Day: June 9, 2023

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Caribbean CBI countries rank high once again in 2023 World Citizenship Report: CS Global Partners

London, June 09, 2023 (GLOBE NEWSWIRE) — Caribbean nations with Citizenship by Investment schemes ranked in the top 30 per cent of this year’s World Citizenship Report. The Report measures 188 countries across five motivators deemed as most relevant among the mass affluent – Safety and Security, Economic Opportunity, Quality of Life, Global Mobility and Financial Freedom.

This year, St Kitts and Nevis kept its position of 48th out of the 188 countries while Grenada (49), Antigua & Barbuda (50), the Commonwealth of Dominica (52) and Saint Lucia (53) followed closely behind.

The Caribbean is considered the cradle of investment immigration due to the high concentration of countries that offer CBI programmes in the region.

Caribbean nations are becoming investment hubs in the global arena, offering attractions such as safety, lucrative financial diversification options and idyllic lifestyles that make them desirable places to take up second citizenship. For example, all the Caribbean nations hosting CBI programmes are members of the Caribbean Community (CARICOM) which is committed to promoting and supporting a unified Caribbean community that is inclusive, resilient, and competitive to share in economic, social and cultural growth.

These CARICOM members have also pledged to continue to be vigilant in managing the threats to sustainable development in the region.

This includes implementing initiatives that attract foreign direct investment, ensuring that the region is not perceived as high risk by investors, lobbying against the proposed global minimum corporation tax and continuing to build relations with the OECD (Paris-based Organization for Economic Cooperation and Development) and European Union.

For example, earlier this year, heads of state from all five Caribbean nations offering citizenship by investment programmes met with several US government officials to discuss ways to enhance security and due-diligence checks which will minimise any potential risks of the various CBI programmes on offer.

Prime Ministers from St Kitts and Nevis, Antigua & Barbuda, Saint Lucia, Dominica and Grenada were all in attendance, alongside the heads of each nation’s Citizenship by Investment Units (CIU). The meeting, which was led by the Assistant Secretary of the US Department of the Treasury had some positive outcomes and all nations agreed to follow six processing principles which were suggested by the United States, including:

  • The suspension of processing for Russian and Belarussian applicants in all five nations.
  • Introduction of application interviews, either in person or via virtual interview.
  • Non-processing of applications of people who have previously been denied visas in other countries.
  • Conduct regular audits either annually or bi-annually in line with international standards.
  • Introduce additional due-diligence checks to be made through each nation’s Financial Intelligence unit.
  • Retrieval by law enforcement of all revoked passports

This year’s World Citizenship Report found that high-net-worth individuals (HNWIs) and the mass affluent are in search of greater freedoms, and in preparing for the future, they want to have more control over their freedoms.

This group of HNWIs and mass affluent are securing these freedoms by ensuring that they have a second home through residency and citizenship programmes.

For decades countries like the US, Canada, the UK, and France were attractive destinations for many who wanted to migrate. However, those popular countries are all struggling, both financially with threats of a recession and high inflation, as well as experiencing civil unrest in the form of protests and strikes. The mass affluent and HNWIs have begun to look for alternative destinations as a bolt-hole for future crises, countries that offer the freedoms that are lacking in their home nations.

Caribbean nations have been offering precisely this for decades – Dominica ranked the safest and most secure Caribbean CBI nation, and all five countries were almost equal in terms of economic opportunity.

Small island nations are ensuring their prosperity and sustainability through CBI programmes which continue to be a viable way for Caribbean nations to attract foreign direct investment into their economies which is then used for significant developmental projects.

Dominica’s construction of a geothermal plant, another tangible example of how the nation is moving away from fossil fuels in order to become a greener economy, was made possible by the revenue from CBI.

The nation of St Kitts and Nevis is following suit, also moving away from fossil fuel. St Kitts and Nevis has taken the seriousness of its CBI programme one step further by instituting innovative and industry-first regulation that will not only enhance the programme’s international reputation but will also ensure that international investors and citizens alike benefit from a safe, secure, stable and economically prosperous nation.

The inflow of funds to the private sector has had a noticeable impact on the economic activity of island nations, in many instances improving fiscal outcomes, facilitating debt repayment and spurring economic growth.

