Economy
South Sudan, Ethiopia Forge Stronger Economic Ties 
May 15, 2024 446
Addis Ababa May 15/2024 (ENA) The Vice President of South Sudan and the Chair of the Infrastructure Cluster Gen. Taban Deng Gai officiated the South Sudan-Ethiopian Business and Investment Seminary, underscoring the deep-rooted relationship between the two countries. In his opening remarks, Gen. Taban Deng stated that the relationship between South Sudan and Ethiopia dates back to ancient times, with Ethiopia being a steadfast supporter of the Republic of South Sudan. "The Federal Democratic Republic of Ethiopia has always rendered unwavering support to the Republic of South Sudan, and we are truly grateful for this longstanding friendship," the Vice President said. The Vice President went on to highlight the vast opportunities and immense potential that the two sisterly nations have to offer. He outlined several key areas of investment that present lucrative opportunities for investors, including oil and gas refinery, energy and power citing the potential to supply South Sudan with electricity from the Ethiopian Renaissance Dam. Roads and bridges as well as telecommunications, including fiber optic networks, air transport, tourism and hospitality, agriculture and railway infrastructure are the potential areas the two nations can cooperate. "These are just a few of the many areas where we believe investors can thrive and contribute to the continued growth and development of our country," the Vice President said. He expressed confidence that this workshop will foster deeper collaboration, strengthen economic ties, and unlock the immense potential that exists between South Sudan and Ethiopia. "I am confident that through this workshop, we will forge stronger economic ties and unlock the immense potential that exists between our two countries," the Vice President concluded. The South Sudan-Ethiopian Business and Investment Workshop is expected to attract leading investors and business leaders from both countries, paving the way for increased trade, investment, and economic cooperation between South Sudan and Ethiopia, according to Office of South Sudanese Vice President.
Joining WTO Key Component of Ethiopia’s Economic Reform Agenda: Amb. Mesganu
May 15, 2024 419
Addis Ababa May 15/2024 (ENA) Joining the World Trade Organization (WTO) is a key component of Ethiopia’s Economic Reform Agenda, State Minister of Foreign Affairs Ambassador Mesganu Arga said. State Minister of Foreign Affairs Ambassador Mesganu Arga had a productive meeting with Director of the WTO Accessions Division, Maika Oshikawa at his office today. The two officials discussed on better ways of expediting Ethiopia’s accession process to the World Trade Organization. During the discussion, Ambassador Mesganu reiterated Ethiopia’s government political commitment and readiness to expedite Ethiopia’s accession to the WTO and its desire for the technical negotiations to be completed speedily. He confirmed that joining the WTO is a pivotal aspect of Ethiopia's economic reform agenda. The State Minister highlighted that Ethiopia has passed significant policy amendments and radical decisions in relation to trade and finance sectors that will assist advance the joining process. He further mentioned Ethiopia, being a major economic player in Sub-Saharan Africa, would significantly enhance the World Trade Organization’s stature by becoming a member. Director of the World Trade Organization Accessions Division, Maika Oshikawa on her part noted the secretariat of WTO is providing the required assistance to speed up the accession process that Ethiopia has initiated and pledged to continue the necessary support. The two officials consulted on detailed technical works related to Ethiopia’s accession progression, according to the Ministry of Foreign Affairs.      
