Addis Ababa April 26/2024 (ENA) Smallholder farmers in two woredas of Ethiopia have etched their names in history by becoming the first recipients of crop insurance compensation. In response to the pressing need for climate risk solutions in Ethiopia's agricultural sector, the crop insurance was initiated by the Agricultural Transformation Institute (ATI), the World Food Programme (WFP), and Pula Advisors. This trailblazing program, which aims to shield farmers from the formidable climate risks that pose significant threats to agricultural productivity is funded by the Government of Germany, it was learned. In this pay out for the season, a total of 51,132 farmers will be compensated for the losses as a result of various perils. According to Pula Advisors Country Manager Dagmawi Haileyesus, the initiative has ushered in substantial benefits for small-holder farmers across Ethiopia. Notably, the beneficiaries are youth and women underscoring that the program's commitment to inclusivity and empowering marginalized groups within the agricultural sector, he said. Pests and diseases have emerged as the leading culprits of crop loss with farmers in the Jama and Were Illu woredas bearing the brunt of substantial damage to their crops due to the onslaught of Yellow rust, the country director said, adding that the yields in these areas plummeted below the trigger threshold, prompting the activation of the insurance payouts. Dagmawi acknowledged the challenges faced by Ethiopian farmers due to unpredictable weather patterns and emphasized that "the compensation will aid farmers in regaining financial stability." He further underscored the effectiveness of the robust public-private partnership in bolstering the resilience of small-holder farmers. Agricultural Transformation Institute (ATI) CEO Mandefro Nigussie emphasized the significance of the crop insurance program and its impact on Ethiopian farmers. He said that seventy-one percent of adults rely on agriculture as a source of income and over sixty percent of farmers are engaged in agriculture. With increasing climate change and pest-related risks, agricultural development and production are of paramount importance, the CEO noted, adding that Ethiopian farmers need improved access to inputs and credit. "They, along with governments, require access to formalized transfer mechanisms when agricultural production suffers due to unemployment," he stressed. According to Mandefro, the implementation of the crop insurance program marks a watershed moment in supporting Ethiopian farmers and fostering resilience in the face of climate risks.  

Addis Ababa April 26/2024 (ENA) Timbuktoo Initiative, a Pan African development scheme designed by the United Nations Development Program (UNDP) to support startups and encourage job creation in African countries, launched in Ethiopia. Promoted by the UNDP, timbuktoo aims to address critical gaps and work with African governments, investors, corporates, and universities, to support the African startup ecosystem.   The initiative aims at mobilizing and investing 1 billion USD of catalytic and commercial capital to transform 100 million livelihoods and create 10 million dignified new jobs. Ethiopia has officially joined the initiative in a ceremony organized in Addis Ababa in the presence of stakeholders. On the occasion, Minister of Innovation and Technology, Belete Mola highlighted the contribution of the initiative to boost startups in Ethiopia. He also pointed out that the initiative is instrumental to enhance the innovation space among African countries. “This initiative is the largest in the world dedicated to support the innovation eco-system in Africa. Today marks a significant step forward our commitment to the mission of creating more and better early stage risk capital which is defused, localized and inclusive. It also fixes fragmented eco-systems and builds Pan African startups” the minister elaborated. Belete said that in today’s rapidly evolving world, innovation is no longer a luxury but it is a necessity. He highlighted the important of timbuktu initiative as it recognizes the capacity to close gaps between creating values and impact as it also lays the foundation for credibility and legitimacy providing a pathway to access and skills and fostering sustainability through multilevel coalition and partnership. The minister expressed commitment of the government to work tirelessly alongside with partners to ensure the successful implementation of the initiative. Ethiopian Capital Market General Director, Biruk Taye said the timbuktoo initiative will enable startups to achieve success by working in collaboration with one another indicating the practical measures being taken by the government to encourage innovation and implement the initiative.   Representative of UNDP in Ethiopia, Samuel Gbaydee Doe for his part stated that the efforts being taken by the government of Ethiopia to in building digitalization is encouraging indicating that the Timbuktu Initiative is instrumental to help African work together.   “Ethiopia stands at a pivotal moment in its journey towards economic prosperity and as a strategic leader of the horn of Africa region and across the continent of Africa.” The representative also hailed Ethiopia’s readiness to embrace the digital age and harness the power of technology to drive the socioeconomic development.

