Addis Ababa, April 23/2024 (ENA) The government of Ethiopia has been implementing various homegrown initiatives with a view to mitigate the impacts of climate change and ensure food security of the people, Minister of Agriculture Girma Amente remarked. The minister made the remark at the opening of High-Level Side Event on the margins of the 14th Session of the African Risk Capacity Conference of Parties in Addis Ababa. The High-Level Panel aims to convene a diverse array of stakeholders, including policymakers, executives and representatives and experts of continental institutions to share lessons, build on existing strengths, and address the multifaceted challenges that the African food system faces. The meeting will also addresses the interlinkages between climate change and food systems for food security, and resilience in Africa by fostering dialogue and knowledge exchange on climate-smart agricultural practices, technologies, and policies as well as resilience building efforts that enhance food security while mitigating climate change impacts. Attempting to identify Africa’s major opportunities and challenges in implementing climate-smart solutions and resilience building efforts at national, regional, and continental levels is also the other objetive. Ethiopia’s Agriculture Minister Girma Amente said on the occasion that despite Africa is endowed with immense resources vital to ensuring food security; the continent has still been suffering from the harsh impacts of natural and manmade disasters. However, he said Ethiopia is exerting efforts in order to alleviate the negative impacts of climate change and ensure food security in the country by implementing various homegrown development initiatives. The minister mentioned the ongoing Green Legacy Initiative which has so far enabled the nation plant more than 32.5 billion tree seedlings stating that the objective is to reach 50 billion at the end of 2026. The initiative is playing critical role in increasing the forest coverage of the country, he added. The Minister has also shared Ethiopia’s success registered in wheat development program that was initiated by Prime Minister Abiy Ahmed pointing out the national wheat irrigation development currently underway on 3 million hectares of land across the country. Girma said Ethiopia is sharing its success being registered in wheat development to other African countries. Ethiopia has also been implementing National Food System Roadmap with view to successfully achieve efforts being carried out to ensure food security, the minister stated. He called on African nations to strengthen cooperation in order to fight the impacts of climate change and food insecurity.  

Addis Ababa, April 23/2024 (ENA) Africa is making progress in 12 of the 17 Sustainable Development Goals (SDGs), but the current pace of progress is insufficient to achieve the goals by 2030, according to an experts report on the progress on Africa Sustainable Development. The report launched ahead of the 10th Session of the Africa Regional Forum on Sustainable Development in Addis Ababa, Ethiopia indicates that progress on the SDG agendas varies across sub-regions. The report was produced by a team of experts convened by the United Nations Economic Commission for Africa (ECA), in collaboration with African Union Commission, the United Nations Development Programme Regional Bureau for Africa (UNDP-RBA), and the African Development Bank (AfDB). On the occasion, the Deputy Executive Secretary for Programme Support at the ECA, Antonio Pedro underlined the lack of robust data as a major hurdle in tracking progress accurately. Improving data systems to effectively monitor and achieve the SDGs is essential, he stressed. “Addressing wide-ranging challenges—including social, political, environmental, and economic—is essential; specific focus areas like women's empowerment, peacebuilding, and security need targeted attention,” said Pedro, stressing the need to take advantage of technological advances, including artificial intelligence, to target interventions and achieve the SDGs with greater efficiency. He said there is need to foster domestic resource mobilization through evolving a better and innovative tax system. Countries need to improve institutional governance, strengthen data collection, analysis and reporting and devise better strategies for debt restructuring. Africa still accounts for over half (54.8 Percent) of global poverty. Particular attention therefore needs to be paid to addressing child poverty – the number of children living in extremely poor households, as about 7 out of 10 poor children live in Africa. In addition, lack of access to clean water, sanitation, energy, health, and education services coupled with inequality, infrastructure gaps, climate change, ethnic conflicts and limited employment opportunities are among the key drivers of poverty in Africa. On climate financing, the progress report shows the high climate financing gap in Africa. A large chunk of these resources emanates from public sector compared to private sector climate financing. “Issues of policies on carbon market, debt for climate swaps, and carbon tax on natural resources, as well as the establishment of national sustainable financial framework for climate change should be addressed,” says the report. The surge in debt across African countries is impeding Africa’s development, as debt servicing costs crowd out resources for social spending. There has also been limited donor support for capacity building; on average, African countries spend a trivial 0.5 percent of GDP on science, technology, and innovation. To bridge the gap and ensure that the continent achieves the SDG goals by 2030, the report recommends investing in data and capacity, integrating different data sources, developing new and alternate indicators, identifying new partners with tools and solutions such as the private sector, NGOs/CSO and academia.  

