Dubai to invest $2 Billion in Ethiopia - Capital


http://nazret.com/blog/media/blogs/new/dp_world_ethiopia.jpg

Sultan Ahmed Bin Sulayem, Chairman of Dubai World and Abadulla Gemeda, Oromia Regional State President, in talks during the Sultan's visit on Wednesday July 9, 2008 at the president's office. The two discussed investment conditions in the region, concentrating on the tourism sector. Photo Capital


Sultan Ahmed Bin Sulayem, Chairman of Dubai World has signed a deal to construct a pipeline that would link Djibouti with Awash in Ethiopia and rehabilitate the over 100 year old railway line for a staggering two billion dollars.

Sources with the delegation told Capital that the total investment for the rehabilitation of the railway is estimated to be one billion dollars and it would be reconstructed as new to better connect Addis Ababa with the Port of Djibouti.

Furthermore the project would consist, an oil pipeline that would stretch from the Port of Djibouti to Awash some 230 kms East of Addis Ababa with another billion dollars.
The pipeline would greatly decrease the transport cost for fuel.

The Sultan who led investors from Dubai, United Arab Emirates, is also planning to invest 100 million dollars on various sectors in the Oromia Regional State.
The business delegation from Dubai is here to asses the investment climate in Ethiopia after the LPG guru Warda A. Graham owner of Wajag Gas invited the delegation.

Sultan Ahmed Bin Sulaymen signed the agreement to rehabilitate the Ethiopia-Djibouti railway with a billion dollar outlay with Prime Minister Meles Zenawi on Tuesday July 8, 2008.
He also held talks with Abadula Gemeda, President of the Oromia Regional State.
The Sultan came with his two children and visited the city on Tuesday, where the delegation celebrated its achievement.

Holding talks with President Girma Woldegiorgis on Thursday, the Sultan said his company envisages engaging in several investment sectors in Ethiopia in trade, agriculture, mining, catering, real-estate and water sectors by October, 2008.

Sultan Ahmed Bin Sulayem is recognized as one of the leading businessmen of Dubai. As executive chairman of Dubai Ports, Customs & Free Zone Corporation (PCFZ); chairman of Tejari.com, a B2B marketplace; and chairman of the recently established property development company Nakheel, he is quite occupied one could say.

Dubai's PCFZ Corporation has been under Sultan Bin Sulayem's astute management since 2001, and in this time he has streamlined operations and administration to a level achieving record success. Dubai Customs was merged with Jebel Ali Free Zone and the Dubai Ports Authority in 2001 to become the billion-dollar organisation it is today.

Sultan Bin Sulayem is chairman of Nakheel, a real estate and tourism property development firm responsible for the creation of The Palm, the world's two largest man-made islands, constructed in the Arabian Gulf off the coast of Dubai. Heralded as "the eighth wonder of the world," this $3bn-plus development has been a tremendous success, selling out initial release residential properties within days

I read about it Tarrex, any news about the project?

And that in order for the any company to invest in the line it needs the agreement of both Djibouti and Ethiopia right? I heard that in Djibouti a Kuwaiti firm (Al Ghanim) is interested and rivaling Dubai World in the rail line renovation and managment.
Did Dubai World finally got it? Since they're very familiar with Djibouti I think they're gonna give them the green light too.

Anyway, it really is great for the economic interconnexion of our economies, it's mutually benefiting the 2 countries.

Not much has been said since this article was posted but i think the investments has been put on halt since the economic downturn. One thing said is that a Kuwaiti firm has begun work on the rail line but i don't know what to believe..

Not much has been said since this article was posted but i think the investments has been put on halt since the economic downturn. One thing said is that a Kuwaiti firm has begun work on the rail line but i don't know what to believe..
I know that they cancelled the construction of "two luxury hotels" in Addis Ababa.. I don't think they will keep this promise either.

Interesting video..

