Category: Business

Africa needs deeper linkages employing its opportunity to champion in trade and investment of the global market, Trade and Regional Integration State Minister Endalew Mekonen said.

Addressing the Africa trade and investment summit held in Addis Ababa today, State Minister of Trade and Regional Integration Endalew Mekonen said “Africa can be an opportunity of champion related to trade and investment in a global market.”

He added it is important that Africa goes to deeper and deeper particularly into continental market linkage among African countries such as AfCFTA.

Similarly, CEO of Investment Center of Africa, Abdinasir Turky said Africa is the land of opportunities where creating conducive environment is crucial to unlock such opportunities, he pointed out.

For the CEO, the summit is pivotal to exchange information, and discussing on trade and investment opportunities in African countries as whole.

Strong business environment partnership is also instrumental to realize the continent’s economic ambitions, he noted.

State Minister of Industry Hassan Mohammed for his part mentioned the reform agenda which has been key in easing doing business in Ethiopia.

‘Let Ethiopia Produce’ movement is also one of the recent initiatives which is being undertaken by the government to promote the ample investment opportunities in the country, he indicated.

Invest in Ethiopia’s manufacturing, mining, agriculture and other emerging sectors and opportunities and economic challenges shaping Africa’s future were among the points of discussion at the one-day summit.

Source: Ethiopian News Agency

Ethiopia’s economy has been growing resiliently despite the shocks and difficulties in recent years, Trade and Development Bank (TDB) Group Executive Management Board Chairman Admassu Tadesse told ENA.

The chairman said that Ethiopia “has been growing quite strongly and resiliently despite the shocks and difficulties in recent years.”

Citing the population growth in Africa, Admassu stated that the country will be one of the biggest markets within Africa as it is already very sizable with around 120 million people.

Elaborating on the massive economic reforms undertaken by the government, he pointed out that “Ethiopia has been doing the right thing. Very bold reforms that have been long-overdue; and I think there is exciting development in the financial sector. We hope that will continue so that Ethiopia can actually unleash the true power of the financial sector.”

For Admassu, Ethiopia has very good commercial banks and they can scale up quickly and be part of the solution that everybody is looking for.

Further noting that the realization of the African Continental Free Trade Area (AfCFTA) is crucial for African integration and unleashing the opportunities in each country, the chairman noted that Ethiopia is part of a continent which is integrating, and being part of the collective is significantly important.

Recall that the Ministry of Trade and Regional Integration recently affirmed that Ethiopia is intensifying efforts to increase its export destinations across the continent as AfCFTA brings new opportunities to realize its ambitions.

Proponents of the AfCFTA underline the enormous opportunities of the free trade area, among others, increasing economic growth, forex generation, growing flow of FDI, and creating jobs.

So, the reforms that have been embarked upon in the past couple of years by Ethiopia are definitely the right way to go, Admassu stressed.

The banking sector and the economic sector as a whole is going to be part of that integration. Every African country has the duty to do its part to link up and to create a better value proposition for the continent as whole, according to the group president.

By eliminating barriers to trade in Africa, the objective of the AfCFTA is to significantly boost intra-Africa trade, particularly trade in value-added production and trade across all sectors of Africa’s economy.

Source: Ethiopian News Agency

Bomet Governor, Prof. Hillary Barchok, has raised concerns over drug and alcohol abuse among the county’s residents.

Barchok said there has been increased drinking and abuse of drugs, especially bhang, among the youths.

He said the trend threatened the future of young people, while endangering the social fabric through moral decay.

Concerned with the threat, the governor said his administration has put in place measures to provide alternative sources of income to the youth and women, who have cited lack of employment as the reason why the youth drink and why women engage in the brewing and selling of illicit brews.

He said the County Government had revamped Vocational Training Colleges, in order to provide the youths with various technical skills that would enable them to start their own businesses and projects at the village level.

Barchok said his Administration has rolled out ‘mama na kuku’ program that donates ‘kienyeji’ chicken to women’s groups, as a head start to setting up their own poultry farms.

‘We are also reviewing modalities on how we are going to issue operating licenses to alcohol outlets, in a bid to reduce the number of bars and wine and spirits shops in the county,’ he said.

Barchok further urged the security agencies and the National Government Administration to work with the judiciary so that offenders were convicted.

Source: Kenya News Agency

Namibia and India will continue to strengthen cooperation in the fields of trade and investment; agriculture; capacity building and health, in order to enhance the two countries’ bilateral relations.

This was according to Deputy Prime Minister and Minister of International Relations and Cooperation, Netumbo Nandi-Ndaitwah, during the inaugural session of the Joint Ministerial Commission between Namibia and India in Windhoek on Monday.

“Our shared goal and vision are to see real change in our peoples’ livelihoods. We want to see our youth educated, trained and developed to become responsible citizens of our nations; to bring women into the fold so that they have full participation in our economies; as well as to create sustainable jobs that ensure that our people are independent and self-sustained,” she noted.