PP Executive Committee Puts Forth Directions to Reinforce Policy Measures
May 14, 2024 398
Addis Ababa, May 14/2024 (ENA) Members of Prosperity Party Executive Committee said directive has been put forward to all institutions and leadership to exert maximum efforts for the execution of policies to achieve Ethiopia's prosperity through increasing investment, productivity, and the nation's ability to generate revenue. Prosperity Party Executive Committee evaluated its nine month performance on development, national reform and political activities in the presence of PP president Prime Minister Abiy Ahmed in Gorgora, Amhara Region. The premier said in his briefings on the occasion that Ethiopia is registering remarkable achievements over the past reform years by overcoming man-made and natural challenges citing the consecutive economic growth recorded which received world acclamation. The appropriate development policies designed by the government of Ethiopia under the leadership of Prosperity Party, the execution capacity of institutions and public participations have contributed a lot for the path to national prosperity, Prime Minister Abiy indicated. He further stressed the need to intensify efforts to effectively implement the goals put in place by the party to build a country that is free from debt and conducive for all of its citizens through bolstering productivity and swiftly accomplishing development projects with quality. Member of Prosperity Party Executive Committee and Finance Minister, Ahmed Shide said the meeting has evaluated the overall economic growth of the country over the past reform years and particularly over the past nine months of this fiscal year. During performance evaluation, the committee has witnessed economic growth that would help the nation uplift to a better level in agriculture, industry, tourism and digital sectors, the minister indicated. According to Ahmed, the country has registered encouraging growth by implementing the Homegrown Economic Reform Agenda in addition to the macroeconomic stability being registered by overcoming the various pressures. The Executive Committee has also evaluated other economic related issues that have not been tackled properly due to several pressures, stressing the need to take further measures in a bid to ease the challenges of inflation, enhance foreign currency and domestic revenues as well as debt reduction. Member of Prosperity Party Executive Committee and Minister of Planning and Development, Fisum Assefa said for her part that outstanding growth has been registered in all economic sectors due to the various measures carried out by PP- led government over the past reform years with commitment. The meeting has discussed about the efforts being taken to cover financial need of the country by local resources and make the economic growth more inclusive and participatory, she added    
Ethiopia Stresses Need for Policy Shifting, Infrastructure Dev't in Africa Aviation Sector
May 13, 2024 724
Addis Ababa May 13/2024 (ENA) The Ethiopian government has been seeking to facilitate policy changes for a better infrastructure development and enhanced training capacities as well as human resource development in the African aviation sector, Minister of Transport and Logistics, Alemu Sime said. The 12th Aviation Stakeholders Convention and Africa’s 1st Safety and Operations Summit is convening in Addis Ababa. In his opening remarks today, the minister said the Ethiopian government realized the great economic value of air transport as a catalyst for driving the country's economy forward. Ethiopian Airlines Group, in particular, is considered as a vital institute that bears a profound responsibility in facilitating the seamless movement of people and goods. “It is on account of this undeniable reality that the Ethiopian Government has consistently and comprehensively extended its support to the Airlines, ensuring that all requisite and types of assistance are effectively provided.” Hence, Alemu expressed his appreciation for the remarkable achievements of Ethiopian Airlines Group and its dedicated employees. According to him, the Airlines is known for its outstanding contributions in establishing a robust transportation infrastructure that serves millions of passengers, particularly fellow Africans. Thus, it deserves the highest recognition. These challenges have been also widely seen in the African aviation industry such as lack of infrastructure development, traffic rights restrictions, shortage of training facilities, and human resource development. Furthermore, it is worth mentioning for the necessity of policy amendments and bilateral discussions, making them beyond the purview of airlines to solve independently, the minister underlined. Acknowledging the complexity of those issues in the aviation sector, the minister underlined the need for having a collaborative approach. In this regard, he also reaffirmed the commitment of the Ethiopian government to working with other African governments. “By fostering cooperation and undertaking joint initiatives, the Ethiopian government seeks to facilitate policy changes, promote infrastructure development, enhance training capacities, and support human resource development in the African aviation sector,” the minister added. He further stated that through these concerted efforts, the government aspires to enable the growth and success of African airlines while addressing the unique challenges they encounter. Ethiopian Airlines Group CEO, Mesfin Tasew said, “Your presence here today is a testament to your commitment to advancing the aviation industry and shaping its future, particularly in Africa.”   Mesifin described the African aviation industry which has remained weak, fragmented and is unable to deliver the desired results of the continent’s ambition particularly, in accelerating the intra Africa air transport services. To this end, the CEO urged African governments to deliver on their commitments for the expansion of intra Africa connectivity. “We need to continue urging African governments to make a practical move for the expansion of intra Africa connectivity by implementing certain initiatives. Thus, this would accelerate the socioeconomic integration of the continent as aspired by African heads of states,” he urged. The CEO elaborated that African airlines need to have better access to grow their foreign currency in order to pay bank loans, aircraft discharges, to buy spare parts and pay for repair services.   African Airlines Association (AFRAA) Secretary General Abdérahmane Berthé said on his part only 10 percent of African citizens can afford air transport. For him, this aviation industry demands considerable room and adequate investment for growth in addition to the policies at the political level.  
