Premier Abiy Updates Stakeholders on Macroeconomic Reform Programme
Ethiopia’s Role in Combating Terrorism in the HoA Region: Somalia a Case in point
African Union Adopts Coffee as a Strategic Anchor Commodity in AU Agenda 2063
Ethiopia Celebrates the 50th Anniversary of Lucy’s Discovery
Ethiopia-China Business Forum Held in Addis Ababa
NEWS IN BRIEF
Ethiopia
Ethiopia’s 24 newly appointed ambassadors concluded their intensive three-week training program with significant engagements with President Sahle-Work Zewde and Prime Minister Abiy Ahmed. (See Article)
Prime Minister Abiy Ahmed, on Saturday morning (August 3), received at his office Hakan Fidan, Minister of Foreign Affairs of Türkiye. Their discussions focused on continued bilateral ties between the two countries.
Prime Minister Abiy Ahmed Ali on Thursday (August 1) addressed stakeholders on the recently instituted Macroeconomic Reform Programme. (See Article)
Prime Minister Abiy Ahmed condemned the cowardly terrorist attacks on Mogadishu’s popular beach, Liido, on Saturday (August 3) and expressed condolences on the tragic loss of lives and the injuries inflicted. Foreign Minister Ambassador Taye Atske-Selassie also joined the Prime Minister in extending sympathies to the victims and their families and denounced the violence visited upon hapless civilians.
Minister of Foreign Affairs, Ambassador Taye Atske-Selassie, also held talks on Saturday (August 3) with Turkiye counterpart Fidan on bilateral and regional issues, including the current situation in Somalia and the Sudan and the need to work in cooperation for peace and stability in the Horn of Africa.
Foreign Minister Ambassador Taye on Saturday (August 3) received United States Special Envoy for Sudan, Tom Perriello, and exchanged views on current issues in the Sudan. They underlined the necessity of aligning efforts to bring peace and the need to secure a ceasefire during the current farming season.
Ethiopia recently celebrated a significant milestone: the 50th anniversary of the discovery of Lucy, the renowned hominid fossil that has become a symbol of the country’s contribution to the understanding of human evolution. (See Article)
State Minister of Fiscal Policy and Public Finance of the Ministry of Finance, Eyob Tekalign, stated during an interview with a foreign media outlet on Tuesday (August 6) that the government has earmarked several billion dollars to cushion the cost-of-living impact of economic reforms being implemented to win support from the International Monetary Fund.
National Bank of Ethiopia on Wednesday (August 7) successfully concluded a Special FX auction with a weighted average rate of Birr 107.9 per USD with the participation of 27 banks. In the wake of the announcement of auction results, NBE Governor Mamo Mihretu said, “We are pleased to see a substantial narrowing of the gap between bank exchange rates and parallel market rates over the past week, as well as meaningful progress towards exchange rate stability. This is precisely what our macroeconomic reforms intended to achieve—namely, to ensure that most FX transaction activity can shift to the banking system, thereby helping both exporters bringing in foreign exchange as well as the many companies and entrepreneurs seeking foreign exchange.”
On the same day, NBE announced that it has officially began accepting applications for Independent Foreign Exchange Bureaus, in line with the newly approved Foreign Exchange Directive that became effective on July 29, 2024.
The Director-General of the Ethiopian Securities Exchange (ESX), Tilahun Kassahun, during an interview with an Ethiopian media outlet on Wednesday (August 7) said the ESX will commence its operation in October 2024, thereby, gradually, serving as a good option for Ethiopia’s growing economy and financial demand.
On Monday (August 5), Ethiopian Airlines signed a Memorandum of Understanding with Satarem America Inc. in a bid to produce and use sustainable aviation fuel (SAF) within Ethiopia’s aviation sector. Ethiopian Airlines CEO Mesfin Tassew lauded the agreement as a pivotal step in the journey towards a greener and more sustainable future that further accentuates Ethiopia’s continued commitment to combating climate change and investing in innovative solutions that support a sustainable industry.
