Category: Finance

The Industrial Parks Development Corporation (IPDC) has signed agreements with 5 local companies with an outlay of more than 3 billion birrs to invest in the pharmaceutical sector in Kilinto Industrial Park.

Akilulu Tadese, IPDC CEO, said that the involvement of domestic companies in the pharmaceutical sector will not only increase our country’s medication coverage but will also play an important role in avoiding the foreign currency spent in the sector.

When the companies come into operation, they will produce medicines and medical supplies and provide them to the local market, and they will create permanent and temporary jobs for more than 1500 citizens.

IPDC signed an agreement Saturday with 10 local companies that have invested more than 8.2 billion birrs in industrial parks. When the companies start production, they will create permanent and temporary jobs for more than 7000 citizens.

Kilinto Industrial Park, which hosts these investments, is known to be a modern investment center with a focus on pharmaceuticals.

Source: Ethiopian News Agency

The Namibian High Commission in Ghana recently hosted the Namibia Investment and Trade Business Forum in efforts to market the country as a lucrative trading partner and investment destination.

The Ministry of International Relations and Cooperation in a statement said Namibia is well on course to enhance her presence in Ghana and beyond, with strong participation in the 53rd General Assembly of the World Trade Centers Association (WTCA), which took place in Accra from 23 to 28 April 2023.

It said to build up anticipation for Namibia’s participation in the General Assembly, the delegation hosted the Investment and Trade Business Forum at the Namibian High Commission in Accra to “create linkages with the local business community, while highlighting the comparative advantages that position Namibia as a lucrative trading partner and investment destination.”

The event drew over 100 entrepreneurs from a variety of sectors in Ghana, including oil and gas, real estate, agribusiness, tourism, mining, ICT, arts and fashion.

Minister of Industrialisation and Trade, Lucia Iipumbu addressed the forum on Namibia’s investment climate and economic opportunities, while Namibia Investment Promotion and Development Board (NIPDB) Chief Executive Officer Nangula Uaandja did a presentation on investment opportunities in Namibia.

‘Namibia also had an attractive exhibition booth where various products including meat and meat products, dairy products, pomegranates, dates, maize and wheat products, beer, wine, spirits, cow hides, cosmetics, charcoal, artefacts, Nakara handbags and coats, were displayed,’ it said.

According to the statement, the 53rd General Assembly of the WTCA was the first of its kind to be held in Sub-Saharan Africa.

The annual event brings together high-level government and business delegates from across the globe. Namibia participated in the General Assembly under the sub-theme ‘Namibia: the land of many opportunities’, with a focus on agriculture, fisheries, mining, tourism, energy, logistics infrastructure and real estate.

Source: The Namibian Press Agency

The European Union (EU) stressed the need for deepening a strategic engagement with Ethiopia that was signed thus far, Head of Delegation to Ethiopia, Ambassador, Roland Kobia said.

In his briefing about the historical prospect of the relationship between Ethiopia and the EU, Ambassador Kobia said Ethiopia is the long-standing partner of Europe.

“We are the deepest and long-standing partner with Ethiopia. I think this is something that can be forgotten because sometimes if our relationship gets…difficulty, while we have managed it for 500 years of history together… Europe is the oldest partner of Ethiopia when it comes to the number of years by far. Nobody was here 500 years ago.”

For instance, the ambassador mentioned Portugal, one of the EU member countries, which is celebrating its five hundred years of cooperation with Ethiopia.

Moreover, the EU and Ethiopia have signed numerous strategic engagements with a view to consolidating the historical relationship.

For him, Ethiopia is one of a few countries which the EU has a strategic engagement.

“EU and Ethiopia have signed a strategic engagement. This is extremely important because we don’t have many strategic engagements. Actually we have very few strategic partners and with few countries,” the head noted.

According to Kobia: “ We signed a joint Ethiopian-EU strategic engagement. It is written on the text. This means a lot in terms of what we want to do together, how deep we want to cooperate and how wide we want to partnership.”

The partnership covers many spheres between the two sides including regional peace and stability, countering terrorism and violent radicalization as well as migration, social and economic development, investment and trade, climate change and environmental cooperation.