Nandi-Ndaitwah emphasised her sentiments during the 17th Exim-Bank Conclave on India-Africa Growth Partnership India in July 2022, where she noted that trade data shows that something needs to be done to improve the two countries’ trade balance and create collaboration between companies in different sectors of their economies.

“In this regard, I am pleased that we have welcomed within a short time span two business delegations from India, some who are still in our country. I wish to compliment both our high commissioners and Namibian honorary consul for that. I can only reiterate that it is essential that mutually beneficial economic ties and investment flows grow between our two countries as these will be the foundations for mutual benefit,” she said.

The Indian delegation, led by Minister of External Affairs Dr Subrahmanyam Jaishankar, is on a three-day visit to Namibia, with the purpose of further strengthening India’s bilateral relations with Namibia.

Source: The Namibian Press Agency

International Finance Corporation (IFC) today announced an investment in Dembesh Hotel in Juba to support the development of South Sudan’s tourism infrastructure.

According to a press release sent to ENA, IFC’s 7.5 million dollar investment comprises a 3.75 million dollar loan from IFC’s own account and a 3.75 million dollar concessional loan from the blended finance facility of the International Development Association’s (IDA) Private Sector Window.

This investment was announced on the sidelines of the Africa CEO Forum, co-hosted by IFC, in Abidjan, Cote d’Ivoire.

The expansion and renovation of the hotel, located in central Juba close to government offices, embassies, and commercial centers, will make it more attractive to business travelers and tourists, helping meet growing demand for high quality accommodation in the city, it said .

The project is expected to create 100 jobs during the construction phase and 50 jobs once the hotel is operational. IFC will also provide advisory services to help the hotel reduce its environmental footprint through improved energy and water efficiency—and to become EDGE certified, which is an IFC green building certification system focused on making residential and commercial buildings more resource efficient.

“IFC’s investment in Dembesh Hotel signals to the international investment community that South Sudan is open for business,” said Ayesheshim Teka, CEO of Dembesh Hotel. “This hotel has long been a preferred destination for public and private sector leaders visiting South Sudan. The expansion and renovation of the hotel will raise standards of the local hospitality sector – particularly as the hotel will then be rebranded to the international chain, Best Western Plus.”

“IFC’s investment in Dembesh Hotel is a vote of confidence in South Sudan’s future,” said Cheick-Oumar Sylla, IFC Director for North Africa and Horn of Africa. “The hotel will provide much-needed accommodation for business travelers and tourists visiting Juba, creating jobs and boosting economic activity.”

IFC’s long-term investment perspective and flexibility is particularly relevant for hotel investments which mostly require long-term financing, long grace periods, and flexible financial instruments, the press said.

The investment in Dembesh Hotel is part of IFC’s broader commitment to support areas affected by fragility and conflict. IFC has pledged that, by 2030, 40 percent of its annual commitments will be in IDA-eligible and Fragile and Conflict-Affected Situation (FCS) countries, and that 15-20 percent of these investments will be in IDA countries that are classified as very low income and FCS.

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets.

Source: Ethiopian News Agency

The African Economic Research Consortium (AERC) in partnership with African Econometric Society (AFES) and support of the government held a conference in Nairobi calling for international collaboration so as to curb challenges of available data in economic planning.

The three-day conference titled ‘Bringing rigour and evidence in economic planning in Africa’ aims to offer access to reliable, credible and up to date economic data in a quest to chart favourable plans in Africa.

It also seeks to use economic theory, mathematics and statistical inference to its phenomena in policy making objectives.

National Treasury Cabinet Secretary Prof. Njuguna Ndung’u highlighted the need for reliable economic statistics and data provided by professionals to aid development planning in the continent.

Ndung’u called for concerted efforts among policy makers and management technocrats in the country and Africa as well beyond to address the challenge of current credible and reliable data in economic planning.

He added that there is a need for adequate economists, statisticians and econometricians who are dependable and available on a timely basis widespread, regionally and internationally so as to improve the sector.

‘Most African countries are usually in arrears, especially within the National Accounts Statistics. As a policy maker, I know how frustrating it is to work with scanty data or stale evidence,’ disclosed Ndung’u.

Royal Danish Embassy Ambassador to Kenya Ole Thonke emphasised the need to enhance research to unleash the continent’s potential addressing its structural, fundamental and economic issues and challenges citing that many African countries still struggle with imports and exports in spite of their growth and moving forward.

‘I am a firm believer that Kenya and Africa have abundance of skilled manpower and natural resources when put to good use via better research and police will unleash more opportunities for a better future consequently drive our economy forward,’ said Thonke.

Echoing his remarks, AERC Executive Director Prof Theophile Azomahou acknowledged that that research plays a key role in economic development and as a leading economic policy and research institution they are working on advancing the role of econometrics in the country.

Azomahou stated that they are geared towards strengthening the capacity of researchers and graduate students in Africa by advocating and impacting economic knowledge and policies, noting the regional conference for Africa as the first step in the right direction.

‘This week prefigures the future of global knowledge and excellence in putting our feet into those big giants,’ said Azomahou.

Source: Kenya News Agency