On Thursday (August 1), the Ethiopia-China Business Forum was successfully held at Skylight Hotel, Addis Ababa. The forum was co-organized by the Ministry of Foreign Affairs of FDRE and the Ethiopia-China Friendship and Cooperation Committee in collaboration with the Ethiopian Investment Commission and the Ethiopian Chamber of Commerce and Sectoral Association. (See Article)
A memorial wall engraved with the names of Ethiopian veterans of the 1950-53 Korean War has been established in Addis Ababa to honor their service in supporting South Korea. An unveiling ceremony for the wall, bearing the names of 2,482 veterans, took place at the Korean War memorial on Monday (August 5).
The Ethiopian National Dialogue Commission (ENDC) announced on Sunday (August 4) the successful conclusion of the agenda gathering consultative chapter in Gambella Region. The process is part and parcel of the nation’s efforts towards securing a lasting peace and shaping the country’s future through an all-inclusive and participatory process.
Kenya
President William Ruto on Wednesday (August 7) met at State House Nairobi with United States US Under-Secretary of State for Civilian Security, Democracy, and Human Rights, Uzra Zeya, and discussed peace and security in the region, the fight against terrorism, and people-to-people relations.
On Monday (August 5), President Ruto also conferred with United States Senator John Cornyn, a member of the Senate Finance, Intelligence, and Judiciary committees, at State House Nairobi, and discussed regional peace and security and the renewal of the African Growth and Opportunity Act (AGOA) as well as pending negotiations on a Strategic Trade and Investment Partnership.
On Thursday morning (August 8), President Ruto presided over the swearing-in ceremony of 19 ministers vetted and approved by the National Assembly at a ceremony at the State House Nairobi, as part of a broad-based government. Subsequently, the president officially gazetted the appointments.
Prime Cabinet Secretary and Cabinet Secretary for Foreign and Diaspora Affairs, Musalia Mudavadi, received on Tuesday (August 6) Minister of Foreign Affairs and International Cooperation Djibouti, Mahmoud Ali Youssouf, and deliberated on bilateral and regional issues of shared interest, including peace and security in the region.
PCS and CS for Foreign and Diaspora Affairs, Musalia Mudavadi, on Wednesday (August 7) conferred over the phone with the Minister of Foreign Affairs, Emigration, and Egyptian Expatriates, Badr Abdelatty, on bilateral, regional global issues of mutual interest, including recent developments in the Horn of Africa, the Democratic Republic of the Congo, Sudan, and South Sudan.
Somalia
Ethiopia is tied by language, culture, ethnicity, and natural resources with all its neighboring countries. This reality has made Ethiopia adopt a foreign policy that prioritizes safeguarding peace and security in the region. Its efforts over the years in maintaining stability in the region have yielded positive outcomes. One good example is its support to the brotherly people of Somalia in their struggle for Somalia’s sustainable peace and security. (See Article)
Minister of Foreign Affairs and International Cooperation, Ahmed Moallim Fiqi Ahmed, on Wednesday (August 7), during the extraordinary open-ended meeting of the Executive Committee at the Foreign Ministers’ level of the Organization of Islamic Cooperation (OIC) in Jeddah, Saudi Arabia, met with the Secretary-General of OIC, Hissein Brahim Taha, about ways to enhance cooperation and coordination.
Foreign Minister Fiqi also met with the Minister of Foreign Affairs and the National Community Abroad, Ahmed Attaf, on Wednesday (August 7) on the margins of the OIC Executive Committee meeting to discuss bilateral cooperation.
The African Union Transition Mission in Somalia (ATMIS) handed over the Maxaas Forward Operating Base (FOB) to the Somali National Army (SNA) on Wednesday (August 7) as part of the ongoing Phase Three drawdown. The FOB, situated in the Hiiran region, is the sixth military base handed over to the SNA.
South Sudan
The Transitional National Legislative Assembly (TNLA) of South Sudan on Tuesday (August 6) ratified the International Convention for the Suppression of the Financing of Terrorism that was adopted by the United Nations General Assembly on 9 December 1999, with the aim of preventing and combating the financial underpinnings of terrorism.
A team from the UN Mission in South Sudan (UNMISS), the African Union, and the Intergovernmental Authority on Development (IGAD) visited Tambura County in Western Equatoria State on Wednesday (August 7). According to Deputy Spokesman for the Secretary-General Antonio Guterres, Farhan Haq, the scoping mission is the latest in a series of interventions by stakeholders to reduce tensions and prevent conflict in the region.