Addis Ababa April 26/2024 (ENA) Ethiopia and the Republic of Congo have inked air transport agreement today. The accord was signed by Ethiopian Transport and Logistics Minister Alemu Sime and the Republic of Congo Transport, Civil Aviation, and Merchant Navy Minister Honoré Sayi at a ceremony held in Addis Ababa. During the occasion, Alemu hailed the agreement as a testament to the nations shared vision, building upon previous accords and aligning with the Yamoussoukro Decision initiated by the African Union which permits African airlines to operate freely across the continent's airspace.   He pointed out that the pact imposes no restrictions on flight frequency, destinations, traffic rights, or aircraft types, among other factors. "This ground-breaking development is poised to significantly bolster economic, diplomatic, and social bonds between the two countries," the minster added. According to him, the comprehensive framework is expected to yield myriad benefits and contribute to the growth of both nations burgeoning aviation sectors. Currently, Ethiopian Airlines operates seven weekly flights to the Republic of Congo. With the completion of this agreement, the flag carrier can expand its routes and augment traffic to the cities of Brazzaville and Pointe-Noire, thereby expanding the scope of services and creating lucrative market opportunities for African airlines in the continental air market. Alemu expressed his conviction that increasing the share of African airlines in the African air market is vital for the continent; hence, assuring that Ethiopia remains committed to providing unwavering support to strengthen airlines across Africa, including in the Republic of Congo. In his remarks, Honoré Sayi lauded the bilateral agreement as a momentous stride in the relationship between Ethiopia and the Republic of Congo.   He acknowledged the pact's pivotal role in reinforcing bilateral ties and underscored the importance of leveraging Ethiopian Airlines expertise and experience, hailing it as the pride of the African continent. Sayi emphasized the agreement's reflection of the shared determination of both governments to transform the civil aviation sector within the dynamic global aeronautics landscape and the African continent. The minister exuded confidence that the pact would pave the way for significant advancements and urged both parties to collaborate closely to materialize the commitments outlined therein.      

Addis Ababa April 26/2024 (ENA) The 16th Joint Ministerial Commission (JMC) of mid-term review between Ethiopia and Djibouti has concluded, with the two countries reaching agreements on various areas of mutual interest. The relationship between Ethiopia and Djibouti is very strong that is built on a number of areas including people to people. After welcoming Djibouti’s President Ismaïl Omar Guellé, Prime Minister Abiy Ahmed once said “the ties between our two nations are historical and broad-based. It is not only neighborly ties but familial.” The two countries have now been working to enhance their relations by building various infrastructures that would help them cement their partnership. The Joint Ministerial Commission meeting is one of the ways in which the countries elevate their ties. The Ethiopian delegation led by the Minister of Transport and Logistics, Alemu Sime participated at the 16th Joint Ministerial Commission mid-term review meeting. The Minister chaired the two day meeting held in Djibouti with his Djibouti counterpart, Hassan Houmed Ibrahim. The meeting focused on the comprehensive cooperation frameworks of the two countries, investment and illegal border trade, illegal human trafficking, transport and logistics sectors, especially the implementation of the construction of the Dekil-Galafi road. They also had a deep discussion about the efforts being made to address the bottlenecks in the port and transit between the two countries and the customs service provision and the responses received. Based on this, technical committees were formed to improve the port and transit services, customs protocol and multimodal agreements that have already been signed between the countries. At the conclusion of the meeting, Ethiopian Minister of Transport and Logistics Alemu Sime said that Ethiopia and Djibouti have a long standing relationship in multifaceted spheres. This two day-meeting was held in a way that reflected this historical friendship. He expressed his confidence that the relevant government institutions from both parties will meet and discuss the agendas that have been discussed and agreed upon during the meeting and will carry out the necessary tasks. He stressed special attention should be paid to logistics and port in working with collaboration. Minister of Infrastructure and Equipment of Djibouti, Hassan Houmed Ibrahim said on his part that the two-day meeting was held in a good spirit stressing the contribution of such forums to strengthen the bilateral relations between Ethiopia and Djibouti. Ethiopia’s long-term aspiration is to realize shared development with its neighbors; as it is vividly demonstrated with its sisterly country Djibouti through infrastructures such as railway, potable water, energy, people-to-people and cultural exchange. Hence, the country is exerting its utmost contribution to enhance mutual development among communities of its neighbors with similar identities by even sharing from its meager resources. Ethiopia is committed to providing its neighbors with infrastructure options with a view to help them expedite their respective development; Djibouti and Ethiopia will benefit from enhanced community and infrastructure connectivity to promote mutual development and prosperity.