Caribbean nations continue to be politically and economically stable, with a low crime rate and rich investment opportunities – therefore solid investment options for those looking to attain freedom.

The World Citizenship Report is published by CS Global Partners, a leading investment migration advisory firm.

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Chantal Mabanga
CS Global Partners
+44 (0) 207 318 4343
Chantal.Mabanga@csglobalpartners.com

GlobeNewswire Distribution ID 8855607

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Total of 31 Billion Seedlings Would Likely be Planted in Ethiopia by End of This Year’s Green Legacy Season: PM Abiy

Ethiopia will have planted a total of 31 billion seedlings by the end of this year’s Green Legacy planting season, Prime Minister Abiy Ahmed disclosed.

The premier also called on all to join and plant the future today.

Abiy launched yesterday the second phase of the Green Legacy Initiative in Afar region.

The prime minister wrote on his Face-Book this afternoon: “We always finish what we start. By the end of this year’s Green Legacy planting season, Ethiopia will have planted 31billion seedlings.”

Source: Ethiopian News Agency

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Ethiopia’s Green Legacy Initiative Will Have Big Contribution to Mitigate Global Climate Change: Ambassadors

The Green Legacy Initiative that Ethiopia has been undertaking will make a great contribution to the effort to prevent climate change globally, ambassadors of different countries observed.

The ambassadors pointed out that they will strengthen their support for the Green Legacy Initiative Ethiopia has been carrying out.

In the second phase of the program launched by Prime Minister Abiy Ahmed yesterday, it was announced that 25 billion seedlings will planted in this phase.

Among the ambassadors who participated in the launching program, French Ambassador to Ethiopia, Rémi Maréchaux, said this Green Legacy Initiative is very important in mitigating climate change.

“It’s part of a more comprehensive movement and there is a growing awareness that all around Africa this kind of initiative, maybe not to the level of Ethiopia, but from east to west in the Sahel there is a huge project of the green wall to stop the progress of the deserts,” the ambassador added.

Moreover, he elaborated that Ethiopia’s Green Legacy Initiative is an example for many countries.

“Ethiopia is quite an example for many countries, not only in Africa, only if you take into account the energy mix of Africa which is 98 percent renewable. That’s a major contribution to a global challenge.”

According to him, what is undertaken here is not only for Ethiopia because global warming is a global challenge, and it must be addressed and fought in each and every country.

Italy’s Ambassador to Ethiopia, Agostino Palese said on his part that the initiative that Ethiopia has been implementing is encouraging.

Ambassador Palese noted that it will create the ability to prevent floods, droughts and other related disasters that occur due to climate change at the international level.

Moreover, he stated that the initiative will benefit other development activities besides its contribution to climate change prevention.

China’s Ambassador to Ethiopia, Zhao Zhiyuan appreciated Ethiopia’s commitment to plant 25 billion seedlings in the last four years under the Green Legacy Initiative.

He said this has its own positive contribution in preventing climate change not only in Ethiopia, but also the world.

“This Green Legacy Initiative was initiated by Prime Minister Abiy Ahmed. I think since it has been started, it has made great achievements. In four years we have planted more than 25 billion seedlings. It has changed the climate of Ethiopia and will make a great contribution to Africa and around the world.”

The Green Legacy Initiative is a flagship program initiated by Prime Minister Abiy Ahmed in June 2019 with a target of planting 20 billion seedlings within a period of four years.

However, by the last fourth year, 25 billion seedlings, including fruit trees and cattle feeds, have been planted as part of the national Green Legacy Initiative across the nation.

Source: Ethiopian News Agency

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Ethiopian Eyes Significant Fleet Expansion

Ethiopian Airlines has fully recovered to pre-pandemic operational levels and is now looking to further expand its fleet and network map, Ethiopian Group CEO Mesfin Tasew said.

“Now we are operating around 140 aircraft, but this number continuously varies. By 2035, we forecast 271 aircraft in our operations. That means we need at least 130 additional aircraft,” the CEO told Aviation Daily on the sidelines of the IATA Annual General Meeting in Istanbul.

With older aircraft needing to be replaced, that number could increase, he added.

According to him, the next round of aircraft orders by the end of the year will be a mix of narrow body and wide body aircraft.