PM Abiy Instructs For Swift Completion of Water, Road Projects in Gondar to Benefit People
May 13, 2024 698
Addis Ababa May 13/2024 (ENA) Prime Minister Abiy Ahmed has directed officials to expedite the completion of ongoing water and road projects in Gondar city of Amhara Region to benefit the public residing in the areas. Prime Minister Abiy convened with Federal leadership this morning to receive updates on project statuses in the Gondar city of the Amhara region. The projects include the Megech Dam, Gondar Drinking Water and the Azezzo-Gondar Asphalt Road. Irrigation and Lowland Area Minister, Aisha Mohamed, Water and Energy Minister Habtamu Itefa, and Ethiopian Roads Administration Director-General Mohamed Abdurahman, presented the projects’ implementation report today. Irrigation and Lowland Area Minister, Aisha Mohamed on the occasion acknowledged past challenges regarding the Megech Dam project stating that the project was launched several years ago without the adequate feasibility study. She also stated that a landslide during the construction process has been the other reason which delayed the performance. The Minister assured that corrective measures have been taken to address the problem encountered following the landslide. Water and Energy Minister, Habtamu Itefa explained that while three deep water wells were drilled to supply the water to the residents of Gondar city until the dam project is completed, but the service was not provided due to the delays in the water transmission line design. The minister confirmed ongoing current collaboration with the Amhara regional government to resolve the issue. Ethiopian Roads Administration Director-General, Mohamed Abdurahman reported that the construction of the Azezzo-Gondar Asphalt Road project is at 60.8 percent. Therefore, work is carrying out to complete the remaining work of the road project in the coming few months, he said. Prime Minister Abiy Ahmed noted the economic burden this government inherited from the previous regime. The government is repaying the debts and also carrying out several activities to mitigate the challenges of stalled projects, he pointed out. The Megech Dam Project, whose was construction was commenced 15 years ago, is part of this burden. He stressed that the management should work more diligently by bringing this into awareness. The Prime Minister pledged government support for the project's swift completion, including securing a competent contractor and close monitoring throughout the construction. He also instructed the Water and Energy Ministry to collaborate with the Amhara regional government to swiftly complete the deep water well projects in Gondar and make them ready for service. . Additionally, Abiy directed the immediate completion of the Azezo-Gondar Asphalt Road project. The Prime Minister finally emphasized the need for enhanced supervision, involving regional government engagement, and urged community members to safeguard peace to facilitate the finalization of vital public infrastructure.
DBE Disburses 30 Billion Birr to Manufacturing Industries in 9 Months 
May 13, 2024 568
Addis Ababa May 13/2024 (ENA) The Development Bank of Ethiopia (DBE) announced that it has disbursed 30 million birr to the manufacturing industries in the past nine months. Meanwhile, the Commercial Bank of Ethiopia has also announced that it spent 50 percent of the loans in the manufacturing industry. This was disclosed at a panel discussion held under the theme 'Private Investment and enabling Conditions" alongside the Made in Ethiopia Expo taking place at the Millennium Hall, in Addis Ababa.   DBE President, Yohanes Ayalew on the occasion said the bank is helping players in the sector by providing low interest loan with special attention given to the manufacturing industry. Recalling that the bank was in heavy losses in the past, the president pointed out that the government had resolved the problem by taking bold actions. The president mentioned that the bank is currently making a profit of 6.3 billion Birr annually. The bank's capital has now reached 38 billion Birr and can lend up to 9 billion Birr for one project, he assured.   Noting that the bank approved 44 billion Birr loan in the past nine months, the president explained that 30 billion of it was given to the manufacturing sector. According to him, disbursing this amount of loan is an indication of economic growth and that the bank has improved its overall capacity and services. The president has further reassured the bank’s commitment towards closely supporting the manufacturing sector. Commercial Bank of Ethiopia President, Abe Sano on his part said his bank is significantly supporting the productive manufacturing industries.   The bank has given 50 percent or 550 billion Birr of the total capital allocated for loans to this industries. From this, 90.6 percent of the loans are long-term loans. A procedure is being prepared in which the industries that use local raw materials will be the first beneficiaries, he stated. The bank is supporting the sector in a big way and that problems are being investigated and improvements are being made, Abe added.    
