Latest news with #SemeretaSewasew
Zawya
02-07-2025
- Business
- Zawya
United Kingdom (UK) Reinforces Commitment to Ethiopia's Economic Growth and Reform, Eyeing Key Investment Sectors
The United Kingdom has significantly reinforced its commitment to boosting Ethiopia's economic landscape, with Baroness Jane Ramsey of Wall Health, the UK Prime Minister's Trade Envoy to Ethiopia, leading a crucial meeting with H.E. Semereta Sewasew, State Minister at the Ministry of Finance. As one of only 32 global Trade Envoys, Baroness Ramsey expressed her profound honor in her role and her eagerness to cultivate strong ties with Ethiopian partners and investors. The UK is keen to help Ethiopia expand and grow business and investment, aligning its support for Ethiopia's economic reform efforts with both multilateral and bilateral development initiatives. Discussions during the meeting centered on Ethiopia's evolving business environment, with Baroness Ramsey acknowledging notable improvements in the investment climate. H.E. Semereta Sewasew stressed the vital need for regulatory reforms, especially within the banking sector, alongside reforms in foreign exchange and governance, to foster a more open and competitive investment environment. The UK's interest in Ethiopia spans several key sectors that are ripe for collaboration and investment. In telecommunications, the UK considers the potential introduction of a third operator to be "very, very important," recognizing Ethiopia's vast population and the opportunity to serve up to 200 million users. This development could significantly enhance connectivity across the country. In the creative industries, a substantial investment of £120 million was discussed, aimed at supporting sustainable creative ventures. The goal is to help these industries expand and thrive, thereby promoting economic diversification and creating new jobs. The agro-industry sector also features prominently in the UK's investment plans. A notable example is a $300 million project focused on advancing crop production for dairy processing. The discussion highlighted that this initiative is currently assessing its environmental and social impacts and will begin with the development of processing plants in its pre-production phase. The UK is actively investing in this sector, aiming to boost agricultural productivity and add value through processing. Mining remains another key area, with gold mining specifically identified as a significant sector. This reaffirms the UK's ongoing commitment to investing and collaborating within Ethiopia's mining industry. In financial services, the UK expressed strong enthusiasm about engaging with Ethiopia's newly opened financial sector. Emphasizing the importance of a competitive regulatory framework, particularly within banking, the UK sees great potential for growth and modernization. Finally, progress was reviewed on major infrastructure projects, including new airports and Ethiopia Electric Power initiatives on the country's east side. Updates on the approval processes for these projects underscored the ongoing efforts to advance Ethiopia's infrastructure development. H.E. Semereta Sewasew acknowledged that these sectors represent vital opportunities for strengthening UK-Ethiopia partnerships, driving economic growth, and fostering sustainable development. Baroness Ramsey reiterated the UK's unwavering commitment to working closely with the Ethiopian government and stakeholders. She emphasized the importance of unlocking further investment and fostering a strong, mutually beneficial economic partnership, with the UK looking forward to continuing these vital discussions and collaborating on these important initiatives to support Ethiopia's economic development. Distributed by APO Group on behalf of Ministry of Finance, Ethiopia.
Zawya
15-03-2025
- Business
- Zawya
In Addis Ababa, experts review the state of economic and social development in Africa
ADDIS ABABA, Ethiopia-/ African Media Agency(AMA)/- Ahead of next week's 2025 Conference of African Ministers of Finance, Planning and Economic Development, a Committee of Experts has assembled at the UN Conference Centre in Addis Ababa for a three-day preparatory technical meeting to review the state of economic and social development in Africa and consider progress towards regional integration. The theme of this year's Conference of Ministers is 'Advancing the implementation of the Agreement Establishing the African Continental Free Trade Area: proposing transformative strategic actions'. The Committee, which holds from 12-14 March, will also consider statutory issues relating to the work of the Economic Commission for Africa (ECA) and make recommendations, as appropriate, for consideration by the African ministers of finance, planning and economic development during the ministerial segment on 17-18 March. Opening the expert's segment, Ethiopia's State Minister of Finance, Semereta Sewasew said the theme of this year's conference of ministers underscores the urgency of unlocking the continent's economic potential through enhanced intra-African trade. She stressed that the AfCFTA is more than just a legal framework; it is a transformative initiative designed to deepen Africa's economic ties. By facilitating trade, harmonizing policies, and dismantling barriers, the agreement aims to foster industrialization, job creation, and poverty alleviation, which are vital to achieving the goals laid out in Agenda 2063, Africa's blueprint for sustainable development. Minister Sewasew noted that despite the ambitious objective of the AfCFTA, infrastructure gaps, financing constraints, and varying capacities among member states pose significant hurdles to its implementation. She called upon the delegates to propose actionable recommendations to ensure the AfCFTA translates into tangible progress, especially for women, youth, and small and medium enterprises, which are critical to Africa's economic backbone. She also highlighted Ethiopia's commitment to regional integration through substantial investments in infrastructure, such as the Addis Ababa-Djibouti railway, which strengthens trade links across the Horn of Africa. Additionally, Ethiopia's energy resources, particularly from the Grand Ethiopian Renaissance Dam, position the country as a leader in regional energy cooperation. For his part, Antonio Pedro, Deputy Executive Secretary of the ECA, highlighted the AfCFTA's role as a development blueprint and a political platform for Africa to assert its collective interests on the global stage. He called for a re-evaluation of Africa's import dependencies, urging member states to leverage local production capabilities for commodities like fertilizers and refined petroleum. Mr. Pedro noted that intra-African trade remains low, accounting for only 14.4% of total trade on the continent and said that the AfCFTA presents a unique opportunity to enhance trade within Africa, projecting that intra-African trade could increase by 45% by 2045 if tariffs and non-tariff barriers are reduced. He stressed the essential role of infrastructure development in realizing the AfCFTA's potential saying that an estimated $ USD 411 billion is needed for transport infrastructure to support increased trade, including investments in railways, vessels, and trucks. The outgoing Chair of the Conference of African Ministers from Zimbabwe noted progress made by the ECA over the last year in supporting member states in areas such as macroeconomic stability, development planning, and industrialization. He reaffirmed the commitment to building on these achievements and advocating for a fair global financial system as Africa seeks to transform its economies through the AfCFTA. The Conference serves as one of the premier forums for dialogue and the exchange of views among African ministers responsible for finance, planning and economic development and governors of central banks on issues pertinent to the continent's development agenda. Side Events: On the weekend, ahead of the Ministerial Segment, the Conference will host the following side events: The Single African Air Transport Market, the free movement of people and the African Continental Free Trade Area Innovative financing instruments for sustainable climate finance and debt management in middle-income countries Empowering businesses in Africa to trade successfully under the Agreement Establishing the African Continental Free Trade Area to foster inclusive growth and decent work Food security and cross-border trade: navigating challenges and opportunities amid the implementation of the Agreement Establishing the African Continental Free Trade Area Making the African Continental Free Trade Area work for African young people: opportunities, challenges and the way forward Role of subregional multilateral development banks in delivering on African development objectives Distributed by African Media Agency. on behalf of Communications Section Economic Commission for Africa More on the Conference of Ministers: Follow the Experts session live at: For media enquiries please contact