G5MedOsPwsw

በጣም የሚጥም ቪዲዮ ነው። ያለንን ከፍ እንናደርጋለን፣ ጣል ጣል ከማድረግ ይልቅ። የራሳችንን ነገር ሉአላዊ መሆን እምነታዊ አድርገን ሌሎችን መጋበዝ እንችላለን።

ቋንቋችንን፣ ስነ-ፅሁፋችንን፣ እምነታችንን፣ ነገረ ሥራችንን ሁሉ ከፍ ከፍ ማድረግ አለብን ብዬ በዚህ እምነት ለመንቀሳቀስ በበኩሌ ተነስቻለሁ።

እዮኃ ለኢትዮጵያውያን፣ ክብሬና መለዮዬ ለሆኑት ህዝቦች፡፤

በጣም የሚጥም ቪዲዮ ነው። ያለንን ከፍ እንናደርጋለን፣ ጣል ጣል ከማድረግ ይልቅ። የራሳችንን ነገር ሉአላዊ መሆን እምነታዊ አድርገን ሌሎችን መጋበዝ እንችላለን።

ቋንቋችንን፣ ስነ-ፅሁፋችንን፣ እምነታችንን፣ ነገረ ሥራችንን ሁሉ ከፍ ከፍ ማድረግ አለብን ብዬ በዚህ እምነት ለመንቀሳቀስ በበኩሌ ተነስቻለሁ።

እዮኃ ለኢትዮጵያውያን፣ ክብሬና መለዮዬ ለሆኑት ህዝቦች፡፤
agreed !ethiopia has a lot of potential on agriculture; tourism; manufacturing(the cheapest and abundant labour the cheapest power in the region); what we need to work hard now is roads and using our abundant water (about 122 billion meter cube 4 times what kenya has) properly .and we have to work hard to change our image of poverty and famine worldwide.

This is probably the only positive news stories I have heard about Ethiopia from the BBC. WOW, 'ma lemot new zare!':lol:
It is a very good start to look at the whole issues as opposed to just famine or war.



http://news.bbc.co.uk/2/hi/business/8477871.stm


Oh, BTW it is a short clip.

This is probably the only positive news stories I have heard about Ethiopia from the BBC. WOW, 'ma lemot new zare!':lol:
It is a very good start to look at the whole issues as opposed to just famine or war.



http://news.bbc.co.uk/2/hi/business/8477871.stm


Oh, BTW it is a short clip.

እንትፍ፣ እንትፍ እንበል እንዳላየን ቡዳ እንዳይበላቸው። እውነትም ማን ሊሞት ነው።

dude, how old are you? your Amharic is ridiculous at times.

dude, how old are you? your Amharic is ridiculous at times.

I am give you another chance to rephrase your question, because that statement is really out of line. :ohno:

I am guessing you are referring to me, couldn't tell the 'dude' reference isn't helping. Either way, I wouldn't ask someone how old they are to understand why they would know how to use their own language.
Have a good day:)

dude, how old are you? your Amharic is ridiculous at times.

Weren't you the one who said you did not want to see Amharic and Fidel on this site? You got some nerve to ridicule your own language, specially when you tie it to age. Why would the language used by your elders be ridiculous?

You used the word "dude" should I take you seriously or as a ridiculous punk?

I am give you another chance to rephrase your question, because that statement is really out of line. :ohno:

I am guessing you are referring to me, couldn't tell the 'dude' reference isn't helping. Either way, I wouldn't ask someone how old they are to understand why they would know how to use their own language.
Have a good day:)

Yeah, I would give him a chance to extract his statement. He wrote some time back he did not see the reason to use Amharic. We shot him down saying that we want to use our lanague when necessary. In a time when so many Ethiopian children in the diaspora want to learn Amharic and other Ethiopian languages, a guy like this comes up and leaves such a backward comment, specially when he ties it to age.