Ethiopia Stresses Need for Policy Shifting, Promoting Infrastructure Dev't in Africa Aviation Sector
May 13, 2024 514
Addis Ababa May 13/2024( ENA)The Ethiopian government has been seeking to facilitate policy changes for a better infrastructure development and enhanced training capacities as well as human resource development in the African aviation sector, said Minister of Transport and Logistics, Alemu Sime. The 12th Aviation Stakeholders Convention and Africa’s 1st Safety and Operations Summit is convening in Addis Ababa. In his opening remarks today, the minister said the Ethiopian government realizes the great economic value of air transport as a catalyst for driving the country's economy forward. Ethiopian Airlines Group, in particular, is considered as a vital institute that bears a profound responsibility in facilitating the seamless movement of people and goods. "It is on account of this undeniable reality that the Ethiopian Government has consistently and comprehensively extended its support to the Airlines, ensuring that all requisite and types of assistance are effectively provided." Hence, he expressed his appreciation for the remarkable achievements of Ethiopian Airlines Group and its dedicated employees. According to him, the group is known for its outstanding contributions in establishing a robust transportation infrastructure that serves millions of passengers, particularly fellow Africans. Thus, Ethiopian Airlines Group deserves the highest recognition. In this regard, Alemu elaborated Minister of Transport and Logistics has played a significant role in the aviation and air transport sectors, in conjunction with its home-grown airline, the national flag carrier. However, throughout this journey, the air transport sector has encountered a wide range of challenges that are inherent to the global aviation landscape. These challenges have been also widely seen in the African aviation industry such as lack of infrastructure development, traffic rights restrictions, shortage of training facilities, and human resource development. Furthermore, it is worth mentioning the necessity of policy amendments and bilateral discussions, making them beyond the purview of airlines to solve independently, the minister underlined. Acknowledging the complexity of those issues in the aviation sector, the minister underlined the need for having a collaborative approach. Alemu has also reaffirmed the commitment of the Ethiopian government and its willingness to work with other African governments. "By fostering cooperation and undertaking joint initiatives, the Ethiopian government seeks to facilitate policy changes, promote infrastructure development, enhance training capacities, and support human resource development in the African aviation sector," the minister added. He further stated that through these concerted efforts, the government aspires to enable the growth and success of African airlines while addressing the unique challenges they encounter.  
This year’s Aviation Stakeholders Convention Kicks off in Addis Ababa
May 13, 2024 656
Addis Ababa May 13/2024 (ENA) The 12th Aviation Stakeholders Convention, hosted by the Ethiopian Airlines Group kicked off in Addis Ababa today. A two-day convention being convened under the theme: “Beyond connecting African aviation,” brought together over 500 delegates from the aviation industry in Africa, Europe, Middle East, Asia and North America. The Convention is the industry’s ideal platform to drive growth opportunities and deliberate on the developments of the African aviation industry, it was learnt. Speaking on the occasion, Ethiopian Airlines Group CEO, Mesfin Tasew said, "Your presence here today is a testament to your commitment to advancing the aviation industry and shaping its future, particularly in Africa." Mesifin described the African aviation industry which has remained weak, fragmented and is unable to deliver the desired results of the continent’s ambition particularly, in accelerating the intra Africa air transport services. To this end, the group CEO urged African governments to deliver on their commitments for the expansion of intra Africa connectivity. "We need to continue urging African governments to make a practical move for the expansion of intra Africa connectivity by implementing certain initiatives. Thus, this would accelerate the socioeconomic integration of the continent as aspired by African heads of states," he urged. Moreover, the CEO elaborated that African airlines need to have better access to grow their foreign currency in order to pay bank loans, aircraft discharges, to buy spare parts and pay for repair services. "We do understand that several African countries have a shortage of hard currencies. Since no country can afford to stay without air connectivity, we need to urge African governments to include the aviation sector in their priority list when advocating the limited resources they have." Numerous existing airports infrastructures in Africa needs to upgraded and expanded and new ones need to be built for enhanced connectivity, according to Mesfin. African Airlines Association (AFRAA) Secretary General Abdérahmane Berthé said on his part only 10 percent of African citizens can afford air transport. For him, this aviation industry demands considerable room and adequate investment for growth in addition to the policies at the political level.
