If former Minister of Finance Sufian Ahmed had said the foreign exchange shortage is structural and will remain with Ethiopia for decades to come, that is precisely what Eyob Tekaleign (PhD), state minister for Finance, would want to see changed. The foreign exchange crunch should stop defining the Ethiopian economy, Eyob declared early on last week, standing before members of the international community, briefing them on the new economic reform agenda conveniently characterised as “homegrown”. The audience was receptive to the "ambitious" reform the administration of Prime Minister Abiy Ahmed (PhD) rolled out and agreed it is "doable".
"The Reform Agenda is our pro-job, pro-growth, and pro-inclusivity pathway to prosperity," said the Prime Minister. "Join us on this path." In the making for over one and a half years, the tabled reform agenda sees a major departure from the previous dogmatic approach in its aim to rebalance macroeconomic fundamentals and sustain growth. A team of experts from the Ministry of Finance, the macroeconomic team of the Prime Minister, and the National Bank of Ethiopia (NBE) designed the plan to be implemented in the next three years. In his address to the international community, the Prime Minister praised members of this group as "Ethiopia's finest minds."
Prominent French companies are showing interest to invest in Ethiopia in the area of energy, logistics, and telecom sector, French Ambassador to Ethiopia, Remi Marechaux said. In an exclusive interview with ENA, Ambassador Remi Marechaux said the number of French investors operating in Ethiopia has now reached 55 which is twice the number some five years ago.
The companies are mainly engaged in energy including geothermal and hydro business development as well as manufacturing sector which is important to encourage import substitution, the Ambassador said. French companies are also very much keen to invest in the field of logistics, energy, transport and telecom sector in Ethiopia, he stated.
The Embassy is working to attract more investors to Ethiopia through various mechanisms, the ambassador pointed out. In this regard, he added that several events will be organized including an event called ‘Mission-Africa’ which will happen in France on November. A visit by the largest French investor union to Ethiopia, which is scheduled for January next year, is also part of this initiative, ambassador Remi Marechaux said.
Ethiopian Herald held an exclusive interview with Marcel Cabral, Siemens Gamesa Area Director Africa (excl. South Africa) regarding the renewable energy potential and prospects of Horn of Africa in general and Ethiopian in particular. Siemens Gamesa is a leader in the renewable energy industry, working to provide offshore and onshore wind turbines and services. Here follows the interview:
Below is the outcome of the interview as reported by the Ethiopian Herald.
Herald: How do you see the potential for renewable energy development of Africa in general, and East Africa and Ethiopia in particular?
Marcel Cabral : Sun and wind are abundant renewable resources on the continent. Besides, fast growing economies and high population growth are increasing the energy demand in Africa. As a result, more than ever, Africa offers significant opportunities in the field of renewable energies.