The Health Minister of Northern Bahr el Ghazal State, Riiny Riiny Lual Dau, during a presser on Tuesday (August 6) confirmed the discovery of the first two suspected cases of Mpox (monkeypox), the first in the country.
Sudan
The Commander of the Sudanese Armed Forces, General Abdel Fattah al-Burhan, through senior army deputy commander Yasir al-Atta, announced on Tuesday (August 6) the relocation of his headquarters from Port Sudan to Omdurman to personally take charge of the military operations.
Head of the health programs for the International Committee of the Red Cross (ICRC) in Sudan, Amelie Chbat, said Sudan faces a health crisis due to the ongoing conflict that devastated the medical infrastructure in the country, which left civilians without access to essential health services, in a press release dispatched on Thursday (August 8).
Africa and the African Union
A press conference aimed at unveiling the outcome of the G25 Kampala Declaration and its subsequent adoption by the African Union was held on Thursday (August 1) in Addis Ababa. (See Article)
African Union Commission Commissioner Moussa Faki Mahamat on Saturday (August 3) via an X post condemned the horrific terrorist attack that claimed the lives of civilians at the popular Liido Beach in Mogadishu, Somalia, and expressed solidarity with the People and Government of Somalia.
The African Union disclosed on Wednesday (August 7) the adoption by the Peace and Security Council (PSC) of the Concept of Operations and endorsement of the formation of the new AU-Led Mission in Somalia, named the African Union Support and Stabilization Mission in Somalia (AUSSOM) as a transition from the AU Transition Mission in Somalia (ATMIS).
A High-Level Africa Facility to Support Inclusive Transitions (AFSIT) Dialogue on the Role of the AU, RECs, and the UN in West and Central Africa, themed “Reimagining Cooperation to Support Inclusive Transitions,” was held from 6 to 7 August 2024 in Dakar, Senegal. Speaking on the occasion, African Union Commissioner for Political Affairs, Peace, and Security, Ambassador Bankole Adeoye, stressed that unconstitutional changes of government (UCGs) should not deter Africa’s democratic consolidation with institution-building as meaningful to effective governance.
The 14th Joint Steering Committee (JSC) on the African Union (AU) Additional Support to the Multinational Joint Task Force (MNJTF) against Boko Haram was held in Ndjamena, Chad, from 06 to 08 August 2024. In his remarks, Director of Conflict Management Directorate in the Political Affairs, Peace, and Security Department, Alhaji Sarjoh Bah, commended the efforts of the Lake Chad Basin Commission and the Multinational Joint Task Force in the fight against Boko Haram.
Premier Abiy Updates Stakeholders on Macroeconomic Reform Programme
Prime Minister Abiy Ahmed Ali on Thursday (August 1) addressed stakeholders on the recently instituted Macroeconomic Reform Programme. During his briefing, he told participants that it is important to understand the Macro-Economic Reform Program Policy holistically rather than in isolation. We have thoroughly evaluated what needs to be done to bring about development in Medemer, he noted. When we speak of ensuring prosperity in the country, PM Abiy told stakeholders, we mean by development as espoused by the Medemer-driven comprehensive roadmap. Our thinking is geared towards bringing about a futuristic, forward-looking development in Ethiopia, he said. In this regard, it is incumbent upon us to holistically understand the major pillars and foundational ideals underpinning development in Medemer.
The five foundational ideals of development in Medemer, according to Premiere Abiy, are: (1) Unity or Synergy; (2) Inclusiveness and Equity; (3) Innovative Approach; (4) Good Governance; and (5) Peace and Stability. These ideals, as outlined in the Medemer roadmap, also have four major underlying principles, the Premiere added. The four major principles mentioned during his address were Entertaining new ideas, Acceleration of key sectors, Implementation or Walking the Talk and Transformation
In order to fully implement these pivotal principles towards holistic and resilient development, it is imperative that leveraging socio-cultural capital, building new things in key sectors, and leapfrogging are the methodical compasses in the how of reform’s implementation, PM Abiy noted. These approaches, in turn, are buttressed by three key enablers, including early education, conducive policy, and funding, he elucidated.