Addis Ababa, April 22/2024 (ENA) Executive Director of the Nile Basin Initiative (NBI) Secretariat, Florence Grace Adongo emphasized the need for stronger cooperation among the riparian states to ensure equitable utilization and sustainable management of the Nile water resources. A national stakeholders meeting of the Nile Basin Initiative held in Addis Ababa today which aimed at raising visibility and awareness on the initiative and facilitating the tools for the implementation of its programs and projects. Addressing the meeting, the executive director recalled that the NBI covers 10 percent of the African continent and is home to almost a quarter of the continents population. The Nile Basin countries face key development challenges which are related to water security, energy security, food security and vulnerability to the environmental shocks that are rising from the negative impacts of climate change. Stressing that no county can manage these challenges unilaterally, Adongo therefore, underlined that countries across the Nile Basin should come together to find a common solution for such common problems.   This move would have a paramount importance for equitable use of the Nile Basin's shared water resources, according to her. The executive director further stated that strengthening cooperation is essential to ensure equitable utilization, and sustainable management of the Nile River water resources. Over 25 years, NBI served as the platform for dialogue, a catalyst for change, fostering regional integration, enhancing competitiveness and unlocking the Nile Basin's immense potential for Africa and beyond, she pointed out. Citing that Ethiopia has been at the forefront in supporting matters of cooperation, Adongo said we look forward for more cooperation and working together. Recall Ethiopia is also one of the first countries that have endorsed the Cooperative Framework Agreement (CFA). She urged the remaining countries to ratify the agreement to transform the Nile Basin Initiative into a Nile Basin Commission.   Addressing the occasion, State Minister of Water and Energy Abraha Adugna also affirmed that the NBI has made significant achievements so far despite various challenges in the region. NBI promoted basin-wide dialogue and stakeholder involvement on confidence building, providing strategic, technical and analytical framework, introducing best practice tools, and methodologies among others. The state Minister reaffirmed the solid determination of the Ethiopian government to achieve NBI's ambitions as Nile River is a transboundary water resource which crosses 11 riparian countries. Nile Basin Initiative is a regional intergovernmental partnership launched by the Nile Basin countries on 22nd February, 1999 to manage and develop the shared Nile Basin water resources in a cooperative manner, share substantial socio-economic benefits and promote regional peace and security.        

Addis Ababa April 22/2024 (ENA) Ethiopia has reiterated commitment to BRICS vision and to discharge its responsibilities for promoting meaningful and productive partnership for inclusive and sustainable development. State Minister of Foreign Affairs, Mesganu Arga is participating in the 2nd BRICS Sherpas/ Sous -Sherpas meeting on partner country model in Moscow.   Mesganu posted on X: “I reiterated Ethiopia’s commitment to BRICS vision and discharge our responsibilities to promote meaningful and productive partnership for inclusive and sustainable development.”  