How could you be a fan of Ethiopian development when you hate the language its people speak. Now that is ridiculous :ohno:

There is no development unless the language is developed. and to that there is a well developed and scientific language in Amharic as it is used in the countryside, not what is spoken by punks in Adisaba or abroad who plug ridiculous foreign thoughts and words in it as the ones we hear in paltalk.
If you want to hear a clean, clear Amharic listen to Tsegaye G/Medhin, his has a CD out.

calm down, I'm Ethiopian also. no, I didn't say I didn't want to see Amharic on here. all I said was since many people from around the world visit the forum why not include everyone. as for your Amharic, yeah I still read it and get confused as to what most of the words mean, despite the fact that I'm fluent in Amharic and was born in Addis. that's all. take it how you want it. it was actually a lightly jab meant to make light out of the situation since we've all been here for a long time and know each other (to some degree)


@ Enkelfam, I wasn't referring to you.

calm down, I'm Ethiopian also. no, I didn't say I didn't want to see Amharic on here. all I said was since many people from around the world visit the forum why not include everyone. as for your Amharic, yeah I still read it and get confused as to what most of the words mean, despite the fact that I'm fluent in Amharic and was born in Addis. that's all. take it how you want it. it was actually a lightly jab meant to make light out of the situation since we've all been here for a long time and know each other (to some degree)


@ Enkelfam, I wasn't referring to you.

Oh, ok. my bad to assume you are some punk who thinks Amharic is a backward language specially the one spoken by older people.

You don't know the meaning of "most of the words" I used? like which ones?

I would be careful of these light jabs in forums and emails, specially if you haven't acquainted well. There is no body language to read, or sound to hear, just words.

Yeah, I tried to see it lightly and I wanted to because I knew you were a cool person from you posts in the past.

Real scientific Amharic your ancestors used to calculate the Zodiac, the calendar and other mathematical formulas is being used in the country side today, there are words for every subject, there are sentence constructions that have expressions for some abstract ideas. If only we look inside ourselves we will find it.

The problem is we are raised to admire the west, to direct our focus beyond the ponds rather than inside to where who we are.
Reason that's important is because without it there is no development.

Every developed country, the Japanese, Chinese, Germans, US Americans all glorify theirs and see the world in light of their forefathers saw it. When you do that you move forward.

እንትፍ፣ እንትፍ እንበል እንዳላየን ቡዳ እንዳይበላቸው። እውነትም ማን ሊሞት ነው።


Lamrof, point well taken. Btw, your amharic is elegant with some flair to it, it is not the manederigna kind you hear spoken around atobuse terra :) I love it when people write in Geez/sabian alphabets, which by the way is more
phonetically exact than the latin alphabets.

Germans fear their language is being ruined by English

Fear is mounting among Germans that their language is being eroded by waves of English and other foreign jargon.

By David Wroe in Berlin

Published: 12:06AM GMT 17 Dec 2009 The Telegraph

After years of post-war Anglicisation and Americanisation, seven out of 10 Germans speak some English. But experts say there is a growing backlash against the widespread use of foreign terms in the age of globalisation, technology and immigration. Business leaders are growing tired of English "management speak".

A fortnight ago, Chancellor Angela Merkel's conservative party voted to enshrine the German language in the nation's constitution -- seen as a pointed gesture toward the large Turkish, Arab and African communities. And German companies are starting to shy away from relying on English in their marketing slogans, after years of using the foreign language so often that sometimes their own customers didn't know what they were talking about.


A slogan for the perfume maker Douglas, ''Come in and find out'', became famous because most people thought it was challenging customers to come into the stores then try to find their way out again. A Jaguar car slogan, ''Life by gorgeous'' -- which didn't made sense in English -- was interpreted by many Germans as referring to living in Georgia. A satchel, in German, is often referred to by the English term ''Bodybag''.