According to the Premiere, the investment gap, infrastructure gap, low institutional capacity, mounting debts, and shortage of foreign exchange are the challenges that plague the full implementation of the reform process and need to be addressed effectively. The Premier stressed that the Reform Programme is pro-poor and focused on supporting the most vulnerable.
Underscoring the critical role stakeholders could continually play in its fruition, PM Abiy stated that the success of these reforms depends on all stakeholders collaboratively increasing productivity, exports, and revenue. Law enforcement agencies are mandated to take action against malicious traders who artificially manipulate prices, the PM said.
As per the Macro-Economic Reform Program Policy Statement issued last month, the recently approved second phase of the Homegrown Economic Reform Program (HGER 2.0) reaffirms the government’s commitment to completing the remaining macroeconomic reforms.
Throughout the reform process, the government has reiterated its commitment to implement active measures to address potential good governance concerns and criminal activities. In tandem with this, necessary measures will also be undertaken to protect vulnerable members of society from the short-term negative impacts of the reform.
In the same token, the economic reform agenda will lay the foundation for strong, private sector-led, inclusive economic growth and job creation. High and stable economic growth and maintaining single-digit inflation are among the major goals to be achieved during the implementation period of the program.
President Sahle-Work and Prime Minister Abiy Instruct New Ambassadors to Safeguard National Interests
Ethiopia’s 24 newly appointed ambassadors concluded their intensive three-week training program with significant engagements with President Sahle-Work Zewde and Prime Minister Abiy Ahmed.
Accordingly, on Thursday (August 1), in a solemn ceremony, the ambassadors took their oath in the presence of President Sahle-Work Zewde, the President of the Federal Supreme Court, Tewodros Mihret, the State Ministers of Foreign Affairs, Ambassador Mesganu Arga, and Ambassador Birtukan Ayano, along with other senior officials from the Ministry of Foreign Affairs.
During the occasion, the ambassadors pledged to uphold their country’s national interests and perform their duties with the utmost diligence.
Delivering her remarks, President Sahle-Work congratulated the ambassadors, highlighting the honor and responsibility of representing Ethiopia. She noted that all the appointees are seasoned career diplomats, a decision that came to fruition by Prime Minister Abiy Ahmed, who recognized their extensive experience in the Ministry of Foreign Affairs and its overseas missions. This experience, she remarked, prepares them well to navigate the complexities of the global diplomatic landscape.
Foreign Affairs Minister Ambassador Taye Atske-Selassie also extended his congratulations. He emphasized the need to be innovative in addressing the dynamic nature of international relations, whether in bilateral or multilateral contexts.
He expressed confidence in the ambassadors’ ability to advance Ethiopia’s national interests, drawing on their considerable experience.
Earlier that week, on Wednesday (July 31), Prime Minister Abiy Ahmed met with the newly appointed ambassadors to conclude their training, covering a wide range of topics, including national, regional, continental, and international issues pertinent to Ethiopia’s interests, such as economic diplomacy, Ethiopia’s role in multilateral forums, diaspora policy, and media relations.
The Prime Minister underscored the importance of promoting and protecting Ethiopia’s national interests and encouraged the ambassadors to execute their responsibilities with excellence.
Ethiopia’s Role in Combating Terrorism in the HoA Region: Somalia a Case in point
Ethiopia is tied by language, culture, ethnicity, and natural resources with all its neighboring countries. This reality has made Ethiopia adopt a foreign policy that prioritizes safeguarding peace and security in the region. Its efforts over the years in maintaining stability in the region have yielded positive outcomes.
One good example is its support to the brotherly people of Somalia in their struggle for Somalia’s sustainable peace and security. Assisting the establishment of a stable government was the priority, and this was successfully achieved with the involvement of other neighboring countries and the regional organization, IGAD. Yet, the challenge has persisted and required not only diplomatically but also militarily, which Ethiopia successfully delivered.
In 2006, based on the invitation from the Transitional Federal Government of Somalia, Ethiopia was able to get in Somalia and succeed in ousting the radical Islamist movement, the Union of Islamic Courts, helping Somalia to restore relative peace and security. Again in 2012, when Al-Qaeda-affiliated insurgent group Al-Shabab was reinforced, Ethiopian forces, together with allies, have expelled Al-Shabab from South and Central Somalia. Its coordination and effort with other troop-contributing countries have helped the government of Somalia to enhance its capacity and weaken Al-Shabab.