Addis Ababa, April 22/2024 (ENA) Bolstering collaboration among development partners and NGOs on water and energy accessibility is significant to prevent duplication of efforts in the sector, Minister of Water and Energy, Engineer Habtamu Itefa said. A joint working group secretariat for the water and energy sector convened discussion today to assess the progress made and explore avenues for future cooperation. Speaking at the occasion, Engineer Habtamu stated that we are here to share our experiences and discuss on how to enhance future actions strategically.   Over the past three years, we have achieved significant milestones in water supply, water resource management, and energy accessibility, he noted. For this, the minister expressed gratitude to development partners for their support in this regard, acknowledging the efforts made towards modernization, ensuring water sustainability, and automation for effective planning. According to him, the government is committed to further enhancing its collaboration with development partners and NGOs to ensure drinking water and energy needs of the citizens. "I believe it's time for strategic collaboration to prevent resource duplication and streamline activities. Today, our focus is to reflect on our collective experiences, assess progress, and chart a path forward," he stated. Achieving such goals requires a strategic approach and collaborative planning, he said, adding that ideally, regular evaluations on a quarterly or even more frequent basis, will allow us to identify both our shortcomings and our areas of efficiency. Unless we strive to optimize our resources for specific purposes that address our needs, our efforts may yield minimal results or fail to meet our demands entirely, he said. Water Aid Country Director, Yaekob Metena, emphasized the necessity of collaborative efforts between the government and development partners to improve Ethiopia's utilization of resources in the water and energy sector. He highlighted the importance of ongoing consultations among development partners engaged in the sector, enabling institutions to share experiences and foster a culture of information exchange. Additionally, he noted that partner organizations will collaborate closely with the ministry to achieve the sector's development objectives. Country Director for IRC WASH, Lemessa Mekonta on his part stressed the importance of ensuring accessibility of clean water and energy to citizens through fostering collaboration among partner organizations. Substantial resources are needed to translate efforts in the water and energy sector into tangible outcomes, he said, adding, to this effect, concerted efforts from the government or development partners are also sought.

Addis Ababa, April 22/2024 (ENA) China’s Grand World Investment Holding Group has expressed desire to engage in the manufacturing sector of Ethiopia. According to the Embassy of Ethiopia in Beijing, the Deputy Head of the Ethiopian Mission to China, Ambassador Dawano Kedir held discussion with President of Grand World Investment Holding Group, Wenguang Liu. Accordingly, Ambassador Dawano briefed the president about Ethiopia's potential investment areas that would help the investment holding group engage particularly, in the manufacturing sector, it was indicated Grand World Investment Holding Group was established in Beijing in 2013 and it is an investment group focusing on key sectors such as finance, real estate, cultural media, ecological agriculture, medical health, rural revitalization, and technology industries.      