Nationwide Development Projects Foundations to Realize Prosperous Ethiopia: PM  
May 12, 2024 382
Addis Ababa, May 12/2024(ENA)-Prime Minister Abiy Ahmed said the development activities underway across the country, including construction of infrastructures, the Green Legacy program, and others development projects are the cornerstone for realizing a prosperous Ethiopia. Prime Minister Abiy Ahmed and First Lady Zinash Tayachew, along with regional presidents, unveiled the Abay River Bridge in Bahir Dar, Amhara regional capital.   The bridge is a remarkable infrastructure project overseen by the federal government which was commenced 4.5 years ago. This modern bridge spans 380 meters in length boasts a width of 43 meters, featuring three lanes on each side alongside a dedicated bicycle lane. Destined to be a defining landmark of Bahirdar City, the Abay River Bridge promises to catalyze economic growth and connectivity in the region. During the inauguration, Prime Minister Abiy Ahmed said we are working to build a bridge of unity that will strengthen the bonds of our people by focusing on building infrastructure and thinking. He emphasized that it is possible to build a common narrative by breaking down the wall of differences and connecting our country through infrastructure and other projects. Many development activities, including construction of infrastructures, other development projects, and the Green Legacy program that have been underway nationwide are the foundation for realizing the aspired prosperous Ethiopia, he stated. As the Prime Minister said, the Abay River Bridge has a great contribution to the connection of peoples, the acceleration of trade and tourism activities. He stated that the new bridge will help build a unity narrative by connecting people. “The Abay Bridge inaugurated today in Bahir Dar City marks a significant step towards fostering stronger interpersonal connections and boosting trade opportunities. Yet, beyond its physical structure, our vision extends to bridges that bridge divides, uniting people from opposing sides for a shared future. It's about crafting narratives that transcend regional boundaries, uniting us as a cohesive whole. Our mission is to dismantle restrictive mindsets and narratives that serve as barriers, fostering unity and cooperation among all.” The people of the region should take advantage of the opportunity created, protect unity and peace, ensure sustainable development, and work for the next generation, he said. The government, which inaugurated the Abay River Bridge today, is also working on the development of the Gorgora and Logo Lake projects, which are part of the Dine for the Nation and Dine for Generation. The Abay River Bridge is expected to significantly boost trade, tourism, and investment in the region.   Amhara Region Chief Administrator, Arega Kebede noted that the new bridge built on the great Abay River will make the region and the city center of gravity for development. Apart from the importance of the bridge to promote business, tourism, investment and other development activities, it is a landmark that serves as the main symbol of the city, just like its palm trees and Lake Tana, he added. The construction of the bridge makes Bahir Dar a preferred city and creates opportunity for carrying out other development activities around the Abay River basin, he explained. Ethiopian Roads Authority, Director General Engineer Mohamed Abdurahman stated that the Abay River Bridge included pedestrian and bicycle lanes and used state-of-the-art construction technology.   According to the director general, the Abay River Bridge has the capacity to serve for one hundred years.    
