Day: April 27, 2023

Ethiopia has been taking encouraging moves to create favorable investment climate with the objective of attracting foreign direct investment in various sectors, Ethiopian Investment Commission said.

The three-day ‘Invest Ethiopia 2023’ international investment forum is underway in Addis Ababa under the theme “Invest and Grow in Ethiopia – The Land of Attractive Investment Opportunities.”

The forum is being attended by more than 600 new foreign direct investors and expected to generate more than 3 billion USD in investments in Ethiopia over the next few years.

The Invest Ethiopia 2023 in its second-day morning session today has started by highlighting the growth perspective of Investment projects through attracting FDI and or through expanding existing projects with tailored incentive packages presented by the Deputy Commissioner of Ethiopian Investment Commission, Temesgen Tilahun.

He said various reform activities are being underway in various sectors to improve ease of doing business and sustain the success of the past decades.

The commission has digitalized all services for investors, he said, adding that new growth potential such as agro processing, manufacturing, mining and energy, ICT as well as tourism sectors are the most lucrative areas in Ethiopia where investors can invest.

The government is extensively working to expand infrastructural connectivity to enable investors to do business mentioning the Ethiopian Airlines, electric power infrastructures, railway and road among others.

He explained that all sectors are open for investors through various mechanisms including in Private Public Partnership (PPP), joint venture or other modalities and some 30 types of industrial parks across the country are good opportunities for the inventors.

State Minister of Foreign Affairs, Ambassador Misganu Arga on his part said the ministry is working to provide authentic information for investors through Ethiopian missions abroad.

The investment opportunities in Ethiopia are immense; he said adding that due to our open up policy and economic growth, our missions are working to encourage foreign investors by conducting business forum.

The ambassador said there is a joint mechanism to assist investors to address the bottlenecks the investors might face.

He further explained that Ethiopia’s accession to WTO is going well and Ethiopia has ratified the AfCFTA which is good opportunities for foreign investors too.

Ethiopian Electric Utility CEO on his part said his company is working on grid modernization and rehabilitation to expand distribution of power and provide reliable service for customers.

Critical government organizations are highlighting their mandate and responsibility with regards to availing conducive investment climate for investors, he added.

To capitalize on the past successes and correct the drawbacks, a dialogue with Ministers and investors is being held at the forum looking into the past journey of growth and future prospects right away.

According to the Ethiopian Investment Commission, Ethiopia has attracted more than 4.1 billion USD Foreign Direct Investments (FDI) in 2021 and continued as the top FDI destination in East Africa. The IMF has forecasted that Ethiopia will grow by 13 percent in 2023 and will be among the three fastest growing economies in Africa, the commission pointed out.

Ethiopia is the 3rd largest economy in sub Saharan Africa with a GDP of 156 billion USD.

Source: Ethiopian News Agency

Over 100 cyclists are expected to contest for top honours in the senior and junior categories of the 2023 Nedbank Cross Country (XCO) race to be held at the IJG Trails in Windhoek on Saturday.

The second round of the five-race Nedbank XCO series will see cyclists scoring International Cycling Union (UCI) points.

About 22 South African cyclists and one Australian are set to compete in the event, where categories that will offer cyclists UCI points include elite men and women, under-23 men and women, and junior men and women. There are 583 UCI points for finishers in positions one to 25.

Nedbank Namibia Communications and Public Relations Manager, Selma Kaulinge, told Nampa on Thursday that Nedbank contributes to the sport because it makes an impact on its citizens.

‘Seeing the talent that has been nurtured through Nedbank-sponsored events taking centre stage in internationally-sanctioned events is one feat we will truly be proud of. This race will see athletes display a thrilling level of skill, endurance and determination; and with over 20 international cyclists taking part in the race, we will expect nothing less,’Kaulinge said.

Namibian senior national XCO champion Alex Miller will be defending his title, facing competition from his Pyga Euro Steel team mate Philip Buys, a South African XCO national champion.

Other national XCO riders competing for top honours are Monique du Plessis and junior men’s XCO national champion, Kevin Lowe, who is currently ranked eighth in the UCI junior world ranking.

Meanwhile, newly crowned South African elite XCO national women’s champion, Candice Lill, is expected to give Namibian rider Du Plessis a challenge to the finish line.

The Nedbank XCO race series is hosted by the Rock and Rut Mountain Bike Club in collaboration with Nedbank Namibia and the Namibia Cycling Federation.

Source: The Namibian Press Agency