Addis Ababa April 21/2024 (ENA)Ethiopia's commitment to improving its agricultural sector and ensuring food security using technologies is a good example to be emulated by other countries in Africa, Innovation and Technology Minister Belete Molla remarked. The Minister made the remark at the opening of the two-day Sixth African Science, Technology and Innovation (STI) Forum underway at UNECA headquarter in Addis Ababa under the theme, “Effective delivery of innovative science and technology solutions to reinforce the 2030 Agenda for Sustainable Development and Agenda 2063 and eradicate poverty in Africa.” The forum is a pre-event being held ahead of the Tenth African Regional Forum on Sustainable Development. Speaking during the opening, Innovation and Technology Minister Belete Molla said the forum is critical platform to explore how science, technology, and innovation can be harnessed to achieve the goals of Agenda 2063 and the 2030 Agenda for Sustainable Development, with a specific focus on eradicating poverty in Africa. Africa is at a crossroads, the minister said, adding that despite significant progress, “we are still off track on achieving Sustainable Development Goal 1: No Poverty.” The number of people living in extreme poverty in Africa continues to rise, threatening to undermine peace, security, and sustainable development across the continent. Science, technology, and innovation are not silver bullets, but they are powerful tools that can help us overcome these challenges, he stressed. “By fostering innovation in key sectors like agriculture, clean energy, and healthcare, we can create jobs, improve livelihoods, and lift millions out of poverty.” However, strong foundation is needed for science, technology, and innovation to truly flourish in Africa. Robust investment and effective collaboration in science, technology, and innovation are key to eradicating poverty and building sustainable development in Africa, Belete said. “We need a strong foundation. We must increase investment in research institutions and universities to develop homegrown solutions to Africa's challenges. We need to Empower women and youth by recognizing that Women and young people are crucial drivers of innovation. We must create an environment that empowers them to participate fully in science, technology, and entrepreneurship. STI cannot be flourishing without strong institutions.” Effective and accountable institutions are also essential for setting the right policies and fostering a culture of innovation. “We cannot achieve these goals alone. Collaboration is key. We need to work together –governments, businesses, academia, civil society, and the international community – to share knowledge, resources, and expertise,” Belete said. According to him, fostering innovation in key sectors like agriculture, clean energy, and healthcare, can create jobs, improve livelihoods, and lift millions out of poverty in Africa. Ethiopia's commitment to improving its agricultural sector and ensuring food security is a good example to be emulated by other countries in Africa, he pointed out. “Ethiopia has developed a food system transformation roadmap and launched several initiatives focused on boosting agricultural productivity, achieving self-sufficiency, and combating climate change. These initiatives include improving access to fertilizers, seeds, and technologies for farmers.” Ethiopia has not only created a roadmap for food system transformation, but actively implemented numerous initiatives. These initiatives prioritize boosting agricultural resilience, achieving food self-sufficiency, and combating climate change, he added. The country recently amended its Science and Technology policy, placing a strong emphasis on fostering innovation and harnessing the potential of emerging technologies and enacted a national Digital Transformation strategy named Digital Ethiopia 2025. “We've recently evaluated the strategy's impact, and while we're encouraged by the progress, it's also identified areas for improvement. These insights will be instrumental in shaping our future endeavors. Building a robust innovation ecosystem is paramount to our success. We've implemented several initiatives to empower startups and strengthen research and development, including in the field of Artificial Intelligence." The Ethiopian Artificial Intelligence Institute plays a central role in harnessing AI for national development and fostering research and development in this critical field. Furthermore, Ethiopia is eager to collaborate with fellow African nations on a shared vision for scientific and technological advancement, he stated. “By working together, we can leverage innovation to unlock Africa's full potential and build a brighter future, one powered by both digital transformation and green energy solutions,” Belete added.   UNECA Program Support Deputy Executive Secretary, Antonio Pedro on his part said Africa must invest in human capital development, research and development, and in learning how to produce, sell and use emerging technologies such as Artificial Intelligence and genomics that are transforming every aspect of life. “Technology should advance the wellbeing of the millions of households, farmers, fishermen, and many others that still use basic tools to lift themselves out of extreme poverty,” Pedro said. Science and technology can play crucial role in increasing the efficiency of service delivery to the poor, monitoring living conditions, predicting impending crises in crowded or remote areas and informing decision-making during crises, he pointed out. This forum is specifically designed to foster collaboration, the diffusion of technology and innovation, and the scaling up of policy and operational efforts to accelerate the contribution of science, technology and innovation to the implementation of the 2030 Agenda, according to him. The STI forum has over the years, grown to become a premier platform for addressing the opportunities and challenges that science, technology and innovation offer for fostering strategic partnerships and implementation of scalable and innovative solutions. He noted that in 2022, the Forum launched the Alliance of Entrepreneurial Universities in Africa. The Alliance has since stimulated Universities and their 19 million students in Africa to nurture start-ups aimed at creating 100 million jobs and generate 200 billion USD in revenue in ten years (that is by 2033). “Africa must invest in human capital development, research and development, in learning how to produce, sell and use emerging technologies.” Similarly, in 2023, the continental problem-solving and innovation platform called Origin was launched in Niamey, Niger, as the first Origin Research and Innovation Hub for East Africa at Dedan Kimathi University of Technology in Kenya. It has registered hundreds of problem solvers, has its own physical space, staff and partners from the private and public sectors. “The ECA’s coding camps for girls and women are an example of how we can empower young women to become the next tech entrepreneurs and innovators. We have trained two thousand young girls and women so far. However, to trigger transformational change, we must replicate these examples again and again across the continent,” Pedro said.  

Addis Ababa, April 21/2024(ENA) Ethiopia’s industrial parks have produced more than 200 million USD worth of goods that replace imports, Industrial Parks Development Cooperation (IPDC) announced. The parks have also earned over 90 million USD in revenue during the stated period by exporting various products to the international market. Industrial Parks Development Cooperation CEO, Aklilu Taddese said the Industry Parks operating in various parts of Ethiopia have been playing key role in import substitution, foreign currency earnings and job creation. According to him, the parks in their efforts to strengthen import substitution have managed to produce goods worth of more than 200 million USD over the past nine months. The successful efforts being exerted to substitute industrial products such as pharmaceutical and other vital goods that were forcing the nation to spend a lot of foreign currency are driving the country to realize the multifaceted prosperity, he added. The parks have also earned over 90 million USD by exporting various products to the international market noting that industrial parks in the country have been competing in the global market by producing quality products.        