For three decades, Ethiopia has always been a troop-contributing country bilaterally and within AMISOM and ATMIS, managing and responding to counterterrorism efforts. Similarly, Ethiopia advocated for Somalia at regional, continental, and international levels diplomatically in supporting predictable and sustainable financing for AMISOM and later for ATMIS operations, along with mobilizing assistance in the state-building process of the country.
Since 1991, Ethiopia has unequivocally operated a principled policy towards Somalia, which is creating a peaceful Somalia for the benefit of its own people, Ethiopia, and the region. This was also reflected recently when Prime Minister Abiy Ahmed addressed the 36th regular session of the House of People’s Representatives last month.
The Prime Minister recalled the brotherly relations and cooperation with Somalia, indicating the sacrifices paid by Ethiopian soldiers in Somalia to ensure the peace and stability of the country, adding Ethiopia not only respects Somalia’s sovereignty and territorial integrity but also strongly desires its peace. The Prime Minister concluded his remark by stressing that Ethiopia’s policy towards neighboring countries is based on collaboration and mutual development.
Ethiopia was shocked by the disturbing news of the heinous terrorist attack by al-Shabab on Lido Beach in Mogadishu on Friday (August 2). Prime Minister Abiy immediately expressed his solidarity with the people of Somalia, conveying deep sadness over the tragic loss of lives and the injuries sustained in the horrific attack. He extended thoughts and prayers to the victims, their families, and the people of Somalia during this difficult time.
The recent attack by the terrorist group Al-Shabab once again highlights how deadly and dangerous the group is. The threat posed by Al-Shabab extends beyond Somalia’s borders, making it crucial for regional actors and international partners to coordinate efforts in countering their terrorist acts. Ethiopia remains committed to standing with the people of Somalia in their fight against terrorism, recognizing that the peace of Somalia is directly tied to the peace of Ethiopia.
African Union Adopts Coffee as a Strategic Anchor Commodity in AU Agenda 2063
A press conference aimed at unveiling the outcome of the G25 Kampala Declaration and its subsequent adoption by the African Union was held on Thursday (August 1) at Eilily International Hotel in Addis Ababa.
The press conference was attended by high-ranking officials including Girma Amente, Ethiopian Minister of Agriculture and Chairman of the Inter-African Coffee Organization (IACO), Ambassador Josefa Sacko, AU’s Commissioner for Agriculture, Rural Development, Blue Economy, and Sustainable Environment (ARBE), and Ambassador Solomon Rutega, Secretary General of IACO.
The initiative to elevate coffee to a strategic commodity commenced with the Kampala Declaration, a pivotal document arising from the G-25 Coffee Summit held on August 8, 2023, in Kampala, Uganda. The gathering, which convened under the theme of “Transforming African Coffee Sector through Value Addition,” adopted a Kampala Declaration, which was officially recognized during the 37th Session of the African Union Summit held in February 2024 in Addis Ababa.
The declaration aspires to unlock Africa’s tremendous potential in coffee production through economic empowerment and competitiveness. Major objectives of the declaration include supporting research in coffee value addition to enable innovation and development of new products, generating new knowledge on best practices and improved technologies, and undertaking studies on the production of coffee through access to finance for coffee value addition projects, among others. Furthermore, the trade of coffee under the framework of the AfCFTA is a crucial component of the aforementioned declaration.
The aforementioned press conference was crucial to announce the outcome of the G25 Kampala Declaration which was adopted by the African Union Assembly of Heads of State and governments. The declaration includes a proposal to elevate coffee as a strategic commodity in AU Agenda 2063. It also includes the recommendation to designate the Inter-African Coffee Organization (IACO) as a specialized agency of the African Union.
During the media briefing, IACO Chairman Girma Amente stressed that the decision to adopt coffee as a strategic anchor commodity and the inclusion of the Inter-Africa Coffee Organization (IACO) as a specialized agency of the African Union is a historic milestone. He further noted that Ethiopia is the only country in sub-Saharan Africa with a per capita consumption of coffee of about 2/3 kg per person.