Addis Ababa April 26/2024 (ENA) Prime Minister Abiy Ahmed met Mark Suzman, CEO of the Bill and Melinda Gates Foundation (BMGF), and his team today. The premier posted on social media page: "BMGF’s vital support in agriculture, health, nutrition, inclusive financial systems and other areas is invaluable to Ethiopia's development. We are looking forward to strengthened partnerships ahead and other areas of cooperation."

Addis Ababa April 26/2024 (ENA)The African Leadership Excellence Academy (AFLEX) and China's Academy for International Business Officials (AIBO) signed a Memorandum of Understanding (MoU) today. AFLEX President Zadig Abraha and AIBO President Sun Zhonghe signed the agreement. The agreement which is expected to quickly take effect after the signing paves the way for increased collaboration in leadership development and enable AFLEX to become China's training base for Africans. It also establishes a framework for the two institutions to share information, knowledge, and best practices in leadership training. Zadig said on the occasion that the agreement is instrumental in fostering knowledge exchange and experience sharing between the two institutions. We envision AFLEX becoming a key training base for African leaders in China-related fields, Zadig revealled, adding this will have various academic and economic benefits especially for Ethiopia. “This is also another demonstration of the Ethio-China strategic partnership and cooperation that will catalyze overall bilateral relations,” he added. AIBO, also known as the Training Center of the Ministry of Commerce (MOFCOM) of China, holds a unique position. As the only educational institution directly affiliated with China's MOFCOM, AIBO plays a vital role in shaping international trade and economic cooperation initiatives, Zadig noted. AIBO President stressed the MoU's potential to strengthen strategic academic and economic partnerships between Ethiopia and China. The agreement represents a critical step towards collaboration between our leadership institutions, he stated. This partnership between AFLEX and AIBO is expected to provide African leaders with enhanced access to China-focused leadership training programs, fostering a deeper understanding of the economic landscape between the two countries and with Africa. With its focus on leadership excellence, AFLEX is well-positioned to leverage AIBO's expertise and create a bridge for future generations of Ethiopian and African leaders to navigate evolving issues.  

Addis Ababa, April 26/2024 (ENA) Ethiopia and the United Kingdom (UK) have agreed to boost bilateral relations and expand cooperation in economic reform, basic services and productive safety net. The State Minister of Finance, Semereta Sewasew, discussed with a delegation led by Simon Mustard, UK - Foreign, Commonwealth Development Office (FCDO) Director for Africa. The discussion between the two parties was on mutual interests at bilateral, regional, and international levels, according to the Ministry of Finance. They discussed assistance, humanitarian space and basic service delivery in Ethiopia, it was learned. The director pointed out that FCDO has substantially raised the volume of assistance and would like to work in collaboration with the Ethiopian government to ensure efficient and smooth delivery of assistance for beneficiaries. The delegation also reaffirmed their commitment to the ongoing economic reform program and promised to avail both human and financial resources for the implementation of the program. Emphasis was also placed on the vital role of the private sector in driving prosperity and job creation, thereby enhancing exports and boosting domestic revenue. In conclusion, the state minister expressed gratitude to the UK government for its support during the pledging event in Geneva and reiterated the importance of enhanced financial aid and continuous consultation on smooth delivery.

Addis Ababa April 25/2024 (ENA)The Ethiopian delegation led by Finance Minister, Ahmed Shide held strategic discussions with US Assistant Secretary of State for African Affairs Amb. Molly Phee, the Special Envoy for Horn of Africa, Amb. Michael Hammer and Under Secretary for US Treasury for International Affairs, Jay Shambaugh.   On the sidelines of the 2024 WB-IMF Spring Meetings, they discussed Ethiopia’s current economic and political situation and ongoing reforms aimed at improving the country’s macroeconomic framework, according to Ethiopia’s Embassy in Washington, D.C., USA. The two sides also exchanged on the comprehensive support needed to address Ethiopia’s economic recovery as well as national cohesion and regional stability, including by mobilizing bilateral support through the IMF and WB.