''Many people have decided that enough is enough,'' said Roland Kaehlbrandt, author of a book called German for Elites. ''They are not taking companies that only use English seriously any more. We are very open-minded and positive about everything that comes from outside, but there is a fear now that we may forget our own language and our own culture.''

After the war and during the Cold War in West Germany, English -- particularly through the influence of the US -- was simply cooler than German, he said.

At least 60 per cent of new words being used in Germany today are English.

''That's too much," Mr Kaehlbrandt said. "It's not because of funcationality. German is a very functional language. But there's a side to Germany that -- unconsciously, I think -- is trying to get rid of our heritage to get rid of our past, which is conceived as being linked to the crimes of the Nazis. But we have changed profoundly since then. And German language is much older than the Nazis.''

======

Read the rest here...
http://www.skyscrapercity.com/showthread.php?p=51038233#post51038233

http://www.abeshabunnabet.com/?p=3032

China’s minister for commerce says trade with Ethiopia will reach $3 billion by 2015.

ASK AN Addis Ababa taxi driver to take you to Ethio-China Friendship Road and he might just scratch his head.

The renaming of Wollo Sefer, one of the Ethiopian capital’s main thoroughfares, in tribute to the country’s burgeoning ties with Beijing might be obvious from the new street signs but it has yet to filter down to everyday use.

The road is not the only marker of China’s growing engagement with Ethiopia.

Addis Ababa’s ultramodern airport was built by the Chinese, as was the city’s ring road and flyover.

An extensive renovation of the African Union headquarters in downtown Addis is being financed by the Chinese to the tune of more than $100 million (€71 million).

Across the city, a Chinese government-built school, designed to cater for up to 3,000 students, offers Mandarin classes as part of its curriculum.

Scores of Ethiopians have been given scholarships to study subjects including engineering and architecture in China.

The Chinese restaurants and clinics advertising acupuncture and traditional herbal remedies that have become part of the landscape in almost every African city in recent years are here too. According to local media, some 1,000 Chinese companies operate in Ethiopia.

Besuited Chinese businessmen can be seen discussing deals in Addis hotel lobbies, while engineers and others fresh from working on road and telecommunications projects or building power stations and water supply systems haggle for souvenirs in the city’s sprawling Merkato before flying home to Beijing.

In some Ethiopian towns and villages, it is not uncommon for foreigners to find themselves being greeted by children yelling “China, China”.

Earlier this month Chen Deming, China’s minister for commerce, was in town predicting that trade volume between the two countries will reach $3 billion by 2015. Chinese investment in Ethiopia amounted to just under $1 billion last year, and there is much talk of future investment in agricultural projects.

“China and Ethiopia have been mutually supportive on the political front and closely co-operating on the economic front,” Chen said, going on to use the stock expression Chinese officials trot out when discussing relations with African states: “It is fair to regard the Sino-Ethiopian friendship as an all-weather one.”

China’s new engagement with Africa has played out very differently across the continent, helping revitalise moribund economies in some countries, while breeding resentment elsewhere due to support for unsavoury regimes, poor work practices and threatened local industries.

There have been a few cautionary tales for the Chinese along the way. In 2007, for example, nine Chinese oil workers were killed and seven briefly kidnapped in the restive Ogaden area of eastern Ethiopia.

Ethiopian prime minister Meles Zenawi says African states must be prudent in setting the parameters of the relationship.

“The Chinese interest in Ethiopia has been nothing short of a godsend,” he tells The Irish Times.

“We have benefited massively from it, but like everything else it is capable of becoming a nightmare . . . It is up to the host countries as to how they use the available resources from the Chinese in the best possible manner. Those who do will benefit, those who don’t may not benefit as perhaps they ought to.”

China’s assistance in building infrastructure and its investment in manufacturing has been invaluable for Ethiopia, Meles says.

“We need investment from any quarter we can get it. The Chinese have been more aggressive in investing in Ethiopia than many others and our hope is that Chinese investment will entice not only additional Chinese investment but also investment from other countries.”