Addis Ababa, April 21/2024(ENA) The ‘Bounty of the Basket’ (Ye Lemat Tirufat) program, which is under implementation in Ethiopia to help the nation ensure food security, has been creating great interest and motivation among the farmers and pastoralists in the country, Deputy Prime Minister Temesgen Tiruneh remarked. The Deputy Prime Minister made the remark at a meeting opened today in Hawassa town of Sidama Regional State to evaluate the performance of the national development program that was launched in November 2022 by Prime Minister Abiy Ahmed. The development campaign, that focuses on nutritional opulence, aims to boost productivity of dairy, eggs, chicken, and honey and related products as well as intensify efforts to achieve food self-sufficiency and ensure nutritional opulence at family and national levels.   Temesgen said at the meeting that the main objective of 'Ye Lemat Tirufat' development program is ensuring food sovereignty. According to him, since the program was launched it has been able to create interest and motivation among farmers and pastoralist in enhancing their productivity. He indicated that the government has given special attention to the agricultural sector with a view to ensuring food self-sufficiency of the nation. In this regard, he mentioned that ''Yelemat Tirufat program aims to increase production at national level and stabilize the market, enhance foreign trade, substitute imported agricultural products and create job opportunities. The Deputy PM has also stressed the need to have intensive public engagement in order to bring a much more success in implementing the program with the required quantity and quality.   Agriculture Minister Girma Amente on his part said through this scheme several results have been registered, indicating the thousands of ‘‘Yelemat Tirufat Villages that were created across the country. Chief Administrates of Regional States, Mayor of city administrations, Ministers and officials from the Agriculture sector are in attendance at the meeting.      

Addis Ababa, April 20/2024(ENA) The Ethiopian delegation led by Finance Minister Ahmed Shide met with UK State Minister for Development and Africa Andrew Mitchell on the sidelines of the 2024 WB-IMF Spring Meetings. The discussions focused on Ethiopia’s economic prospects and resilience amidst local and evolving global challenges, according to Ethiopian Embassy in Washington D.C., USA. It also noted UK’s investment interests in Ethiopia, as well as its support to regional stability and integration in the Horn of Africa.   The finance finister expressed appreciation for UK’s continued support to Ethiopia’s humanitarian needs and development agenda, including on economic reforms, infrastructure, human development, and private sector investment. The UK Minister on his part reiterated his country’s commitment and advocacy for an ambitious IDA21 replenishment. The two sides also agreed on ways of deepening bilateral cooperation in strategic and priority sectors in Ethiopia.    

Addis Ababa, April 20/2024(ENA)-Ethiopia has been earning 50 million US dollars on average per annum from the marines it trains and gets hired in different countries, Ethiopian Maritime Authority Director-General Abdulber Shemsu disclosed. Ethiopia has been executing training projects for seafarers in a public-private partnership arrangement for the purpose of employment at international shipping companies. Having a long history in maritime transport, Ethiopia is a member state of the International Maritime Organization, a specialized agency of the United Nations. The director-general told ENA that Ethiopia's membership of the International Maritime Organization is enabling it to train marines for manning agencies and earn foreign currency. Foreign currency has been obtained in a form of remittances from the marines, it was learned. According to Abdulber, 36 million USD was earned during the first eight months of this Ethiopian fiscal year. There is still untapped economic potential in this sphere, the director-general stated, adding that the nation will undertake a concerted effort to maximize the revenue. Ethiopia has 7,500 qualified marines, and the plan is to raise this figure to 40,000 in the coming five years. Abdulber further revealed that the Ethiopian Maritime Authority is working in collaboration with Ministry of Defense to train additional marines. Moreover, the authority is also providing the necessary cooperation and support for Arba Minch, Adama Science and Technology as well as Hawassa universities to teach and train marines.          