Addis Ababa, April 25, 2024 (ENA) The success of Ethiopian Airlines is not only on the passenger side but also in maintenance, repair, and overhaul (MRO), Fairfax Africa Fund Global Chairman Zemedeneh Negatu said. In an exclusive interview with ENA, the chairman said Ethiopian Airlines has a very large MRO shop, which is one of the biggest in the world and the best in the world to maintain modern aircrafts. It’s a very well-known organization for maintaining aircrafts, not only for itself but other airlines send their aircraft here, he added. According to Zemedeneh, Ethiopian Airlines is the biggest airline in Africa and one of the largest in the world. “Its success is not only predicated on its ability to transport passengers from around the world, but also its ability to maintain these very sophisticated, very expensive aircrafts.” Moreover, Bole International Airport is today the largest gateway for travel into and out of Africa. “On top of that, Ethiopian Airlines, which travels from Africa to other parts of the world and into Africa, is bigger than Emirates, Turkish, and Lufthansa combined in Africa.” One of the challenges a lot of African airlines face in addition to not being able to afford to acquire aircraft is not being able to find affordable and quality MRO services on the continent, the chairman said.   He added that African carriers used to send or send their aircraft to Europe or in some cases all the way to the United States to repair and maintain their aircraft at very expensive rates, whereas Ethiopian Airlines, certified by all the manufacturers, is right here in Africa. Presently, however, Zemedeneh said that you see aircraft from many African countries, including Nigeria and Rwanda, among others. The pan-Africanism that we talk about is being demonstrated clearly to the active support of Ethiopian Airlines for other African carriers, he noted. “I think it is a testament to what happens when you have investment, vision, determination and the capacity to deliver something that used to be considered stuff to be done in Europe, stuff to be done in America, is done in Africa right here in Ethiopia.” The chairman pointed out that Ethiopian Airlines has been doing this for a very long time. The airline has been around for almost 75 years, but the maintenance shop has also been around for decades. The airline has the expertise and is benefiting other African carriers as well, he stated. Recognizing the necessity of effective MRO services for the smooth operation and success of an airline, Ethiopian Airlines operates a modern MRO facility at its hub in Addis Ababa, established in 1957, and developed over the years.

Addis Ababa, April 24,2024 (ENA) Ethiopian Maintenance, Repair and Overhaul (MRO) Services, the strategic business unit of Ethiopian Airlines, is ready to cooperate with fellow African Airlines and manufacturers, Ethiopian Airlines CEO Mesfin Tasew said. African Aviation MRO and Aviation Training Conference and Exhibition is underway in Addis Ababa under the theme of “Strengthening Africa’s MRO and Training capacity for the future.” MRO Africa and Aviation Training Conference and Exhibition brings African Airlines, MRO Service providers, original equipment manufacturers, regulatory bodies and other stakeholders together every year to discuss common issues related to MRO services. Speaking at occasion, Ethiopian Airlines CEO, Mesfin Tasew said this event would be important for African airlines to meet with manufacturers, suppliers, and service providers in one place, to address their issues and develop relationships. It provides the opportunity to network, exchange ideas, share experiences, learn about industry trends, and engage in dialogues about future directions. Thus, the CEO noted that recognizing the necessity of effective MRO services for the smooth operation and success of an airline, Ethiopian Airlines operates a modern MRO facility at its hub in Addis Ababa, established in 1957, and developed over the years. In addition to supporting Ethiopian Airlines, this facility is providing different MRO services to other airlines both in Africa and the Middle East, he elaborated. The services include airframe, engine and component maintenance, engineering and material services. “We are investing a lot of money to further expand our MRO facilities and capabilities to meet the needs of our growing operation and cater for the needs of other airlines in the region.” Moreover, Mesfin said at this time, we are building two more hangars, a modern component maintenance complex, and a state-of-the-art aircraft parts warehouse here at our base, which are all expected to be completed by the end of 2024. “We understand every airline cannot do this since it needs economies of scale. However, there is a big opportunity for cooperation among African Airlines, manufacturers, suppliers and other stakeholders to avail the service in Africa at reasonable costs,” he underlined. “Let us open up our minds and work towards more cooperation both at operational and strategic levels.” He reaffirmed that Ethiopian MRO Services, the strategic business unit of Ethiopian Airlines Group, is ready to cooperate with fellow African Airlines and manufacturers in this respect. State Minister of Transport and Logistics, Denge Boru said Ethiopia is committed to fostering the growth and development of the aviation industry, not only in Ethiopia, but across the African continent.   “We recognize the vital role that maintenance and overhaul play in ensuring the safe, reliability and protection of air travel, as we are dedicated to supporting initiatives that address these critical conditions.” He stressed that as key aspects of aviation safety, and excellent the MRO division requires different channels and innovations. The African Airlines Association (AFRAA) Secretary General, Abdérahmane Berthé said on his part Africa needs safe, secure efficient and economically viable air transport to support integrated economic development.   The number of aircraft operated on the African continent in the next 10 years is estimated to reach 1,429 units as the result of a growth rate of 2.3 percent per year from 2024-34. To operate more aircrafts, it will be critical to facilitate the access to aircraft financing for airlines and to develop MRO capacities across the continent, he elaborated. Finally, he called African Airlines, MROs, and African Aviation Training Organizations to cooperate better to create the needed environment for sustainable the future growth of African Air Transport market.  