“The Embraer E2 series versus the Airbus A220 are candidates of the lower end of aircraft size,” Mesfin said, adding that the carrier is still evaluating a 100-seater.

Besides the Boeing 737 MAX and Airbus A320neo as narrow body contenders, the 777X and A350-1000 are being considered for the wide body side of the order.

As of June 5, Ethiopian Airlines’ order book comprises 29 aircraft: 17 737 MAXs, five 777Fs, one 787-9, and six Airbus A350-1000s.

In the current financial year, which ends June 30, the airline received 12 new aircraft, it was learned.

As the carrier prepares for a busy summer season, it is also being affected by the global supply chain issues impacting much of the aviation industry.

“Not on the older models like the De Havilland Canada Dash 8 Q400 or Boeing 737NGs,” Mesfin said “the problems are with A350s and 787s. We have a critical shortage on components.”

So far it has not been necessary to ground aircraft, he said, “but in July and August during the high season, every aircraft is needed, and then we could have a problem.”

Regarding network growth, in a year or two the Star Alliance member may expand to Australia, the last continent to which it is not flying to.

More services to the Americas are also being planned.

“We want to increase flights to Toronto, and for Montreal we have applied for traffic rights,” the CEO stated, adding that in the US, Ethiopian operates to New York JFK, Newark, Chicago O´Hare, Atlanta, and Washington Dulles.

In South America the carrier serves Buenos Aires and Sao Paolo, “but our network is permanently developing and when we see an opportunity then we use it,” he said.

In Europe, Madrid and Lisbon are also on the radar.

Besides serving 63 international destinations in Africa, Ethiopian’s current domestic network of 20 airports will increase to 27, as five new airports are planned in the nation.

For the current fiscal year ending in June, the airline will be reporting slightly higher passenger numbers of 13 million compared to 12.2 million in 2019.

“Our revenue met our target,” the CEO said. “It will be about 50 percent higher compared to pre-COVID levels and partly contributed by cargo. Cargo still has a big contribution to our overall revenue.”

Source: Ethiopian News Agency

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Ministers Laud Success of First Phase of PM’s Green Legacy Initiative

The first phase of the Green Legacy program initiated by Prime Minister Abiy Ahmed has registered huge success, according to ministers.

The ministers, who took part in the launching of the second phase of the Green Legacy Initiative in Afar region yesterday, said the program has been very successful.

Head of the Office of the Prime Minister and Cabinet Affairs Minister, Alemtsehay Paulos stated during the occasion that more than 25 billion seedlings were planted in the first phase of the Green Legacy Initiative.

Highlighting the success of the first phase of the initiative, she noted that planting of seedlings has benefited the society as they were able to get fruits from the planted trees.

The second phase of the program launched under the theme: “Let’s plant the future today” is a crucial juncture in which we leave great legacy for the future generation, she said.

Alemtsehay added that the initiative is also pivotal to transfer a well developed, productive and climate resilient nation for the next generation.

According to her, this year’s program has mainly focused on planting edible fruits tree seedlings.

Water and Energy Minister Habtamu Itefa affirmed the success of the first phase of the initiative as the program has mobilized Ethiopians at large, which is a great experience to expand into other areas.

Noting that planting seedlings is instrumental to develop water resources, he added attention will next be given to basins.

Irrigation and Lowland Areas Development Minister, Aisha Mohammed said that Ethiopia has become a leading country in green legacy.

The green legacy program initiated by the PM will be critical in preventing the impact of climate change which has become a global phenomenon, the minister elaborated, pointing out that the lowland areas consist of plenty of water resources, huge land resources, and animal resources that could be beneficial to the nation.

Starting the initiative in these areas will have a huge role in showing the ample potential, Aisha noted.

Understanding that the initiative would bring social harmony and accelerate economic growth, we need to join hands to be successful in such areas.

Innovation and Technology Minister Belete Molla noted said the first phase has registered big leap.

As monitoring the seedlings should be given attention in addition to planting seedlings, software that carry out the activity has been developed.

Source: Ethiopian News Agency

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Joint Chinese-Japanese Metal Company Plans to Move Manufacturing Center from China to Ethiopia

The joint Chinese-Japanese metal industry, Woda Metal Industry Plc., told ENA that it plans to move a manufacturing center from China and supply products to Ethiopia and neighboring countries.