Addis Ababa, April 20/2024(ENA)- The Ministry of Industry and Japan International Cooperation Agency (JICA) have signed today a Memorandum of Understanding (MoU) to support the ‘Let Ethiopia Produce,’ national movement. The MoU was signed by Minister of Industry Melaku Alebel and Chief Representative of JICA Ethiopia Office, Oshima Kensuke, it was learned. The project focused on enhancing manufacturing industry competitiveness through the implementation of the ‘Let Ethiopia Produce’ (Ethiopia Tamrt movement) that will span the next four years. And it will include technical, policy, and capacity building support. Recall ‘Let Ethiopia Produce’ launched last year with the aim to enhance the competitiveness of the country’s manufacturing sector and achieve tangible advancements in the industrial landscape. Speaking at the signing ceremony of the MoU, Industry Minister Melaku emphasized that the accord is instrumental to receive support from JICA not only in terms of financial assistance from JICA but also for knowledge, skills, and technology transfer. Most importantly, knowledge and technology transfer would have a vital importance in bringing about significant transformations in development and competitiveness of the Ethiopian manufacturing industry. The Chief Representative of JICA Ethiopia Office, Oshima Kensuke, stated that Japan will provide backing to ‘Let Ethiopia Produce’, a key national movement to revolutionize the manufacturing industry sector of the nation. The representative also reaffirmed that support will include knowledge and technology transfer, along with capacity building initiatives.

Addis Ababa April 19/2024 (ENA) The Ethiopian Finance Minister Ahmed Shide has welcomed the growing interest to join the Horn of Africa Initiative (HOAI) from additional partners. The Horn of Africa Initiative is a collaborative platform with a primary focus on promoting economic integration. The Ethiopian finance minister co-chaired the 20th Ministerial meeting of HOAI along with Victoria Kwakwa, Regional Vice President for Eastern and Southern Africa in Washington DC, on the sidelines of the World Bank IMF spring meetings.   Ministers of finance of the Horn of Africa region and development partners, including the World Bank, AfDB, EU, Germany, and the UK, attended the meeting. During the meeting, the minister welcomed the growing interest from additional partners, including the Arab Bank for Economic Development in Africa (BADEA), the Saudi Fund for Development, and special envoy representatives from the United States and Japan. Ahmed further extended a call for some of the observers to formalize their engagement through the HoAI Participation Framework. Five years into the implementation, he commended the success of this resource mobilization effort while stressing the importance of furthering these endeavors. The Horn of Africa Initiative meeting also delved into strategies for bolstering the financing of the remaining lending pipeline, which includes integrating proposals from South Sudan, it was learned. The minster encouraged continued resource mobilization efforts, including topping-up funding for the MDTF as a priority to continue the momentum. "The HoAI original pipeline of projects is yet to be fully funded compared to the needs. Thus, we need to redouble our resource mobilization efforts," Ahmed said. The Horn of Africa Initiative, established in 2019, serves as a collaborative platform involving countries in the Horn of Africa, including Djibouti, Somalia, Kenya, Ethiopia, Eritrea, South Sudan, and Sudan. With a primary focus on promoting economic integration, the initiative targets priority areas such as infrastructure development, trade facilitation, investment, human development, and resilience.      

Addis Ababa April 18/2024 (ENA) A high-level Ethiopian Government delegation led by Finance Minister Ahmed Shide held a fruitful discussion with the high ranking officials of the World Bank and IMF. The delegation held successful discussion with the Managing Director of IMF, Kristalia Georgieva, World Bank Vice president for East and Southern Africa, Victoria Kwakwa, World Bank’s International Development Association Department (IDA) Vice President, Akihiko Nishio and other senior officials of the IMF and World Bank.   The two sides discussed on various issues about Ethiopian economy including the economic reform being underway, the efforts to enhance job creation and productivity, asnwell as activities to expedite the participation of the private sector in the economy among other vital issues. Officials of the institutions have commended the ongoing measures taken by Ethiopia to stabilize the overall economy and ease inflation as well as the implementation of second phase of Homegrown Economic Reform. A discussion was also held on ways how the World Bank and IMF would work with the government of Ethiopia and extend the necessary supports with a view to enable Ethiopia fully implement the economic reform efforts. The delegation of Ethiopia includes the Governor of National Bank of Ethiopia, Mamo Mihiretu, Senior Advisor of the Prime Minister, Teklewold Atnafu, Finance State Minister, Eyob Tekaligne, and other high level government officials.