But, as in every African country wooing Beijing, there is debate over who stands to gain. A 2008 study by an economist at Addis Ababa University noted that while Ethiopian consumers will benefit from cheap Chinese imports, small local firms, particularly in the clothing and footwear sectors, will lose out.

Opposition figures, like many of their counterparts elsewhere in Africa, mutter darkly about deals agreed behind closed doors, and speculate on the motives of both the government and Beijing.

One told me he suspects that the Meles regime sees China’s overtures as an opportunity to shore up support where it matters on the world stage.

Whatever way the debate shifts, however, the one thing everyone seems to agree on is that the Chinese are here to stay.

^^nice article Singidunum,

Here is a nice pic from BBC of the AU HQ construction site, being constructed by the Chinese

http://i50.tinypic.com/2z9fmdw.jpg




http://news.bbc.co.uk/2/hi/africa/8499451.stm

Egypt to build dams in Ethiopia

At a meeting in Cairo with representatives of Nile Basin countries on Sunday, Minister of Water Resources and Irrigation Mohamed Allam announced that Egypt had agreed to build several small dams in Ethiopia with the aim of generating electricity.

The Minister was quick to point out that the dams--to be built within the framework of a cooperation initiative with Nile Basin countries--would not affect Egypt's and Sudan's historical water rights.

Allam also declared that Egypt was in the process of helping Uganda remove flotsam in the Victoria Falls region of the Nile that had served to obstruct navigation and transport on the river.

The minister added that irrigation ministers from all Nile Basin states would soon meet in the Sinai resort city of Sharm el-Sheikh for a third round of talks over water-sharing issues.

"We will announce an exact date for the meeting once we agree on it," he said, explaining that Egypt was also cooperating with Nile Basin countries in a number of non-water-related fields, including industry, agriculture, trade and tourism.

Egyptian Trade Union Federation head Hussein Megawer, for his part, said that he planned to invite trade union heads from Nile Basin states to participate in Egyptian Labor Day celebrations.

"We will also discuss implementation of the action plans tabled by international labor organizations, especially those pertaining to environmental protection and conservation of natural resources," said Megawer.

Translated from the Arabic Edition.
http://www.almasryalyoum.com/en/news/egypt-build-dams-ethiopia

The Ethiopians and Ugandans should not accept any assistance from Egypt until a new agreement regarding rights to the Nile waters is adopted. Egypt is building these dams to improve its bargaining position.

Ethiopia says satisfied with performance of Chinese Company CGC in water supply sector
ADDIS ABABA. March 24 (PNA/Xinhua) -- The Addis Ababa City Government Water and Sewerage Authority (AWSA) on Tuesday praised the performance of the Chinese Company China Geoengineering Cooperation (CGC) in water supply sector.

Wondimu Tekle, the deputy technical general manager with AWSA, said in an exclusive interview with Xinhua that Addis Ababa's clean water supply has now reached 73 percent which was less than 48 percent two years back and AWSA has been striving to raise the city's clean water supply coverage to 95 percent from 73 percent now.

To this end, the authority has been working with CGC, a Chinese company which has an experience of over 10 years here in Ethiopia in construction of roads and water and sanitation projects.

Addis Ababa, the capital of the nation, is supplied with water from three main sources from two dams and one well field area, namely the Geferssa Dam in west of Addis, the Legedadi Dam in East, and the Akaki Kality well field area in the south of the capital.

Tekle said AWSA has managed to achieve the success through partnership with foreign contractors, especially with the Chinese company CGC.

CGC has been working with the authority over the last four years on water supply projects. Currently the company is undertaking a water supply project running from Akaki area to Gotera interchange which covers 18 kilometers. The Company is laying pipes and constructing transmitters and reservoirs.

The project with three Ground Water Sites is expected to be finalized by the end of June, raising the clean water supply to 95 percent in the city.