AU Agriculture, Rural Development, Blue Economy, and Sustainable Development (ARBE) Commissioner Josefa Sacko, on her part, underscored the need to transform products in the continent as the recent decision is a pilot initiative for other products in Africa. The Commissioner hailed Ethiopia as the home and backbone of Coffee Arabica.
IACO Secretary General, Ambassador Solomon S. Rutega, emphasized that the vision to transform the African coffee sector through value addition needs political commitment for the sector. He noted that coffee is the second-largest commodity in the world next to oil.
While Africa is a birthplace of coffee and makes up 12 percent of the overall global production of coffee beans, the sector is still hampered by low productivity and production, inequality in the coffee value chain, loss of economic benefits associated with low consumption, and the adverse impact of climate change. For instance, Ethiopia exports 99% of its coffee without adding value depending on the demand of the importing countries.
Therefore, the adoption of coffee as a strategic anchor commodity and designation of the Inter-African Coffee Organization (IACO) with the broader objective of transforming the coffee sector on the continent is expected to positively impact the lives of millions of households dependent on the sector.
Ethiopia Celebrates the 50th Anniversary of Lucy’s Discovery
Ethiopia recently celebrated a significant milestone: the 50th anniversary of the discovery of Lucy, the renowned hominid fossil that has become a symbol of the country’s contribution to the understanding of human evolution.
The anniversary is reflective of the importance of Lucy’s discovery not only for its scientific value but also for its role in enhancing Ethiopia’s global image and tourism appeal.
Lucy, discovered on November 24, 1974, in Hadar, Afar Region, by a team led by American anthropologist Donald Johanson, is estimated to be 3.2 million years old. This fossil has provided invaluable insights into human evolution and has cemented Ethiopia’s place in the history of scientific research.
The ninth Eastern Africa Association for Paleoanthropology and Paleontology (EAAPP) conference held in Addis Ababa at the Adwa Memorial Museum featured a series of events, including participation from the Arizona State University’s Institute of Anthropology, complemented by a photo exhibition and visits to various historical sites in Addis Ababa, showcasing Ethiopia’s rich heritage.
Prime Minister Abiy Ahmed, addressing the anniversary celebrations, stressed that Lucy’s (Dinknesh) discovery has solidified Ethiopia’s role as a central hub for the study of human evolution and has affirmed Africa’s status as the cradle of humanity.
The Prime Minister stated that Lucy’s discovery was a groundbreaking event that captivated both the scientific community and the world at large, providing invaluable insights into the evolution of life on Earth. He acknowledged Ethiopia’s extensive contributions to our understanding of human history and its role in the development of ancient technology and culture.
In his remarks, Prime Minister Abiy also highlighted ongoing government initiatives aimed at promoting tourism, such as the Dine for Sheger, Dine for the Nation, and Dine for the Generation projects. These efforts are designed to showcase Ethiopia’s natural and cultural attractions, with additional projects in the pipeline to further develop the tourism sector.
Professor Yohannes Haile-Selassie, a renowned anthropologist and Director of the Institute of Anthropology at Arizona State University, who attended the celebration of the 50th anniversary of the discovery of Lucy, highlighted the importance of the anniversary for Ethiopia. He emphasized that the successful organization of the conference and related events not only celebrated Ethiopia’s scientific achievements but also served to promote the country’s tourism resources on a global scale. The visibility and attention garnered through these celebrations are expected to enhance Ethiopia’s international reputation and attract more visitors.
The presence of distinguished researchers was noted as crucial for boosting Ethiopia’s global visibility and reinforcing its historical prominence. The celebration of the 50th anniversary of Lucy’s discovery has not only celebrated a pivotal scientific achievement but also provided a platform for Ethiopia to highlight its rich historical and cultural heritage.
Ethiopia-China Business Forum Held in Addis Ababa
On Thursday (August 1), the Ethiopia-China Business Forum was successfully held at Skylight Hotel, Addis Ababa. The forum was co-organized by the Ministry of Foreign Affairs of FDRE and the Ethiopia-China Friendship and Cooperation Committee in collaboration with the Ethiopian Investment Commission and the Ethiopian Chamber of Commerce and Sectoral Association.