Addis Ababa April 18/2024 (ENA) The implementation of the African Continental Free Trade Area (AfCFTA) is set to drive significant economic growth in Africa, particularly in intra-African trade, the United Nations Under-Secretary-General and Executive Secretary of the United Nations Economic Commission for Africa (ECA), Claver Gatete said. The research findings indicate that the most impressive economic benefits stemming from the implementation of the AfCFTA are anticipated to arise from increased intra-African trade. In relative terms, overall intra-African trade is projected to grow by approximately 35 percent. Specifically, trade in agri-food, services, and industry within Africa is expected to experience growth rates of 50.2 percent, 37.6 percent, and 36.1 percent, respectively, by 2045 compared to a scenario without the agreement. During his keynote speech at the Brookings Event Claver Gatete said Intra-African trade in energy and mining sectors is also predicted to increase by 19 percent, albeit at a lower rate than other key sectors. To meet the transport and logistics requirements of the AfCFTA, the research highlights the need for around 500 billion USD in investment by 2030. However, the implementation process is expected to stimulate infrastructure investments in transport corridors, potentially boosting intra-African trade in transport services by up to 25 percent, he elaborated. Gatete highlighted that the AfCFTA aims to replace the multitude of small and fragmented national markets in Africa with a single continent-wide marketplace. This consolidation into one market of 1.4 billion people with a collective spending power close to 3 trillion USD is expected to attract foreign direct investment and enhance consistent and predictable policy environments, leading to economic growth and job creation. The research findings indicate that the AfCFTA has the potential to transform African economies, with consensus among various researchers and think tanks, including the World Bank and the International Monetary Fund (IMF), on its positive impact. Forty-seven countries, representing 95 percent of Africa's GDP, 91 percent of the population, and 96 percent of total intra-African trade, have ratified the agreement. Phase I protocols on trade in goods, trade in services, and dispute settlement have already entered into force, while Phase II protocols on investment, competition policy, intellectual property rights, digital trade, and women and youth in trade are currently being negotiated, it was learned. By fostering regional value chains and improving economies of scale, the AfCFTA is expected to contribute to the achievement of Agenda 2063 and the Sustainable Development Goals (SDGs), while also positioning Africa as a global force for good. As Africa continues its progress in implementing the AfCFTA, the focus now shifts to practical and innovative approaches to expedite the process and enable countries to leapfrog their development.  

Addis Ababa April 18/2024 (ENA) Prime Minister Abiy Ahmed said that with manufacturing as a cornerstone of our economy, the MadeInEthiopia campaign shines a spotlight on our most productive local producers, according to Office of the Prime Minister. Prime Minister Abiy Ahmed, alongside Ministers for Labor & Skills, Defense, Mining, Industry and Innovation and Technology visited industries involved in local vehicle production, energy and telecom sector components such as high-tension and electric cables, and textiles.   The premier also wrote on his Facebook account “It's gratifying to see our local companies actively involved in the energy and telecom industry, manufacturing high-tension and electric cables.” As a vital component of electricity distribution, this sector deserves full support from the government, he emphasized.  

Addis Ababa April 18/2024 (ENA) Ethiopian Finance Minister, Ahmed Shede, expressed confidence in the resilience of Ethiopia's economy, stating that despite facing numerous internal and external challenges in recent years, the country economy is making significant progress. The Ethiopian-American Business and Investment Forum took place in Washington DC, according to Ministry of Finance. The Forum was organized by the Ethiopian Embassy in Washington in collaboration with WAFA Marketing and Promotion. The event aimed to showcase the investment potential of Ethiopia and provide insights into the various incentives available to investors.   On the occasion, Minister Ahmed emphasized that the government's comprehensive reform initiatives and substantial investments in infrastructure have played a pivotal role in overcoming the challenges and driving economic growth. He highlighted the successful implementation of the green legacy initiative, which addresses climate change, promotes food self-sufficiency, enhances sustainable agricultural productivity, and tackles integrated water resources management. Extending an invitation to American investors, Minister Ahmed encouraged them to visit Ethiopia and explore the vast investment opportunities the country offers.   Ethiopia’s ambassador to the United States, Seleshi Bekele, on his part emphasized that Ethiopia has maintained diplomatic relations with the United States for over a century, spanning more than 120 years. He highlighted the occurrence of several significant visits by high-ranking officials, notably the prominent involvement of Prime Minister Abiy Ahmed, who led a distinguished delegation at the US-Africa summit held last year. During this momentous event, the Prime Minister engaged in productive discussions with key figures from the US administration, Congress, and the private sector. The forum provided a comprehensive presentation on Ethiopia's immense wealth potential and enticing investment prospects, along with the numerous incentives available to prospective investors. Furthermore, a panel discussion featured accomplished Ethiopian individuals actively involved in various investment sectors, alongside esteemed American executives. According to the Ethiopian Embassy in Washington DC, the participants raised inquiries and comments, which were met with extensive explanations and responses. Notably, American investors who attended the forum expressed their appreciation for the government's reform initiatives, particularly its endeavors to foster a conducive environment for foreign investment.  

