethiopians.

"Hawassa Industrial Park has been completely commissioned; Kombolcha and Mekelle Industrial Parks have become partially operational while construction of Adama and Dire Dawa industrial parks is being finalized," he further said. Arega commended Chinese investment in Ethiopia which he said considers Ethiopia's development stage and the country's need for mass employment for its estimated 100 million citizens.

China Civil Engineering Construction Corporation undertook the construction of Hawassa and Kombolcha industrial parks. It's also currently undertaking the construction of Dire Dawa and Adama parks. Mekelle Industrial Park was constructed by China Communications Construction Company.

See More at http://www.xinhuanet.com/english/2018-04/01/c_137079639.htm

 

Ethiopia Received Annual Coffee and Tea Festival AwardEthiopia has ceremoniously received an award upon participation on an annual coffee and tea festival organized by Renald Arabia Exhibition and Conference Center in Jeddah on public display for ten days, Ministry of Foreign Affairs reported.

In a press release it dispatched to ENA, the Ministry noted that various colorful displays of Ethiopian traditional panoramas have demonstrated on the festival.  

Traditional costumes, dances, and coffee ceremony as well pictorial exhibits of various tourist destinations and tantalizing natural resources of the country were displayed among the others.

Moreover, Ethiopia’s traditional cuisine, enjera and wot, which is a traditional sauce, and tasty cookies made from teff flour were displayed successfully attracting more than 5000 Saudi visitors who were also invited to the taste of Ethiopian traditional aromatic coffee with the intention of popularizing Ethiopian coffee among the Saudis.

See More at http://www.ena.gov.et/en/index.php/economy/item/4527-ethiopia-received-annual-coffee-and-tea-festival-award