East Africa’s economic growth is soaring leading other regions on the continent at close to 7 per cent while the overall outlook for the rest of Africa is cautiously positive.According to the African Development Bank (AfDB), job creation and ramping up manufacturing will continue to be major priority areas for creating growth and employment across the continent. In the Bank’s regional reports launched this week in Abuja, Nigeria, East Africa is leading the continent with GDP growth estimated at 5.7 per cent in 2018, followed by North Africa at 4.9 per cent, West Africa at 3.3 per cent, Central Africa at 2.2 per cent, and Southern Africa at 1.2 per cent. Read more. Source| The Exchange
Kenya is wooing Ethiopia to open up its market further for Nairobi after a high-level trade and investment forum that Prime Minister Abiy Ahmed hosted in Addis Ababa last week. It is understood that the two countries reviewed the progress of implementation of a Special Status Agreement, which the two countries signed in 2012 to enhance economic partnership. Read more. Source | The East African
Kenya and Ethiopia have renewed their commitment to implement joint infrastructure projects as key enablers of the two economies.President Uhuru Kenyatta and Ethiopian Prime Minister Abiy Ahmed said that the regional mega initiative, the Lamu Port-South Sudan-Ethiopia Transport Corridor (Lapsset), is central to the unlocking of the economic potential of the entire East African region. The Lapsset project includes building of railway, electricity, roads and the Lamu Port. Read more. Source | The East African
The Ethiopian government has picked telecommunications firm Ethio Telecom as the first of four major state corporations to be sold to private investors, in a liberalization programme meant to boost economic growth. Ethiopia, with a population of over 100 million people, has been Africa’s fastest growing economy for years, but the country is now reaching the limits of its state-led growth, prompting the government to open up its economy. Read more. Source | East African
Ethiopia is the latest country to approve the African Union’s Africa Continental Free Trade Area, AfCFTA pact after the cabinet passed the deal on Saturday, the Prime Minister’s office confirmed.
The PM’s office said: “The decision is consistent with PM Abiy’s vision of creating a closer & full regional integration — where minds are open to ideas & markets are open to trade. Ethiopia’s decision & track record of advocating Pan African causes will bring to reality an integrated Africa.” Read more. Source | New Times
Six textile and garment oriented industrial parks that Ethiopia is currently busy setting up, are expected to generate $30 billion worth of exports by 2025. The country continues its rigorous quest to build industrial parks, which is part of the initiative to make the East African nation a manufacturing hub of Africa, and a middle-income country. Read more. Source | The Exchange
Ethiopia has kicked off the New Year with promising trade reports, recording a 62 per cent increase in its exports to the US. The country majorly exports textiles and garment products to the US and has invested a significant amount of money in infrastructure development such as industrial parks to boost the manufacturing industry. Read more. Source | The Exchange
The government of Ethiopia should introduce tax exemption mechanisms for importing farm equipment and agricultural inputs in order to modernize the sector, agricultural expert says. Dr. Melese Temesgen, a researcher said at a public lecture organized in Addis Ababa that tax free imports should be promoted in order to introduce modern ways into the sector.
Noting that the equipment are not currently affordable for farmers, Dr Melese said it is crucial for the government to exempt the equipment from tax so as to encourage farmers use modern equipment. Read more. Source | Ethiopia News Agency
The USAID Hub creates videos to showcase East African firm capabilities and development outcomes, with a focus on African Growth and Opportunity Act (AGOA) sourcing opportunities. For a roundup of our apparel and coffee sourcing videos, click here.
Ethiopia, one of the fastest growing non-oil producing economies in Africa is planning to create employment opportunities to cut the high rate of unemployment. Addis Ababa City Administration plans to create 161,000 jobs for its citizens. Their vision is in line with the 2017/18 financial year plan. The country’s economy is rapidly growing and should be able to execute its goal soon. Read more. Source | The exchange