Addis Ababa, April 24/2024 (ENA) Ethiopian Airlines and Air France Industries-KLM Engineering and Maintenance (AFI-KLM E&M) signed an agreement for component support for Ethiopian Boeing 777 fleet today. The agreement was signed by Ethiopian Airlines CEO Mesfin Tasew and AFI-KLM E&M Senior Commercial Vice President Pierre Teboul. CEO Mesfin said on the occasion it is a component support agreement for Ethiopian and Boeing, and it is ten-year contract covering over 500 components for which Ethiopian Airlines does not have internal repair capability. Thanking the company for the service it has been providing, he added that the agreement was reached based on “our good experience of the service that we have been getting in the past.” AFI-KLM E&M Senior Commercial Vice President Pierre Teboul said on his part that his company is committed to working and cooperating with Ethiopian Airlines. "Ethiopian Airlines and AFI-KLM E&M are not new to work together. We already did it in the past." And the next step would be to think about additional cooperation, he added.  

Addis Ababa, April 24/2024 (ENA) The Prime Minister of Uganda, Robinah Nabbanja, said that her country is keen to work in collaboration with Ethiopia in using industrialization experience accumulated in developing and managing industrial parks. According to the Industrial Parks Development Corporation, the prime minister made the remark following her visit to Bole Lemi Industrial Park today. “We will work in cooperation using Ethiopia's industrialization experience,” Nabbanja is quoted as saying. The Ugandan PM also expressed her excitement with the overall activity that she observed at the industrial park, indicating that there will be more communication to carry out further joint activities in the sector.   Industrial Parks Development Corporation CEO Aklilu Tadesse briefed Prime Minister Nabbanja about the corporation and the general activities of Bole Lemi Industrial Park.    

Addis Ababa, April 24,2024 (ENA) State Minister of Finance Semereta Sewasew, discussed with UNAIDS Director of the Regional Support Team for Eastern and Southern Africa, Anne Muthoni on Sustainable Health Financing Strategy. The discussion focuses on the challenges, good practices, and areas of improvement in the health sector particularly with the global aim of ending AIDS. On the occasion, the state minister highlighted that Ethiopia has been making huge investments in the health sector with the aim of increasing the access and improving the quality of services. Moreover, she stated that the country is trying to respond to the growing new AIDS infections among the youth which needs more attention and effort. Muthoni also stressed the collaboration on the global strategy of UNAIDS to end the epidemic. In this regard, both sides emphasized the importance of sustainable financing and collaboration as a key success factor.  

Addis Ababa, April 24/2024 (ENA) Zenith Steel Company, which is known for producing high-quality steel and electrical equipment in China, has expressed its desire to enter and invest in Bole Lemi Industrial Park, Ethiopia. The Ethiopian Industrial Parks Development Corporation (IPDC) CEO Aklilu Tadese, received and spoke with the General Manager of the company Liwon Donga and officials. The largest number of foreign investors in the industrial parks managed by the corporation are Chinese, the CEO said. For this reason, he mentioned that the corporation has also opened a Chinese investment desk. Officials of the company explained the investment plan, current activities of the company and the work they plan to do in the first phase. Zenith Steel Company, which is based in Changzhou Province, China set a plan to acquire 30 hectares of leased land in the Bole Lemi Industrial Park and invest more than 150 million US dollars.          

