Ethiopia has earned 610 million U.S. dollars from Chinese built industrial parks, the Ethiopia Industrial Park Development Corporation (EIPDC) disclosed on Sunday.
Behailu Kebede, Marketing and Communications Department Chief at EIPDC, said the 610 million U.S. dollars export revenue was earned from 13 Chinese built industrial parks.
Kebede further said the 13 industrial parks have created job opportunities for more than 89,000 Ethiopians, reported state media outlet Ethiopia Broadcasting Corporation (EBC).
"The textiles and other export related products produced by industrial parks have garnered good reviews by European and North American customers," Kebede said.
Ethiopia currently has 13 operational industrial parks, with several more under-construction expected to be commissioned during the current Ethiopian Fiscal Year 2020/2021.
In recent years, Ethiopia has embarked on industrial parks' construction and commissioning activities, as part of a broad economic strategy to make the country a light manufacturing hub in Africa by 2025.
The Ethiopian government has attached great importance to cooperation with Chinese firms in various fields.
These include the construction of industrial parks along with giant Chinese firms investing in various industrial hubs, the majority of which were built with Chinese expertise and finance. Xinhua
The Ethiopian Ambassador to Rwanda, Lulit Zewdie, has shared with Rwandans the opportunities available in her country in the areas of investment and tourism, saying that both countries have many areas of common interest.
The Embassy of Federal Democratic Republic of Ethiopia in Rwanda was officially opened in 2017.
“I am the first resident Ambassador of Ethiopia to Rwanda. We believe that significant achievement has been done to further strengthen the already existing friendly relations between our two countries and peoples in all areas of comment interest,” she said during an event held on March 13.
She said that Ethiopia has a vision to place Ethiopia amongst the top 100 countries on the World Bank’s Ease of Doing Report.
“In relation to the investment sector, Ethiopia has indeed come a long way in forging an enabling environment to create a productive and competitive private sector, to attract foreign direct investments to allow more space for private sector investment,” she said.
More than 80 important reforms, she noted, have been implemented since the national initiative to improve Ethiopia’s ease of doing business was launched two years ago.
In addition to improving ease of doing business in the country as part of wider economic reforms, she said, a remarkable decision has been passed by her government to partially privatize some of the major public enterprises.
These include railways, telecommunications, hydropower and Sugar Corporations among others.
Ethiopia is also building the Grand Ethiopia Renaissance Dam which after completion could generate 6500 MW of electricity.
Investment opportunities
According to Gebresilasie Tadese, the Business and Tourism Officer at the Ethiopian embassy in Kigali, while Ethiopian investors have invested in Rwanda in sectors such as manufacturing, construction, services and so on, Rwandans can also invest in multiple sectors in Ethiopia.
“Strategic priority areas have been identified for foreign direct investment attraction and export promotion. These include agro-processing, horticulture, tourism, ICT, textile and apparel, leather and leather products,” he said.
The leather sector has potential, he said, considering that Ethiopia has more than 53 million cattle, 25.5 million sheep and 24.1 million goat populations yet only 50% of hides and skins potential are being utilized.
“With this, investors can invest in tanning of hides and skins up to finished level, manufacturing of luggage (such as handbags), saddle and harness items, footwear, and garments and Integrated tanning and manufacturing activities,” he said.
Investment incentives
More than 12 industrial parks are functional in the Horn of Africa country to facilitate investors, Tadese said.
He said that there is 100% exemption from the payment of import customs duties and other taxes levied on imports is granted to an investor to import all investment capital goods such as plant machinery and equipment.
Ethiopian products and services destined for export are exempt from the payment of any export tax and other taxes levied on exports, while any income derived from an approved new manufacturing and agro-industry investment or investment made in agriculture shall be exempted from the payment of income tax he disclosed.
“Business enterprises that suffer losses during the tax holiday period can carry forward such losses for half of the income tax exemption period following the expiry of the exemption period,” he noted.
In the tourism sector, Ethiopia has been included among Forbes ‘Rising Stars in Travel’, which feature seven countries that have potential to become major tourist destinations in a post-Covid world.
Ethiopia has currently an estimated 112.1 million population.
Bilateral ties
In 2017, Rwanda and Ethiopia signed 11 bilateral agreements.
The agreements are in the areas of extradition treaty, mutual legal assistance, communication, information and media, youth and sports, tourism and health, education, culture, cooperation in prisons and correctional services, gender, women and children as well as water resources management.
Rwanda exports to Ethiopia were US$9.74 million in 2019, according to the United Nations COMTRADE database on international trade. -Michel Nkurunziza, The New Times
Raila Odinga`s first contact has spoken and will be seeking a Convid-19 test in Nairobi.
Ex-Nairobi Governor Dr Evans Kidero has broken silence after Raila Odinga tested positive for Covid-19 at Nairobi Hospital.
According to the ex-Nairobi county boss, he had spent four days with the former Premier in Malindi and Mombasa last weekend, where they emphasised support for Building Bridges Initiative (BBI).
Kidero said that after Raila contracted the novel virus and contacted him, he will proceed to take a Covid-19 test and observe the Covid-19 protocols on isolation.
Kidero has also advertised the cancellation of all public engagements scheduled for this weekend.
He was expected to attend Bishop Elijah Kwanya`s mother’s funeral in West Karachuonyo ward in Homa Bay, who died at 115.
At the same time, Kidero wished Raila Odinga a quick recovery.
KDRTV understands that Evans Kidero is the first person to speak after making contact with Raila Odinga.
What did he say:
“Good evening fellow Kenyans,
I wish jakom (Chairman) a quick recovery. I spent four days with jakom (Chairman) in Malindi and Mombasa last weekend where we drummed up support for BBI.
Following the news of his current status and my personal responsibility to the public am cancelling all my public engagements listed for this weekend.
Am driving back to Nairobi having cancelled my funeral attendance of bishop Elijah Kwanya’s mother’s funeral in West Karachuonyo Ward, Homa Bay, who passed on at the age of 115 years.
Am proceeding to take a COVID test and follow the COVID-19 protocols on isolation.
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