Addis Ababa, April 18/2024 (ENA) With foreign direct investments, we are advancing local manufacturing of top-notch high-tension cables and electric towers, catering to the telecom and electricity sectors, Prime Minister Abiy Ahmed wrote on his Facebook account. Boosting metal production is integral to our industrial development policy, the premier added.   "Also pleased to see the production of vehicles and components. It's also encouraging to witness the local production of vehicles and their components," he said.  

Addis Ababa, April 18/2024 (ENA) Ethiopia’s Finance State Minister, Semereta Sewasew and the Managing Director of UNIDO, Gunther Beger signed “Enhancing Integrated Agro-Food Parks Development in Ethiopia, Phase II” Project today. The project is aimed at supporting Ethiopia to develop additional three Agro Industrial Parks through feasibility studies, master plan preparation, undertaking environmental and social impact assessment and capacity strengthening of stakeholders. These foundational tasks will be done with 1.5 million USD support of UNIDO, as mobilized from the AfDB.   On the occasion, Semereta and Gunther Beger stressed that the technical supports for the development of the parks is expected to contribute for the efforts to integrate the agricultural and industrial sectors. The agreement will ultimately enhance the performance of the manufacturing sector. Beger also mentioned that UNIDO will continue to support Ethiopia’s development priorities in every possible way. Ethiopia has already built Bure, Bulbula and Yergalem Agro Processing Parks at a cost of 30 billion birr. The industrial parks are conducive to job creation, technology transfer, earning foreign currency and competitive investors. Today’s agreement is aimed at supporting Ethiopia to develop additional three Agro Industrial Parks, according to Finance Ministry.    

Addis Ababa, April 18/2024 (ENA) The Executive Secretary of the United Nations Economic Commission for Africa (ECA), Claver Gatete said Africa urgently needs an estimated 3 trillion USD annually until 2030 to finance its development and achieve the Sustainable Development Goals (SDGs) and the African Union Agenda 2063. In his keynote speech at the Brookings Event in Washington D.C., Gatete emphasized the pressing need for affordable financing in Africa. He highlighted the continent's loss of up to 75 billion USD due to high-risk premiums and unfair credit assessments, underscoring the urgency to address Africa's financial challenges. Despite being the second-fastest-growing region globally, African nations grapple with persistent debt burdens, financial instability, and climate change impacts, Gatete stated. While Africa has shown remarkable resilience against external shocks, it is currently off track to meet the SDGs. Since 2010, African debt levels have surged by over 180 percent, with public debt now accounting for 66 percent of GDP, he said. High repayment costs are crowding out crucial investments in health, education, and climate action, the Executive Secretary noted. African ministers have called for alternative solutions, citing the perceived failure of the global financial architecture to adequately support the continent, Gatete elaborated. Although Africa's projected growth rate of 3.5 percent in 2024 is an improvement from 2.8 percent in 2023, it remains insufficient to fulfill the objectives of the African Union Agenda 2063, he said. According to him, currently, 21 African countries face high risks of debt distress, while only two have investment-grade credit ratings, and three have defaulted on sovereign bonds. The lack of concessional borrowing options leaves African governments with difficult choices, such as domestic borrowing that crowds out the private sector or external borrowing that presents foreign exchange and exchange rate challenges, he lamented. ‘‘These financial constraints disproportionately affect the most vulnerable populations, with projections indicating that 476 million Africans will live in poverty in 2024, an increase of approximately 50 million compared to the pre-COVID-19 period.’’ , Gatete said.