Category: Market

Addis Ababa: Economist and policy advisor Costantinos Berhutesfa emphasizes the need to enhance private sector involvement in Ethiopia to expedite digital transformation and achieve a thriving digital economy.

The government’s unwavering commitment to materialize digital technology in Ethiopia is paving the way for the implementation of the “Digital Ethiopia 2025” strategy.

This comprehensive strategy aligns with indigenous economic reform, a 10-year development plan, and Africa’s digital transformation agenda.

In an exclusive interview with ENA, economist and policy advisor economist Costantinos Berhutesfa underscored the global significance of building a digital economy, a path the world is rapidly embracing.

He emphasized the pivotal role that Universities of Science and Technology must play in collaborating with the government and private sector to actualize the vision of a digital Ethiopia and disseminate technological advancements.

Costantinos commended the telecom sector’s proactive measures to dr
ive digitalization, particularly lauding the expansion of the 5G network, which currently provides a favorable foundation for this approach.

Anticipating a reliable future energy supply, he noted that Ethiopia is primed to seize substantial opportunities for technological realization.

Highlighting the importance of conducive financial policies, the establishment of a robust capital market, and strengthening of incentives for foreign investment, he emphasized that these measures would empower the youth to actively participate in economic development through creative endeavors.

Costantinos stated that effective implementation of the strategy necessitates not only government and private sector collaboration but also the active involvement of universities.

Digital Ethiopia serves as a collaborative platform, bringing together the government, private sector, and development agencies to facilitate the nation’s digital journey while aligning it with the broader continental strategy, he noted.

Costantinos expres
sed encouragement at Ethiopia’s concerted efforts to realize the strategy through developments in science, technology, and innovation sectors.

He emphasized the pivotal role of constructing a digital economy, which entails effective e-government management within the governmental system.

The strategy’s successful implementation will enable digitalization across e-commerce, research activities, and the education sector as a whole, he noted.

The economist called for strengthened efforts to realize the digital economy in Ethiopia and ensure its youth reaps the benefits of this transformative journey.

Source: Ethiopian News Agency

Addis Ababa: The 2024 East Africa Finance Summit will be held in Addis Ababa under the theme ‘Exploring New Frontiers: Shaping the Future of Financial Landscape and Unlocking Opportunities for Collaboration in East Africa’ starting from tomorrow.

The two day annual summit will bring together various players in the financial sector in East Africa.

The Addis Ababa University and i-Capital Africa Institute have jointly organized the summit in collaboration with various organizations, it was learned.

The summit will explore developing investment opportunities as well as potential areas of collaboration for players in the sector.

i-Capital Africa Institute Manager and Chairman of the coordinators committee, Gemechu Waktola said hosting the 7th East African Financial summit in Ethiopia would provide opportunity to create regional integration among financial institutions in the region and share experiences.

The summit is pivotal to exchange views on critical challenges and opportunities related to finance, he a
dded.

The ongoing reform underway in Ethiopia’s finance sector, including the formation of Capital Market, will be discussed at the summit, the chairman stated.

The forum will also present a unique opportunity to profile Ethiopia as a premium investment destination for financial sector players in East Africa and create a platform to network and forge strategic partnerships for participants.

Gemechu further pointed out that the summit will explore and integrate regional opportunities through cross border trade and investments, harmonize financial regulations, and address inclusion challenges to forge regional collaboration in the changing global economic landscape.

Through this summit, stakeholders are expected to greatly benefit from high level discussions on opportunities in the Ethiopian market and opportunities to offer solutions in inclusion gaps, money integration, regional payment, and setting up of capital markets regionally.

Source: Ethiopian News Agency

Addis Ababa: The Niin Lee Palm Spring Lodge is one of the seven projects launched by Prime Minister Abiy Ahmed under the “Dine for Generation” program.

The project was officially launched by the prime minister on October 28, 2023.

According to Awol Arba, the construction of the Niin Lee Palm Spring Lodge demonstrates Ethiopia’s commitment to achieving sustainable development goals while promoting peace and security.

The chief administrator stated that the project’s is closely supervised by PM Abiy, stressing that the location with its lush greenery, natural lake, and hot springs holds immense tourism potential.

Upon completion, the Niin Lee Palm Spring Lodge will provide increased benefits to the local community by ushering in a new era of tourism and agricultural revitalization.

Furthermore, Awol noted that the site known for its peaceful atmosphere and fruit and vegetable cultivation holds great promise for the local economy to thrive through tourism.

The chief administrator said the project is being
constructed with careful consideration to accommodate international visitors, leveraging lessons learned from successful “Dine for Nation” projects.

Also, the project is designed with an international perspective, making it an appealing destination for both Ethiopians and international tourists.

Awol highlighted the proximity of the Niin Lee Palm Spring Lodge to the awe-inspiring Awash National Park and Falls, underscoring its pivotal role in ensuring tourists comfort and generating job opportunities for the local population.

Meanwhile, the chief administrator disclosed that proceeds from the sale of Prime Minister Abiy Ahmed’s “Yemedemer Tewled” book was used for the restoration of Sultan Alimirah’s historic palace in the regional capital Asaiita and the construction of a school.

