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| Thursday November 25, 2010 | A Modern Leather Industry Inaugurated |
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China-Africa Overseas Products S.C was colorfully inaugurated on the 24th of November 2010 in the premises of the company at Sululta town of Oromia National Regional State, 20 km north of Addis Ababa. The inaugural ceremony was officially declared by H.E. the State Minister of Industry, in presence of Ambassador of the Peoples’ Republic of China, the Director General of the Ethiopian Investment Agency along with pertinent federal government, Oromia State and officials of the diplomatic corps. During the inaugural of the factory, the State Minister noted that the Government of Ethiopia has created an environment conducive to attract, stimulate and encourage foreign direct investment (FDI). He also underlined that the engagement of China-Africa Overseas Products S.C. in the leather and leather products industry is the result of such a condition. Moreover, he noted, establishments of such modern leather companies will have their own contribution to the realization of the objectives of the recently launched Growth and Transformation Plan of the Government which triggers at doubling the contribution of the industry sector to the GDP in the next five years. The Chairman and General Manager of the China-Africa Overseas Products S.C., on the occasion, said that the Company has so far invested over US$27 million, and has a plan to expand the factory by injecting additional US$25 million to build new leather production line in order to boost its daily production capacity. China-Africa Overseas Leather Products S.C. is established in 2009 jointly by China-Africa Development Fund and Xin Xiang Kuroda & Mingliang Leather Co. Ltd joint venture. It is a wholly Chinese leather company in Ethiopia. The factory covers more than 80,000 square meters of land and has the capacity to produce 4.5 million pieces of finished leather products for export. |
| Tuesday November 16, 2010 | Indian Businessmen Keen to Invest in Ethiopia |
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An Indian business delegation led by Mr. Ashok Kajaria, President of the PHD Chamber of Commerce and Industry and Chairman and Managing Director of Kajaria Ceramics Ltd., was briefed on investment opportunities in Ethiopia by the officials of the Ethiopian Investment Agency and other concerned government bodies at the Ethiopian Investment Agency on 15th November 2010. In his opening remark, Mr. Abi Woldemeskel, Director General of the Ethiopian Investment Agency, welcomed the members of the delegation, and said that Ethiopia and India have long standing historical, economic and social relations. He also noted that there are many Indians virtually engaged in all sectors of investment in Ethiopia and, therefore, the delegation members should feel at home and have full confidence to do business in the Country. After the opening speech, the Director of Research and Promotion Directorate with the Agency made a presentation on investment climate and policy of the Ethiopia. Subsequently, representatives of the concerned government bodies presented investment opportunities in agriculture, textile, leather industry, education, and energy sectors to the business delegation. The presenters also gave satisfactory explanations to the questions raised by the businessmen. The meeting was organized by the Ethiopian Investment Agency in cooperation with the Ministry of foreign Affairs. |
| Tuesday November 09, 2010 | Increased Joint Efforts Required to Play Pro-active Role in GTP |
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The Director General of the Ethiopian Investment Agency, Mr. Abi Woldemeskel visited ARA Shoes AG (Ethiopian Branch) on 8th November 2010, along with the staffs from the Manufacturing Projects Facilitation and Aftercare Directorate with the Agency to follow up the progress of the project. During the visit, Abi was briefed on the overall activities of the project by Mr. Gruenkranz Mario, General Manager of the Company. After briefing, Abi expressed his appreciation about the commitment and success of the Company. ARA Shoes AG (Ethiopian Branch) has embarked upon the production of shoes and uppers destined 100 percent for export. The company uses 50% of finished leather from local market and 50% from abroad. A planned capital of the Company has been estimated at 25,000,000.00 Birr. The project utilizes 2.27 hectares of land in Akaki, Addis Ababa. The Company is currently produces 1000 pairs of shoes per day, and has a plan to expand the factory to produce 7500 pairs of shoes per day. The export markets of the Company are Romania and Portugal. ARA Shoes AG is a well known Company around the world, and has headquarters in Germany. Its production sites are in Portugal and Indonesia. |
| Wednesday February 09, 2011 | Ethiopia Adapts International Standard Industrial Classification |
| An Ethiopian Standard Industrial Classification (ESIC) has come into force as of 08 February 2011 adapting the International Standard Industrial Classification (ISIC) which categorizes all economic activities into major sectors and their detailed breakdowns. The enforcement of the ESIC was necessary to serve as an instrument to facilitate a systematic business licensing process.
ESIC is also believed to pave the ground for an optimal level of the availability of information and standard-based trade interaction, thus providing the means for traceability and accountability in the market system. To-date, there are about 108 countries that have set their national standards by adapting the ISIC.
Ethiopian Investment Agency has already availed a space here in its website for ESIC document in pursuit of easy reference. Ethiopian Standard Industrial Classification English version Ethiopian Standard Industrial Classification Amharic version |
| Saturday April 23, 2011 | EIB Issues New Directives |
| The Ethiopian Investment Board (EIB) issued two directives during its regular meeting held on the 22nd of April 2011. The new directives included the Investment Board Directive to Determine the Duty Free Importation of Motor Vehicles for Investment Projects Amendment No. 4/2011, and the Directive to Implement the Council of Ministers Regulations No. 84/2003 (as amended) Article 9 Sub-Article 1(b) providing for Duty Free Importation of Buses used for Tour Operation Service Directive No. 5/2011, respectively. EIB has also decided the new directives to enter into force as of 22nd April 2011, the same date of the Board meeting, it was known. The directives are available here in this website at www.ethioinvest.org/Legal Framework. |
| Wednesday September 14, 2011 | Ever Increasing Interest in Farming |
| An Indian agri-business delegation organized by the Federation of Indian Chambers and Commerce Industry (FICCI), and led by Mr. Ramakrishna Karuturi, Managing Director of Karuturi Global Ltd., paid a visit to Ethiopia to conduct a pre-investment assessment in the country from 20th -24th August 2011. The delegation drawn from 32 big companies in India, held meeting with Ato Abi Woldemeskel, the Director General of the Ethiopian Investment Agency on 22th August 2011. In his opening remark, Ato Abi welcomed the members of the delegation and said that Ethiopia is a land of opportunities for a large number of investors from around the world being one of Africa’s fastest growing economies maintaining macro-economic, political and social stability. He also said that nowadays the world is witnessing the breathtaking changes in Ethiopia; and the rapid and sustaining economic development of the country is becoming exemplary to the world. Regarding the Indian investments in Ethiopia, Abi noted that investment and trade relations between the two countries are robust and deep; and the Indian investment inflow is ever increasing, and it is one of the largest investments in the country. Ato Abi also made a presentation on investment climate, policy and opportunities of the country. Regarding the investment opportunities, Abi made elaborated explanations on priority areas such as agriculture, textile and garment, agro-processing, horticulture, leather and leather products. He also gave satisfactory explanations to the questions raised by the businessmen. The main focus of the delegation was on commercial farming, agri-equipment, and food processing and farm inputs. Some delegates also expressed their interest in mining, education, health and other sectors. The meeting was organized by the Ethiopian Investment Agency in cooperation with the Ministry of foreign Affairs. |