Addis Ababa, April 23/2024 (ENA) The United Nations and the African Union have called for stronger partnership and collaboration to address challenges facing Africa in achieving the Sustainable Development Goals (SDGs). The 10th Africa Regional Forum on Sustainable Development opened in Addis Ababa today. Speaking on the occasion, UN Deputy Secretary-General Amina Mohammed said Africa has been facing multiple crises, including debt increase by 183 percent, that is roughly four times higher than the region's growth rate in (U.S.) dollar terms since 2010. According to her, the total debt service accounted for a staggering 47.5 percent of government revenue in Sub-Saharan Africa last year. The UN Deputy Secretary-General noted that “the gap is enormous. An additional 4 trillion USD must be invested every year to 2030 to have a chance of achieving the SDGs globally.”   This forum came ahead of a crucial international conference in September, presenting an opportunity for African leaders to advocate for a more equitable global financial system and secure increased investments and debt relief, it was learned. Recall that UN Secretary-General António Guterres called for an SDG stimulus of at least 500 billion USD a year to scale up affordable long term financing for developing countries. Amina insists that Africa's leadership and collective voice will be essential to make the stimulus a reality.   African Union Commission (AUC) Deputy Chairperson, Monique Nsanzabaganwa, on her part reiterated Africa's unwavering commitment to Agenda 2063. She recalled that the AUC adopted the second ten-year implementation plan in February, acknowledging both the successes of the first decade and the need to address emerging challenges and opportunities. The second plan seeks to address the emerging challenges and tap the emerging opportunities to accelerate the implementation of the Agenda. According to her, domestic resource mobilization and stronger partnerships are key to achieving the development goals. However, she stated that many African governments have been facing self-inflicted and external challenges, and these challenges require stronger UN-AU partnership. “We need to go back to doing the basics of correcting all these gaps and inefficiencies, which is where our collaboration between the African Union and the United Nations is key, so that we bring back that conscious and that spirit of collaboration in our several multilateralism forum.”   Representing President Sahlework Zewdie, the Planning and Development Minister Fitsum Assefa called for prioritizing poverty eradication and the needs of the most vulnerable groups. Eradicating poverty requires a holistic approach with substantial investments in peace building, education, healthcare, infrastructure, and sustainable livelihoods. “The enormous challenges we are facing today demand our resolute commitment to eradicating poverty and ensuring the delivery of sustainable, resilient and innovative solutions. (And) in doing so, we must prioritize the needs of the most vulnerable groups.” The forum that will be held until Thursday is aimed to serve as a platform for stakeholders to discuss solutions to accelerate progress towards the SDGs and Agenda 2063. The United Nations Economic Commission for Africa (UNECA), in collaboration with the African Union Commission, organized the three-day forum.    

Addis Ababa, April 23/2024 (ENA) Addis Ababa will host the first African Cities Sustainability Forum in the upcoming September 2024. The forum will be held under the theme “Sustainable Urbanization Planning for Africa’s Transformation - Agenda 2063,” it was indicated. As part of Ethiopia’s preparation to host the forum, Deputy Prime Minister Temesgen Tiruneh held an awareness raising forum today with the African Urban Forum National Coordinating Committee. Addis Ababa is gearing up to host the African Cities Sustainability Forum anticipated to bring about more than 1,500 participants, the deputy PM shared on a social media page. Temesgen also stated in his message that Ethiopia, as a historic country and a founding member of the United Nations and the Organization of African Unity, is prepared to fulfill its African responsibility by organizing this forum of African brothers.  