With the aim of promoting business-to-business exchanges and fostering economic cooperation between Ethiopia and China, the Forum brought together more than 250 participants of Ethiopian high-level officials, the business communities of the two countries, and members of the Ethiopia-China Friendship and Cooperation Committee, as well as representatives from various Chinese provinces and leaders of Chinese cities such as Rizhao and Jiaxing.
The forum was graced with the attendance of Ambassador Mesagnu Arga, State Minister of Foreign Affairs; Yasmin Wohabrebbi, State Minister of Trade and Regional Integration; Wondimu Seta, State Minister of Urban and Infrastructure; Fiseha Yitagesu, CEO of Ethiopian Industrial Parks Development Corporation; Betty Xu, Chairperson of the Ethiopia-China Friendship and Cooperation Committee; Zhang Dianhu, Deputy Mayor of Rizhao City; Zhang Renghui, Vice Chairman of the Jiaxing Municipal People’s Congress Standing Committee; and Aynalem Abayneh, Vice President of the Ethiopian Chamber of Commerce and Sectoral Associations, who delivered speeches in the opening session.
In his opening remarks, Ambassador Mesagnu Arga highlighted that the recently signed All-Weather Strategic Partnership between Ethiopia and China has created new opportunities for both countries’ business communities. He noted that trade between Ethiopia and China totals around $5 billion, with China’s foreign direct investment reaching $4 billion.
He emphasized Ethiopia’s commitment to improving the business environment through economic reforms and encouraged joint efforts to maximize investment and trade potential. Additionally, he pointed out the rich production capacities of Chinese cities like Rizhao and Jiaxing, and Ethiopia’s interest in fostering business exchanges with these cities.
Yasmin Wohabrebbi, State Minister of Trade and Regional Integration, stated that the Business Forum with the Chinese business community aligns with Ethiopia’s ongoing economic reforms. She highlighted significant changes, including allowing foreign investors in previously restricted sectors like export and retail trade, and the revision of the foreign exchange regime, which aims to attract foreign currency and benefit both investors and the Ethiopian economy.
Fiseha Yitagesu, CEO of Ethiopian Industrial Parks Development Corporation, emphasized efforts to boost Chinese investor participation in Ethiopia’s industrial parks, highlighting institutional reforms, one-stop shop services, and incentives like duty-free imports.
Betty Xu, Chairperson of the Ethiopia-China Friendship and Cooperation Committee, underscored the shared industrialization goals and investment opportunities in sectors like mining and manufacturing.
Adding upon what was said, Zhang Dianhu and Zhang Renghui noted that Ethiopia’s recent economic reforms, including foreign exchange changes, will enhance Chinese investment. Aynalem Abayneh, Vice President of the Ethiopian Chamber of Commerce, highlighted Ethiopia’s strategic location and government efforts to attract foreign direct investment.
At the business and investment forum, representatives from the Ethiopian Investment Commission and Industrial Parks Development Corporation highlighted Ethiopia’s investment opportunities and strong ties with China. The event included government-to-business and business-to-business sessions focusing on sectors like mining, renewable energy, agriculture, and manufacturing.
An interactive panel on mining, led by State Minister Million Mathewos, connected Ethiopian opportunities with Chinese investors. The forum also featured the launch of the Ethiopia-China Friendship Committee’s Light-up Villages program and the signing of 13 business agreements with Chinese enterprises.
Prior to the main forum, a business-to-government meeting was held on Wednesday (July 31), 2024, at Skylight Hotel, where Ethiopia and China discussed enhancing investment in agriculture, energy, and other sectors. The Ethiopian Investment Commission and the Ethiopia-China Friendship and Cooperation Committee signed an MOU on Joint Investment, Promotion and Retention. A Sister City Partnership Agreement was also signed between Addis Ababa and Rizhao City to foster collaboration and exchange sustainable practices.
From July 31 to August 5, a Chinese delegation of about 100 members visited Bole Lemi Industrial Park, Adwa Victory Memorial Museum, and Entoto Park. They also held a business conference with Oromia Regional State on Saturday (August 3) and visited Bulbula Integrated Agro-Industrial Parks.
It is for the first time that a business delegation of this size has come to Ethiopia from China since Ethiopia and China elevated their bilateral relations to an all-weather strategic partnership in October 2023.
Leave Your Comments Here