Investors Urged to Deepen Support For Gov’t Initiatives
May 12, 2024 280
Addis Ababa, May 12/2024(ENA)- Participants of the digital telethon being held for ‘Clean Ethiopia Movement’ stressed the need for investors to further enhance their leading role in supporting the development initiatives of the government. A ten-hour digital telethon was held today with an initial target to raise 50 million Birr to support ‘Clean Ethiopia’ campaign initiated by Prime Minister Abiy Ahmed. Ethiopians residing in the country and abroad have been extending financial support by participating at the digital telethon. Among the participants of the fundraising campaign, MIDROC Investment Group, its employees and CEO have contributed 64 million Birr. OVID Group contributed 16 million Birr while Wudase Diagnostic Center has extended 2 million Birr for the movement. Similarly, the Ethiopian Olympic Committee has announced that its members and leadership has joined clean Ethiopia and contributed 8 million Birr. MIDROC Investment Group, CEO Jemal Ahmed said on the occasion that Clean Ethiopia’ is an important initiative that not only improves the cleanness of the city but also make millions of citizens beneficial in various ways. Noting that Addis Ababa, which also is seat of African Union Headquarters, is the reflection of Ethiopia, Jemal emphasized the need to modernize the city with a view to make it competent with other cities around the world. He stressed the need for investors to further enhance their leading role in supporting the development initiatives of the government to create attractive, clean and livable city to its residents. Founder and Manager of Wudase Diagnostic Center, Dawit Hailu for his part indicated that enhanced sanitation is one of the important instruments to build a healthy and productive society. He called on all Ethiopians to rally behind the initiative indicating that effort to create a society with clean and livable environment is not a luxury but basic necessity. It is to be recalled that PM Abiy recently unveiled plans to construct modern, clean and dignified public restrooms, with a strong emphasis on community involvement in the construction. The initiative, named ‘Clean Ethiopia,’ includes a fundraising component under the theme ‘Clean Cities – Healthy Lives.' Accordingly, a digital telethon for 'Clean Ethiopia' officially launched on April 28/2024. The objective is to solicit both cash and in-kind contributions for the construction of these public facilities. Today’s digital telethon is part of this fundraising campaign aimed at raising 50 million Birr in a ten hours period. The outpouring of support highlights the commitment of Ethiopians to improving the cleanliness and health conditions of Ethiopia. The telethon is a testament to the power of collective action in making a real difference in the community. Volunteers are invited to contribute to the cause through the account number 1000623230248 at the Commercial Bank of Ethiopia, the dollar account of the National Bank 0101211300016 and the SWIFT code NBETETAA.    
OVID Group Extends  16 Mil Birr, Wudase Diagnostic 2 Mil Birr to Clean Ethiopia Telethon
May 12, 2024 385
Addis Ababa, May 12/2024(ENA)- OVID Group has contributed 16 million Birr while Wudase Diagnostic Center has also contributed 2 million Birr for the ongoing digital telethon for Clean Ethiopia Movement today. Ethiopians at home and abroad are participating in the digital telethon that began today at 8:00AM and aims to raise 50 million Birr within 10 hours. As part of the ongoing telethon, OVID Group donated 15 million Birr while its CEO Yonas Tadese also contributed an additional 1 million Birr.   Similarly, the Ethiopian Olympic Committee has also announced that its members and leadership has joined clean Ethiopia and contributed 8 million Birr. The committee donated 5 million Birr while its president Ashebir Woldegiorgis contributed 3 million Birr for the movement.   Moreover, Wudase Diagnostic Center has contributed 2 million Birr to the cause. These contributions are major boost to the ongoing telethon which is garnering momentum with volunteer participation of Ethiopians from anywhere in the country and abroad. It is to be recalled that PM Abiy recently unveiled plans to construct modern, clean and dignified public restrooms, with a strong emphasis on community involvement in the construction. The initiative, named ‘Clean Ethiopia,’ includes a fundraising component under the theme ‘Clean Cities – Healthy Lives.' Accordingly, a digital telethon for 'Clean Ethiopia officially launched on April 28/2024. The objective is to solicit both cash and in-kind contributions for the construction of these public facilities. Today’s digital telethon is part of this fundraising campaign aimed at raising 50 million Birr in a ten hours period. The outpouring of support highlights the commitment of Ethiopians to improving the cleanliness and health conditions of Ethiopia. The telethon is a testament to the power of collective action in making a real difference in the community. Volunteers are invited to contribute to the cause through the account number 1000623230248 at the Commercial Bank of Ethiopia, the dollar account of the National Bank 0101211300016 and the SWIFT code NBETETAA.  
Ethiopian News Agency
2023