Addis Ababa, April 23/2024 (ENA) The decision passed by the government to allow foreign investors to take part in economic sectors that were previously restricted only for Ethiopian citizens will have a multi-faceted positive impact on the economic development of the country, economists remarked. The Ethiopian Investment Board has recently passed a directive that would allow foreign investors to participate in wholesale and retail trade in the country. The economists who talked to ENA noted that the directive will reportedly provide more opportunity for legally viable competitive trade and would play a clear role in providing broader choices for consumers. A senior economist, Constantinos Berhe remarked that allowing foreign investors to take part in wholesale and retail sale trade has greater value for economic development of the country. Citing the experiences of several countries across the world, the economist added that foreign investors in the sector will bring in their work experience, capital expenditures which will allow them to play a clear and positive role in the country’s economic development. Companies who take part in foreign trade in Ethiopia will help to further expand foreign trade coverage and market network for the country and will enhance the nation’s capacity to compete in world trade. Moreover, the directive is instrumental in increasing the quantity, quality and type of commodities that will be delivered at the international markets, Constantinos further added. In addition, the directive will help to curb illicit foreign trade in live animals and will help to establish a standard framework to streamline foreign trade in the sector, he indicated. Constantinos quoted a report from Global Financial Integrity which said the nation loses more than 1.5 billion USD due to illegal foreign trade transactions. Allowing foreign companies to participate in wholesale and retail trade in the country will discourage illegal trade transactions and will pave the way for those illegal traders to join the formal and legal trade transactions, the senior economist further remarked. He said those merchants who hoard commodities badly needed in the market and also those who demand higher prices for their goods as well as those who disrupt the normal market activity have been multiplying the grievances from consumers. According to him, the participation of foreign investors in whole sale and retail trade will help to ensure stabilization of market prices and would play a positive role in promoting legal trade transactions across the country. He added that the directive will help local merchants to be more competitive and thereby provide better choices for consumers. Constantinos recommended that the government would need to carefully scrutinize the operational history of the investors, their current mode of operation and the values they would add to the national economy before issuing licenses for their formal operations. Measures taken in introducing new financial policy which will provide for the formation of capital market and allowing foreign banks to operate in Ethiopia will help to expand the provision of financial resources for economic development.   Researcher of economics and instructor at Arsi University, Adem Fato said that inviting foreign investors to take part in whole and retail sale which was restricted only for Ethiopian nationals will have a multi-faceted positive impact on the economic development of the country. He stated the decision made by the government will help to beef up foreign currency by promoting domestic and foreign trade which will in turn increase government revenue. Allowing the investors to take part in whole and retail trade will help to improve the quality of the commodities on market and would provide better choices for consumers. Adem said that this would provide an ample opportunity for local traders to work in unison to engage in a meaningful competition in the market The instructor further added that necessary guidelines that will promote competitiveness, the national economy and promotion of public benefits must be put in place as soon as the directives become operational. The economists noted that economic measures taken by the government over the last 6 years in opening up the economy to the private sector have helped to promote sustainable economic development and competitiveness among the traders.      

Addis Ababa April 23/2024 (ENA) A two-day conference aimed at leveraging digitalization to improve tax compliance and revenue mobilization has concluded in Addis Ababa today. The international conference organized by Ministry of Revenues, in collaboration with the World Bank, has attracted many experts and stakeholders from emerging countries. Briefing the media, Revenues Minister Aynalem Nigussie underscored the significance of digitalization in improving revenue collection by enhancing efficiency and minimizing cost. Collecting revenue through digitalization also enables the tax administration to be fairer and transparent as compared with the manual system. According to her, the Ministry of Revenues has been developing software to digitalize more the revenue collecting system. At present, several platforms that enable tax payers to pay online have been established and those are contributing to enhancing the efficiency of collecting revenue. World Bank Lead Governance Specialist in Ethiopia, Rajul Awasthi told ENA that the purpose of the conference is to improve the efficiency and effectiveness of tax administrations by implementing digitalization. Noting that there haven challenges in Africa for many decades in the sector, he added that the World Bank is now helping countries to address the challenges through financing and technical assistance. For him, digitalization is the best way to move forward in improving efficiency and effectiveness of tax administration and the World Bank is committed providing continuous assistance to realize digitalization. According to Awasthi, the conference has created a platform for peer-to-peer learning between countries in the field. Delegates mainly from African countries, including Nigeria, Zambia, Ethiopia, Kenya, Rwanda, Uganda, Tanzania, Malawi, Zimbabwe, South Sudan, and Somalia, as well as experts from other countries have participated in the conference, it was learned. The World Bank lead governance specialist, who stated that the Bank has been involved in helping countries to improve their tax systems, improve domestic revenue mobilization through financial and technical assistance, said the World Bank is working closely with ministries of Revenues and Finance to improve the capacity in the sector.              