However, Ambassador Kobia acknowledged that the relationship between the two sides had gone through difficult times following the conflict in northern Ethiopia.

Now, Ethiopia and the EU are normalizing the relationship on the basis of a peace agreement for Ethiopia has been implementing and moving towards lasting peace, he noted.

Accordingly, the EU has now proposed a political offer to become a political partner with Ethiopia and strategically engage each other on important issues.

“It is not only about development aid. But how can we be political partners? It is all about how we can strategically engage each other on important issues for Ethiopia, for the EU and also for the world. It also includes how the EU and Ethiopia will have a new approach to cooperate on international terrorism and among other areas…”

As the EU is a number one trading partner of Ethiopia, Ambassador Kobia indicated that the union is desirous to maximize the trade volumes between the two sides.

Source: Ethiopian News Agency

Prime Minister Abiy Ahmed stressed the need to ensure food security and increase export trade through boosting agricultural productivity.

The premier has today launched the Agriculture and Science exhibition at Science Museum in Addis Ababa under the theme “From the Lab to the Field.”

During the occasion, he said Ethiopia is amongst top African countries in coffee, wheat, livestock and recently honey production, adding that due attention should be given to quality production so as to gain foreign earnings.

“All these have not yet transformed towards addressing our problems through exporting and obtaining foreign earnings. To transform that this exhibition greatly help see ways on how to enhance productivity, link production and market, and making our products favorable for sales,” Abiy elaborated.

The Premier emphasized the need to focus on innovative science and technology to transform the agricultural sector.

Noting that agriculture is the foundation for existence of human beings, he stressed the need to support the sector with the necessary technologies with a view to boost productivity and export trade.

Agriculture and Science exhibition inaugurated today plays pivotal contribution to strengthen the development of the sector as it demonstrates the links between agricultural development with information technologies and mechanization, he underlined.

“As we all know, Ethiopia’s population 30 years ago was below 50 million now it is over 100 million while its land and water remains the same. Unless we enhance productivity of the land that our production will not be enough to the increasing population,” Abiy underscored.

Abiy called all to visit the Agriculture and Science exhibition that will be open for public viewing for consecutive weeks starting tomorrow.

The exhibition, organized by the Ministry of Agriculture in collaboration with Ethio Telecom, aims at promoting the role of technologies in transforming the agricultural sector and improving production and productivity in a sustainable manner.

The exhibition is expected to create awareness among farmers and pastoralists, youth, students, researchers as well as investors on the role of science and technology to improve production and productivity and realize sustainable development.

Source: Ethiopian News Agency

The Abuja Environmental Protection Board (AEPB) has sealed up the Garki International Market in Abuja over accumulated refuse dumps that may cause an epidemic outbreak.

The Director AEPB, Mr Osi Braimah, who led the board operative to seal it up, condemned the breakdown of law and order in the market.

“Our environmental officers in carrying out their routine/monitoring activities by April 26, discovered that the market was in a bad shape.

“Solid wastes, cabbages all over the place, bleeding sewage lines and heaps of refuse dumps were all over the market.

“We served them an abatement notice unfortunately nothing was done,” Braimah said.

The director noted that the non-challant attitude of the market users made the board to seek a court order to seal the market.

“So, we simply went to the court for an order to seal up the market, so that everything can stop, until it is cleaned up.

“We derive no joy in shutting down the market but we will be failing in our responsibilities if we allow them to continue.

“As it is now, if we allow them to operate, it is a recipe for epidemic outbreak,” he worrie.

The director frowned at the deplorable state of the market saying, “they cannot have these activities side by side with filth”.

“A market is where fresh foods and vegetables are sold, you cannot have all these side by side with cabbages

“An epidemic is far worst than not selling your potatoes for a couple of days.

“Once they clean up the market we will reopen because the court order says the order subsists, so long the market remains in that condition,” Braimah noted.

He warned that the market remained shut until the wastes were evacuated.

Braimah promised that AEPB would go back to the court to seek for an order to reopen it as soon as the wastes are evacuated.

He urged market operators to tidy up their wastes to avert epidemic outbreak in the Federal Capital Territory.

