Embassy of The Federal Democratic Republic of Ethiopa
in the Republic of South Africa






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Addis Ababa, December 12, 2016 (FBC) -During the past two decades, Ethiopia’s ambitious economic initiatives to become middle income country managed to progressively grow and develop its economy. The country has given ample focus to sectors like tourism increasing their GDP contribution to the entire economic key factors.

Addressing the country development shortfalls and poverty reduction initiatives has grabbed the nation attention working on better policies improving infrastructural constraints. Among other sectors tourism received ample attention preserving historical sights and developing infrastructure which has been the biggest setback of the industry.

Although the sector has been improving significantly for the past five years the recent security alert has led the country to lose seven million dollars from the industry. However the rising number of tourists and the progressive lift of security alerts is rescuing the country to recover from its loss. 

The economic progress of developing countries which has been contributing for the global economic growth for the past ten years has been the focus for global poverty reduction and wealth sharing mission to take developing counters out of poverty.

The World Bank says over 40% of the global poor population live in developing countries where growth during the 2015 fiscal year has been low. To rectify this problem, developing countries "should focus on building resilience to a weaker economic environment and shielding the most vulnerable. The benefits from reforms to governance and business conditions are potentially large and could help offset the effects of slow growth in larger economies." Jim Yong Kim World Bank President said.

Public investment, consumer spending, and mining production is expected to grow Côte d'Ivoire, Ethiopia, Mozambique, Rwanda, and Tanzania sustaining rapid growth having the highest increases according to the World Bank Group economic analysis report. The World Bank Group and Jumia Travel economic progress reports noted that Ethiopia had registered substantive growth in the past and predict it will continue to register growth in the coming years as well. Certainly, Ethiopia has been registering double digit economic growth due to the rising public investment and foreign direct investment and booming manufacturing and construction that helped the country to sustain its growth from all sectors.

During the last fiscal year the Ministry of Culture and Tourism crafted a transformational plan aiming to triple number of overseas travelers to over 2 million in the coming four years to become the continent top destination. The country has been going through huge transformation procedures to increase its revenue from the tourism sector in the coming year. Presently, Ethiopian tourism makes about 2.9 billion dollars annually creating close to a million jobs covering about 4.5% of the GDP.

Several reports has been supporting Ethiopia’s ambitious mission to make the country one of the top destination in the world. “Ethiopia can be one of the five leading countries for tourist destinations in Africa, if it properly implements its Sustainable Tourism Master Plan by 2020”says Dr. Ray Muntida, Advisor to the IGAD Sustainable Tourism Master Plan.

(Eden Sahle )

Addis Ababa, December 9, 2016 (FBC) - The Intergovernmental Authority on Development (IGAD) will hold its Extraordinary Summit in Addis Ababa, Ethiopia today. 

The meeting is expected to discuss and consider development in South Sudan and Somalia.

Over the past decade, Ethiopia has been one of the fastest growing economies in the world with growth averaging 10.9%. Despite recently facing the worst drought in fifty years, Ethiopia has remarkably been able to maintain positive growth.

Economic growth remained at a respectable 8% in 2015/16, which is impressive especially compared to previous drought situations which often resulted in economic contraction,” said Carolyn Turk, World Bank Country Director for Ethiopia, Sudan and South Sudan.

According to the World Bank Groups’ 5th Ethiopia Economic Update launched today, growth momentum will still remain and since 2016 rains arrived as expected, the recent drought will not likely affect Ethiopia’s medium-term economic growth. In addition, the newly completed Addis Ababa-Djibouti railway line, significantly eases trade logistics related constraints. The government’s increased focus on new industrial parks (Hawassa and Bole-Lemi Phase II) and the increasing capacity in power generation along with the completion of transmission lines to neighboring countries (Sudan and Kenya) are also expected to improve export performance and stimulate growth in the short to medium-term. On the other hand, the potential negative economic effects of the current unrest could pose a risk to the outlook.

 

Dec 09, 2016 3:24 am ET

Tanzania expects to begin importing electricity from Ethiopia in 2019 when the eastern African nations complete interconnection grids currently to form a regional power pool, according to Tanzania’s power utility.

A transmission line linking the central town of Iringa to Shinyanga in the north is about to be completed, before contractors start work on a final link to neighboring Kenya, Tanzania Electricity Supply Co. Managing Director Felichesmi Mramba said in an interview. The connection to Kenya will be completed by 2018, he said Wednesday by phone from the commercial capital, Dar es Salaam.

Dr. Workneh Gebeyehu,  recently appointed Foreign Minister of Ethiopia, held a reception for the members of the Diplomatic Corps and all foreign diplomats accredited to Ethiopia on Monday, (December 5). He took the opportunity to share his thoughts on strengthening Ethiopia's partnerships with their countries and organizations. He quoted Prime Minister Hailemariam on the major priorities in the reform agenda: inclusive and equitable economic growth; dialogue; and structural transformation of the economy.