Addis Ababa April 23/2024 (ENA) Ethiopia has been intensifying diplomacy to connect the nation’s economy with the global market, according to Ministry of Foreign Affairs. In an exclusive interview with ENA, Foreign Affairs State Minister Mesganu Arga said that Ethiopia has embarked on rigorous economic reforms aimed at opening up and connecting it with the global economy. “As part of the Homegrown Economic Reform Program, Ethiopia is now liberalizing and connecting our economy with the global economy.” The Ethiopian Investment Board has recently issued a new directive outlining that foreign investors can engage in specific trade investments and in the previously reserved businesses including export, import, wholesale and retail trade investments. According to the state minister, these economic reforms and initiatives have a paramount importance to opening up the economy and linking it with regional markets such as the African Continental Free Trade Area (AfCFTA.) He added that Ethiopia is also gearing up to be part of the World Trade Organization (WTO). The process being expedited is imperative to Ethiopia in order to access global trade opportunities. The Ethiopian government has been currently implementing a new economic reform blueprint, dubbed Homegrown Economic Reform, with a major aspiration to unlock the country's development potentials. Following the reform program, Mesganu noted that promoting economic opportunities and investment potential has become at the heart of Ethiopia’s diplomacy. “We have realized that investment promotion and confidence building for global economic activities are pretty much imperative to our diplomacy. In this regard, attracting foreign direct investment and connecting our economy with the global market are important steps carried out.” To realize these economic endeavors, trade and investment promotion activities have been conducted by foreign missions, consulates and diplomats, it was learned. Looking for additional markets globally, attracting more investments, as well as promoting domestic tourism potentials are at the epicenter of the economic diplomacy. The state minster pointed out that Ethiopia’s foreign policy is anchored on strengthening partnership with neighboring countries, and the policy essentially prioritizes economic integration to achieve joint regional development. Further elaborating on the country's economy, Mesganu said that it has shown significant resilience amidst global challenges. “Our GDP has redoubled and our economy has registered a fast growing record. Thus, this has been encouraging us to reinforce the economic foreign policy missions in the region and beyond. We are really working hard as a country to bring about development and achieve growth internally and also sharing achievement to the neighboring countries.” Moreover, he reaffirmed the commitment of Ethiopia to connecting with its neighboring nations in terms of infrastructure as well as sharing its development ambition and integration agenda through road and railway. For the state minister, those agendas are quite important and they are the main focus for our foreign policy since the economic dividend is for mutual benefits. For the economic ambition of the country to come to fruition, Mesganu underlined that Ethiopia always seeks jointly and collaboratively working with the global community and with the neighboring countries. In this respect, he explained that Ethiopia is committed to the securitization, joint development, and economic integration of the region. “So our agenda is peace, economic development, integration, trade promotion and large infrastructure connectivity between the neighboring countries,” the state minister stressed. Furthermore, Mesganu called on the neighboring countries to genuinely understand Ethiopia's quest for access to sea. “Our right to have seaport access is based on rational ground,” he noted, adding that there will also be opportunities for neighboring countries in the expanding economic activity and the large economy of Ethiopia.    

Addis Ababa April 23/2024 (ENA) The attention given to startups will create opportunity to put innovations into practice, startupers told ENA. Recall that Ethiopia has recently set its eyes on becoming a beacon of opportunity in the global startup landscape. Startuppers who talked to the Ethiopian News Agency stated that the attention given to the sector will create opportunity to put innovations into practice. Among the startuppers, Fitsum Sileshi the backend developer for “Adot, explained that the focus on startups is instrumental in securing financial support to initiate work by facilitating the introduction of creative projects. This attention will enable startups to fulfill their role in supporting efforts to create job opportunities for citizens and contribute to economic growth. According to her, Adot company aims to support mothers throughout their pregnancy journey and beyond by providing content, informative support, and access to doctors. Fitsum emphasized the pressing issue of preventable or manageable diseases leading to maternal mortality, stating that their mobile application seeks to address this by providing vital information to mothers in need. The platform is a very cultural sensitive and also locally relatable product, according to the startupper, who added that this means mothers can understand what “we are giving them as article and also as content.” “We are targeting mothers who speak Amharic and also have access to smartphones. But soon we will be able to have more access to mothers speaking other languages and living in rural areas.”   The other startupper, Bereket Addis, has developed a technology called “Asbeza” that includes e-commerce and logistics to easily provide an online grocery delivery service. He highlighted the favorable conditions for startup growth in the country, adding that the government's focus on startups, through the formulation of supportive policies and provision of other assistance, is fostering favorable conditions. By fostering entrepreneurial environment and supporting startups, countries like Ethiopia can unlock a potent engine for sustainable development and prosperity, he noted.   According to Negede Yisak, an expert at Ministry of Innovation and Technology, the emerging trend of startups has been capitalizing on the favorable environment fostered in the country. A recent announcement of a business plan competition attracted approximately 300 startups, with 20 of them advancing to the final round. From this, 10 startups will be selected to receive support, including access to an incubation center, tailored training, and mentorship within their respective fields.