PM Dr Abiy meets World Banks Vice PresidentPrime Minister Dr Abiy Ahmed met with the World Bank’s Vice President for the Africa Region, Makhtar Diop, at his office on May 17, 2018. Diop arrived in Addis Ababa for a three-day visit. “The World Bank is committed to helping Ethiopia attain its development goals and lower middle-income status by 2025,” Diop tweeted after the discussion.

The Vice President also met with Ethiopia’s Minister of Finance and Economic Cooperation Dr Abraham Tekeste. The two sides discussed on Ethiopia’s development agenda and World Bank’s partnership. World Bank is Ethiopia’s most development financer.

Ethiopia and the Bank enjoy strong partnerships in a range of development themes, including industrialization, jobs, investment and social sectors. During his stay in Addis Ababa, Diop is also expected to meet with heads of regional development organization, including the UNECA and the African Union Commission.

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Ethiopia Potentially the China of AfricaThe Growth and Transformation Plans Ethiopia designed to push its economy into lower middle-income status by 2025 bear in them a transition from an agrarian economy to an industrial one. In line with that goal, the country has been striving to draw in foreign investment to boost the manufacturing and industrial sectors.

Those efforts seem to bear fruit as Ethiopia has been ranked the seventh most attractive African country to investors by Africa Investment Index (AII) 2018. With a rapidly growing economy, a huge population of over hundred million, proximity to major international markets, conducive policy environment and a rapidly improving infrastructure, Ethiopia has increasingly become a favorable destination for FDI.

Numerous companies have relocated their manufacturing plants from countries such as Turkey, India and China to Ethiopia over the past decade. European and American companies are also increasingly flocking to the rising investment magnet in East Africa. Internationally recognized apparel, textile and shoe brands have also established manufacturing plants in Ethiopia.

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Chinese Firm Builds up Pharma with 85mSanSheng Pharmaceutical, a wing of the publicly listed Chongqing Sansheng Industrial Company in China, begins the first phase of production this month amidst a shortage of medical drugs. The pharmaceutical manufacturing plant is located inside the Chinese held Eastern Industry Zone in Dukem.

Lying on 16.7ha of land, the factory has been under construction since 2016 and was completed last December. For the installation, SanSheng, which has a starting capital of 85 million dollars, spent 20 million dollars. Drugs such as anti-pain drugs and antibiotics will be produced in the first phase of production, with plans of more to be added in subsequent phases.

Drugs are produced in tablet and capsule form, as well as in small and large volume parenteral. An aggregate of five billion units of capsules and tablets will be produced per year in the first phase. Three hundred million small and 10 million large volume ampules will also be manufactured.

“In entering the market, we planned to cater to the domestic as well as the global market in equal measures,” says Alemayehu Sileshi, sales and marketing manager of SanSheng. “What made Ethiopia attractive was improving infrastructure and the bilateral relations between the country and China.”

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Ethiopian Premier UAE Crown Prince discuss bilateral ties global issuesPrime Minister Dr Abiy Ahmed met with Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces on 18th May, 2018. The Ethiopian Premier arrived in the United Arab Emirates (UAE) after concluding his two-day state visit to Saudi Arabia.

During the meeting, the two leaders discussed ways of boosting ties of friendship and cooperation and took a stock of an array of the latest regional and global issues of mutual concern. They also explored the prospects of bilateral cooperation across the economic, trade and investment fields in order to serve mutual interests.

The Ethiopian Premier highlighted the strong and special ties between Ethiopia and the UAE, expressing his confidence that the bilateral ties would see steady growth in various domains.

He described the UAE as a 'successful role model' in the region thanks to the wisdom and far-sighted vision of the late founding father, Sheikh Zayed bin Sultan, and the keenness of President Sheikh Khalifa bin Zayed Al Nahyan to pursue this model of prudent leadership, which catapulted the UAE to the ranks of advanced nations.

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Chinese and African Companies meet at a B2B Match Making Event in ChinaMore than 70 African and 80 Chinese companies met at a B2B Match-Making Event in Hangzhou, China from 25 – 27 April 2018 to explore and expand upon business and investment partnerships in the agro-processing and light manufacturing sectors.

The event was organized under the auspices of Partnership and Investment for Growth in Africa (PIGA), a multi-lateral project consisting of the Chinese government, the UK Department for International Development (DfID), the four African nations of Kenya, Ethiopia, Mozambique and Zambia, including the International Trade Center (ITC) based in Geneva.

Companies participating in this B2B match-making event took the opportunity to meet with new business partners, explore new areas of cooperation and attend the plenary and practical sessions of the event. Seventeen Ethiopian companies took part in the event and had discussions with Chinese companies that generated 24 leads for investment partnerships.

These meetings were designed to establish new business linkages and the expansion of professional networks on both sides. African business people learnt about Chinese traders’ ́ and investors’ ́interests and requirements and came away with a better understanding of Chinese business culture. Technical support was also provided by trade and Investment support organizations, investment promotion agencies and other technical experts and service providers.

The B2B event brought together African and Chinese companies looking for joint ventures and foreign investors to scale-up their businesses. A dedicated pitching session showcased large investment projects to participating Chinese investors as well. Chinese business people were able to improve their knowledge of trade and investment climates in Ethiopia, Kenya, Mozambique and Zambia, as well as a better understanding of the technical needs and regulatory frameworks in Africa. PIGA’s goal is to increase exports, jobs and local development through foreign investments and business partnerships in agro-processing and light manufacturing sectors in the four African countries.

Source: Public Relations Directorate