Commenting on the seal up of the market, Mr Desmond Arebenjamo Chairman of Fruits and Vegetables in Garki International Market, said that they received calls that the market had been sealed up by the AEPB.

“We pleaded that many of us are selling perishable items and have purchased them in large quantities fearing loss.

“We learnt that some of the unions in the market took the market management to court over increased service charge,” Arebenjamo said.

He said that the fellow traders told him that the court ordered that everyone observe the old rate of the service charge pending the outcome of the court judgment.

Arebenjamo, who said that they had not been officially notified on how to resolve the issue, appealed for the quick reopening of the market.

Also, Mrs Nwokoema Joyce, who owned a shop in the market for over five years, said that there was an increase in the service charge.

“I remembered that there was an increase in the service charge in which a lot of people disputed.

“There was a platform that said we should hold on with the payment and that they were discussing with the management later on we heard that if we don’t pay, the market will be sealed up.

Mr Innocent Amaechina, Head, Corporate Affairs/Business Development Abuja Markets Management Limited (AMML), said that the market was sealed up following the court order obtained by AEPB on the evacuation of wastes.

“It came to the notice of AEPB during one of their routine exercise that the whole place is littered with refuse dumps and of course you will agree with me that it’s now a public health issue.

“Many court orders on abatement notice was served. Before now AEPB gave notice to abate nuisance, it was not done.

Amaechina noted that, Garki International Market is managed by AMML.

“It came about that some traders went to court to challenge the increase in service charge we proposed.

“It is regrettable that none of the market officials have engaged us on the increased service charge, we just needed to serve them better.

“For instance if you want your diesel to run for 10 hours instead of five hours you are going to pay higher,” he said.

Amaechina said that as law abiding organisation they had to restrain themselves.

“if they are in court invariably they are saying we should not enforce the collection of service charge hence the service providers withdrew their services.

Amaechina said that although, “while the matter has been in court some officials of the market have continued to engage them.

“The meeting is being held right away to meet on a middle ground, to address all the infractions being raised by AEPB.

“We are addressing the problems raised by AEPB and let’s say in some hours we would have reached an agreement and the market would be reopened,” he assured.

The News Agency of Nigeria (NAN) reports that the refuse dumps had gathered there for three weeks to one month ever since the service providers withdrew their services.

NAN reports that as at press time the manager of the Garki International Market was still in the meeting with relevant stakeholders to address the issues.

All the traders attested that this was the first seal up of its kind and worried over the condition of their perishable items.

Source: News Agency of Nigeria

There are very big demands by both local and foreign investors to operate in the industrial parks constructed across the country, according to the Industrial Parks Development Corporation (IPDC).

There are eleven industrial parks and one free trade zone the corporation manages; and some ten local companies with over 8.2 billion Birr capital have signed agreements that allow them to operate in the parks.

IPDC Marketing and Communication Head, Zemen Junedin told ENA on the sidelines of the recent investment forum held in Addis Ababa that such forums are useful in promoting investment.

According to him, the corporation has been promoting the potential of the country by taking part in international exhibitions and bazaars.

In addition, “we have done a major service delivery reform and any foreign or domestic investor can get information without conditions and also support of experts,” he added.

The head further stated that companies are given high level of support and monitoring even after they entered investment.

Zemen said that industrial parks in war-torn areas are making very promising progress and cited Kombolcha as an example. There is now high demand and investment in the pipeline to enter Kombolcha Park, he added.

Regarding Mekelle Industrial Park, a technical committee has been established to evaluate and make it operational.

In view of Ethiopia’s potential in relation to agro-processing, the marketing head pointed out that there are parks like Jimma Industrial Park which focuses on the sector.

The location of the industrial park is convenient for fruits and vegetables, especially avocado and coffee, so investors are interested to invest in the park.

Jimma Industrial Park has started producing avocado oil, he noted, adding that this has created a market linkage for more than 15,000 farmers in city and its surroundings.

He further noted that Ethiopia’s parks are very modern and competitive industrial parks of international standards that offer good opportunity to both local and foreign investors.

In Ethiopia, industrial park have been established with the vision to make the country a leading manufacturing hub, and the government places high focus on industrial parks development and expansion.

Source: Ethiopian News Agency