Woda Metal Industry, which entered the Ethiopian market in 2016, has started production of towers and cables for domestic market last year.

Its main products are steel tower and aluminum conductor cable as well as a facility for galvanization, which is the biggest in East Africa, Woda General Manager Steven Cui said.

The company has over 15 years tower manufacturing experience and is a global supplier to world-class telecom and power operators, it was learned.

In Ethiopia, the company has already invested around 32 million USD for building its own industrial park that will be completed with a capital of 95 million USD.

Upon going fully operational “we can save over 200 million USD for this country because we only import some raw materials. We are exporting today from China to the surrounding countries. So we can bring or manufacture here in Ethiopia and generate foreign currency. This is our plan.”

According to Cui, a lot of his friends want to invest in the same area.

“The market is very big and we want to invest more by ourselves, and also we want to bring more investment from other investor groups. So this is our motivation to build this industrial park.”

The general manager stated that the market is attractive not only for steel towers and cables, but also for other products like smart device, electrical vehicles, tracking systems, battery and the tire business.

The first reason, we came here is you have 120 million population and that also means the market is full of very young energetic working force, he noted, adding that this is one big potential.

“We promised to export at least 30 percent of our products. We are actually now exporting from the headquarters in China to Ethiopia, Kenya and to the whole east African countries. The reason we started from local is because this country needs products like tower and cable and imports 100 percent, before we start our production. That is very much cutting foreign currency from this country. So, first we have to stop that bleeding foreign currency.”

Commenting on the investment environment in the country, Cui said there is a lot of negative news on the internet. “However, I want to send the message to the investors to come and look.”

Noting that there are also challenges like everywhere, not only in Africa and not only in Ethiopia but also in the US and in Europe and everywhere; “I think if we choose the right path, the right direction, the right project, this country can be a very good place for investment.”

The general manager stressed that “we believe the next booming market will be right here” in Ethiopia.

Source: Ethiopian News Agency

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Gov’t Plans to Register 7.9 Percent Economic Growth Next Ethiopian Fiscal Year

Finance Minister Ahmed Shide said that Ethiopia would work to register 7.9 percent economic growth in the 2016 Fiscal year.

The minister explained to the House of People’s Representatives (HPR) the economic assumptions, the priorities of the nation’s economy as well as programs on Thursday.

Ahmed also pointed out that Ethiopia’s economy has been recording an average annual growth of 6.1 percent in the past years and it is expected to record a growth rate of 7.5 percent at the end of the current Ethiopian financial year.

Recall that the Council of Ministers referred this week 801.6-billion Birr budget for the Ethiopian fiscal year 2016 to the House of People’s Representatives.

Some 369.6 billion Birr has been allocated for recurrent expenditure, 203.9 billion Birr for capital expenditure, 214.07 billion Birr for regional states, and 14 billion Birr for Sustainable Development Goals (SDG).

The finance minister told the parliament that the forecast during the preparation of the budget was that the economy will record a growth rate of 7.9 percent in the fiscal year 2016.

By taking into account the growth projection of the economy, the basic expenses would be allocated to realize the plan, Ahmed stated.

According to him, the price of imported goods, which was 7.2 percent in 2015, is expected to grow to 18.9 percent in 2016.

When the draft budget was prepared, the minister noted that a strict monetary policy was employed by the medium-term plan, and an effort will be made to stabilize the current high inflation by limiting the supply of money.

The proposed budget for the next fiscal year has also been prepared by taking into consideration the second phase of the Home-grown Economic Growth Reform and forecast of the macro economy of the following year.

Moreover, the draft budget was prepared by taking into account the main fiscal goals, expenditure and revenue policies that the budget focuses on, the current macroeconomic situation and fiscal capacity, the minister elaborate.

As the direct loan taken from the National Bank of Ethiopia to cover budget deficit would show a significant decrease, corrective measures would be taken to collect the money injected into the economy through various loan methods in the past years, he said.

Speaking on the rehabilitation and reconstruction efforts of the nation, Ahmed stated that 20 billion Birr has been allocated from the government treasury to rebuild war-damaged infrastructures and to rebuild the community.

Source: Ethiopian News Agency