Premier Invites South Korean Investors to Invest in EthiopiaEthiopian Prime Minister Dr Abiy Ahmed invited South Korean investors to invest in his country.

During Ethio-South Korea business forum held in Seoul, the capital and largest metropolis of South Korea, the Premier has invited South Korean investors to come to Ethiopia.

The Ethiopia is committed and has made economic reforms on its investment and business policies and laws in a bid to create conducive investment environment so as to enhance foreign direct investment (FDI), he said.

President of the Korea-Africa Foundation, Yeon-ho Choi, said on his part Ethiopia is South Korea’s preferable country to expand its market share in Africa.

The Premier also held talks with Hyundai leadership to discuss the potential expansion of investments in Ethiopia, according to office of the Prime Minister.

Ethiopian and South Korean leaders have reached consensus on elevating Ethio-South Korea relations to a strategic partnership, according to office of the Prime Minister, according to Africa Business Networking.

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Nation Taking Measures to Correct Macro economic Imbalances Deputy PM DemekeThe Government of Ethiopia has been taking measures and critical adjustments on macro-economic imbalances in order to protect the country’s economy from crisis, Deputy Prime Minister Demeke Mekonen said.

Opening the Home Grown Economic Reform Forum today, the deputy premier said since last year the government has embarked on economic, social and political reforms at macro level.

Appreciating the double-digit economic growth in the country over the past 15 years, Demeke underlined that macro-economic imbalance which hindered the nation from generating sufficient finance has been witnessed.

Following this gap, Ethiopia has been undertaking diverse measures to correct the imbalance, he stated.  

Accordingly, the government has prepared a Home Grown Reform Document that would enable the country to uphold the previous achievements and solve the current challenges on economy, he indicated.

He called on all the stakeholders to contribute their share for reform activities that would make the economy sustainable and stable.

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UK Secretary of State for Intl Development Visits Eastern Industrial ParkUK Secretary of State for International Development, Alok Sharma, and Oromia Regional State Deputy Chief Administrator Shimelis Abdisa have visited the Eastern Industrial Park on the outskirts of Addis Ababa.

During the visit, Shimelis said efforts have been exerted to encourage more investment flow to the regional state.

He pointed out that incentives offered to businesspersons by the government have proved to attract foreign investors in various sectors.

According to the deputy chief administrator, efforts are underway to make the region hub of investment. Foreign investors would benefit if they invest in Ethiopia, Shimelis reiterated.

UK Secretary of State for International Development, Alok Sharma said “I have been really excited to see the work of my department here in the industrial parks in terms of female economic empowerment, which is ladies getting job and supporting themselves and their families.”   

Stating that this is his second visit to Africa, Sharma said, “I hope the message you are getting from this is Africa is important to UK; and Ethiopia is also a very much important country for us.”

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Council of Ministers Approves Regulations on Licensing Mine ExplorersThe Council of Ministers has approved regulation on issuance of license for coal and chromite mining, and regulation that allows Maritime Affairs Authority to collect fees for services in order to minimize cost. 

According to the Office of the Prime Minister, the council also deliberated and referred the draft proclamation on combating human trafficking to the House of People’s Representatives.

In its 73rd regular session held today, the council approved the regulations to be effective immediately.

The draft proclamation on combating human trafficking was prepared by the Attorney General, according to ENA.

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Ethiopia Secures over 300 Million USD from Horticulture ProductsEthiopia has earned 318 million USD from the export of flowers and other horticulture products in the concluded fiscal year, which ended July 7, 2019.

Ethiopian Investment Commission (EIC) Public Relations Director, Mekonnen Hailu said that the east African nation generated $261 million USD form the export of flowers and the remaining $57 million USD was secured from vegetables, fruit and herbs export.

The export of Ethiopia’s horticulture products has been increasing steadily from time to time and especially the flower sector takes the lion’s share in generating huge amount of the foreign currency, he added.

Netherlands, Saudi Arabia, UK, USA, Japan, Norway, Germany, UAE, Belgium and Italy were the main export destinations of Ethiopian horticulture products.  

More than 100 companies have been engaged in cultivation of flowers, fruit and vegetables as well as herbs and supplying high quality products to the international market, according to the Public Relations director.

So far, the horticulture export industry has created job opportunities for over 100,000 citizens in different parts of the country, it was indicated.

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