Had it not been CGC with quite good financial and technical capacity, the authority would not have gained this achievement, said Tekle.

He said CGC has helped AWSA a lot in undertaking the project as per the schedule in the contract, and by employing its sound management and technical skills.

Sun Guoqiang, the general manager of CGC, said the project with AWSA is going smoothly and upon completion the project will enable Addis Ababans to have easier access to clean water.

CGC has been in Ethiopia undertaking various roads and water projects in different parts of the country.

Bekele Gashu, an Ethiopian who has worked for over five years with CGC in roads and water projects, said he is happy to work with a Chinese company from which he drew tremendous lessons.

He has worked with CGC for projects in Dire Dawa, east of Addis Ababa and Wollo, north of the metropolis. He is now working on the water project in Addis Ababa.

Tekle said in addition to enabling the city administration to ensure the supply of clean water to residents, CGC has been transferring knowledge and skills to Ethiopian engineers and local staffs.

"Ethiopians learn more from Chinese including the habit of hard work. We learn work organization and time management," said Tekle.

Tekle expressed hope that CGC that is working with sound financial and technical capacity will compete and win tenders which the authority will float for further projects. (PNA/Xinhua) http://www.pna.gov.ph/index.php?idn=3&sid=&nid=3&rid=266055

http://www.diretube.com/articles/read-saudi-expanding-investment-in-ethiopia_569.html

Saudi Arabian investment in the Ethiopian farm sector is expanding with many Saudis and local companies signing contracts with landowners to produce grains and other agricultural products, a report said.

“They either lease plots of land or enter into deals in cooperation with local partners,” Ethiopian consul general Tekleab Kebede was quoted as saying by Arab News.

Kebede added that Saudi investments, which can be 100 per cent of the project, are now adding up to millions of dollars.

Kebede drew attention to the fact that Ethiopia was abundant in land, water and labour, while Saudis were rich in capital.

“We have been giving the message to Saudis that we complement each other in boosting our bilateral business, investment and trade volumes. After all, both countries have close geographical proximity,” Kebede was quoted in the report.

Kebede added that the bilateral trade volume had exceeded $500 million.

Saudis have been increasingly investing in agriculture, tourism, hotels, mining and manufacturing, the report said.
I like the idea of co-operation with locals..

http://www.diretube.com/articles/read-saudi-expanding-investment-in-ethiopia_569.html


I like the idea of co-operation with locals..

Even though Ethiopia would gain a lot from a stronger partnership with Saudi Arabia, I personally have reserves about these investments in farms. This new trend is worrying because it feels like all these investors are only interested in are the African lands. I doubt that will benefit the host countries (as more of the output will be exported to Saudi Arabia here).

Even though Ethiopia would gain a lot from a stronger partnership with Saudi Arabia, I personally have reserves about these investments in farms. This new trend is worrying because it feels like all these investors are only interested in are the African lands. I doubt that will benefit the host countries (as more of the output will be exported to Saudi Arabia here).

Saudi Arabia is entering the room & Ras Siyan...........is getting worried. Don't you worry friend, we will give you more if you wish. Plenty of land for all.

Khadra Mohammed, First Lady of Djibouti, has received the 20 hectares of land in the Sebeta area for a flower farm, on Tuesday July 22, 2008, from Alemu Sime, Investment Bureau Head of the Oromia Regional State.
The First Lady received the plot on behalf of her son, Ayinashe Omar Guelleh, whom it was learnt, plans to engage in the booming flower sector.
^^^
We should seriously consider annexing Djibouti.:naughty:

Saudi Arabia is entering the room & Ras Siyan...........is getting worried. Don't you worry friend, we will give you more if you wish. Plenty of land for all.


^^^
We should seriously consider annexing Djibouti.:naughty:

Ahadu teasing me again....