Moreover, a secondary school built in Dubti through the First Lady’s Office effort has become fully operational.

Source: Ethiopian News Agency

Addis Ababa: A cornerstone for a company that manufactures passport, national ID and other security printing products was laid at the Bole Lemi Industrial Park today.

Toppan Gravity, the company to be built with a cost of 55 million USD will produce passport, national ID and similar security printing matters such as ATM cards, and Master Cards with microchips and other security printing, it was learned.

According to the Industrial Parks Development Corporation, the company will be implemented in three phases.

The foundation for the manufacturing company was laid in the presence of high government officials and Japan Ambassador to Ethiopia Shibata Hironori

Source: Ethiopian News Agency

By Eratus Ndueh

The French Bank, Société Général a financial giant in Europe and the world, has reportedly decided to permanently leave Africa and Cameroon in particular, after operating for two decades.

This decision by the French bank to leave Africa is fueled by the desire to restore its profitability. According to reports, the group has already instructed the investment bank Lazard to find a buyer for the purchase of its three African subsidiaries.

Despite its performance in the Cameroonian market, the French bank decided that it was in its interest to sell its activities in the Central African country.

The establishment headed by Slawomir Krupa has decided to also leave Tunisia, Ghana, and Burkina Faso.

However, the exiting of the Group Société Générale from Africa will on one hand have a resounding impact on the banking sector of countries in the region, experts say.

‘The banking sector is going to lose out in terms of innovation because foreign banks turn out to be much more innovative, they have
nouvelles applications, they have access to different financial instruments, etc… This will be an opportunity for local banks to thrive and play a much more important role by giving credits to businesses.’ Henri Kouam, an expert and the CEO of the Cameroon Economic Policy Institute said.

Being one of the largest and most influential financial institutions on the continent, the absence of such a key player could create a substantial gap that smaller or less established banks may struggle to fill.

Reports from Fitch Solution, an international rating agency, indicate that the pulling out of the French banks from Africa, will create more opportunities, and spur growth and competition among local banks.

The rating agency also confirmed that the challenges that had occasioned the exit of French-owned banks in the African banking market included their inability to target certain segments of the economy due to their parent bank’s conservative risk appetite.

Source: Cameroon News Agency

By Eratus Ndueh

The French Bank, Société Général a financial giant in Europe and the world, has reportedly decided to permanently leave Africa and Cameroon in particular, after operating for two decades.

This decision by the French bank to leave Africa is fueled by the desire to restore its profitability. According to reports, the group has already instructed the investment bank Lazard to find a buyer for the purchase of its three African subsidiaries.

Despite its performance in the Cameroonian market, the French bank decided that it was in its interest to sell its activities in the Central African country.

The establishment headed by Slawomir Krupa has decided to also leave Tunisia, Ghana, and Burkina Faso.

However, the exiting of the Group Société Générale from Africa will on one hand have a resounding impact on the banking sector of countries in the region, experts say.

‘The banking sector is going to lose out in terms of innovation because foreign banks turn out to be much more innovative, they have
nouvelles applications, they have access to different financial instruments, etc… This will be an opportunity for local banks to thrive and play a much more important role by giving credits to businesses.’ Henri Kouam, an expert and the CEO of the Cameroon Economic Policy Institute said.

Being one of the largest and most influential financial institutions on the continent, the absence of such a key player could create a substantial gap that smaller or less established banks may struggle to fill.

Reports from Fitch Solution, an international rating agency, indicate that the pulling out of the French banks from Africa, will create more opportunities, and spur growth and competition among local banks.

The rating agency also confirmed that the challenges that had occasioned the exit of French-owned banks in the African banking market included their inability to target certain segments of the economy due to their parent bank’s conservative risk appetite.

Source: Cameroon News Agency

Addis Ababa: The peace and stability created in the Somali region following the reform attracting huge investments in various sectors, including agriculture, Somali Regional State Chief Administrator Mustefe Mohamed said.

Mustefe told ENA that the Somali region has been in an atmosphere of conflict for many years.

Following the reform, however, the people have benefited from development in all fields due to the prevailing lasting peace and stability, he noted.

He stated that a new chapter has been opened by attracting huge investment in agriculture, industry and service sectors and the development of agricultural production has doubled after the reform.

Mustefe further pointed out large-scale irrigation development projects worth no less than 8 billion birr are being conducted in two zones of the region.

There are also extensive investment activities in both rain and summer irrigation development, he said, adding that wheat and rice cultivation is being done on a large scale.

According to him, efforts w
ill be made to increase national foreign exchange earnings by supplying food crops to the foreign market besides ensuring food sovereignty by replacing food crops with local production.

The tourism sector in the region was weak, he said, further adding that activities are being done to develop the sector.

In particular, he mentioned that the Dine for Generation project, which was started by Prime Minister Abiy Ahmed is contributing to the revitalization of the sector.

Mustafe said that when the road, water and power infrastructure problems are solved in a sustainable way, it will be possible to use the region’s potential for national development.

Source: Ethiopian News Agency