I heard about that, man the ruling family (yes, Khadra Haid is probably the region's most influencial First Lady) are sucking us up! Seriously, they keep on purchasing here and there and no one is asking where they're digging the money from (obviously our tax money). This is insane!
It is not the first time they invested in Ethiopia (I have nothing against it, but Djibouti should come first). No wonder, Ismael Omar Guelleh was born there after all.
But really, the president's family are spending way too much and no one dares question that, while in the same time Djiboutians are poor and the unemployment rate is beyond alarming. This is disgusting.

Ahadu teasing me again....

I heard about that, man the ruling family (yes, Khadra Haid is probably the region's most influencial First Lady) are sucking us up! Seriously, they keep on purchasing here and there and no one is asking where they're digging the money from (obviously our tax money). This is insane!
It is not the first time they invested in Ethiopia (I have nothing against it, but Djibouti should come first). No wonder, Ismael Omar Guelleh was born there after all.
But really, the president's family are spending way too much and no one dares question that, while in the same time Djiboutians are poor and the unemployment rate is beyond alarming. This is disgusting.
I understand that you rather see investments being made in Djibouti first, but I am sure that they are investing plenty there as well. But keep in mind that investments isn't spending, so the plan is to get more back from Ethiopia, which probably will be spent in/on Djibouti.

Deputy PM says Indian investors have created 330,000 jobs: VIDEO (http://www.ethiotube.net/video/12779/ETV-News--Deputy-PM-Ato-Hailemariam-Dessalegn-says-Indian-investors-have-created-330000-jobs-in-Ethiopia) (Amharic)

Ahadu teasing me again....

I heard about that, man the ruling family (yes, Khadra Haid is probably the region's most influencial First Lady) are sucking us up! Seriously, they keep on purchasing here and there and no one is asking where they're digging the money from (obviously our tax money). This is insane!
It is not the first time they invested in Ethiopia (I have nothing against it, but Djibouti should come first). No wonder, Ismael Omar Guelleh was born there after all.
But really, the president's family are spending way too much and no one dares question that, while in the same time Djiboutians are poor and the unemployment rate is beyond alarming. This is disgusting.

Ras Syan,

I can't believe you think that way. Djibouti's economy is almost entirly dependent on Ethiopia while we are also highly dependent on the strategic location of your port.

However, we have a choice, you don't. We can chose to increase the usage of Berbera, Mombasa, and in the future Asab/Massawa and more. But for you, Ethiopia is the only giant in the region that you cannot afford to loose. On top of that, we're trying to bring you another customer (South Sudan) by building a road directly from Juba to Port Djibouti via Ethiopia.

107 billion birr(6.3 billion us dollars) projects licensed in 8 months.









107 billion Birr investment projects licensed in 8 months
Addis Ababa, April 13, 2011 (Addis Ababa) -

The Ethiopian Investment Agency has licensed 1082 investment projects with an aggregate capital of 107 billion Birr over the last eight months, its Corporate Communication Director said.

In an exclusive interview with ENA on Tuesday, the Director, Getahun Negash said of the total, 763 projects with the cumulative capital of 37 billion Birr are owned by foreign investors.

Local investment including public investment accounted for 70 billion of the 107 billion Birr of the total investment in which the country got during the period in reference (between July 2010 and February 2010)

Of the 70 billion Birr domestic investment the county received, private investment constituted two billion Birr while public investment worth 68 billion Birr.

The investment received during the reported period was greater than the envisaged plan (65.4 billion) by 41.6 billion Birr and than that of last year’s same period by 74.4 million Birr:banana:

Getahun said the investment projects licensed during the reported period will create a total of 71,000 new jobs.

Concerning the share of each areas of the economy, manufacturing has dominated the investment in terms of project numbers accounting for 241 of the 1082 projects licensed during the period in the reference.

Agriculture and real state stood 2nd and 3rd consisting 205 and 132 investment projects respectively followed by hotel and restaurant, and construction accounting for 45 and 43 projects respectively.:cheers:

(c) The Ethiopian News Agency