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Ethiopia

Ethiopia’s emerging wine industry luring consumers locally and abroad

In 2007, Meles Zenawi (now late), Ethiopia’s Prime Minister at the time, invited Pierre Castel, founder of French beverage giant Castel, to assess the opportunities for vineyards in the country. It was not an entirely new idea. Awash Winery – which was privatised in 2013 and is now run by the private-equity firm 8 Miles LLP and local entrepreneur Mulugeta Tesfakiros – manages about 100 hectares of vineyards. But 10 years ago, Zenawi’s vision for a purely commercial operation in Ethiopia was still relatively unique, and Castel bought in. A year later the company (which already had a brewery in Ethiopia) imported different grape varieties and began setting up its vineyard in Ziway, 163km south from the capital, Addis Ababa.

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Ethiopia: Chinese Firm Provides Scholarship for Ethiopian University Students

A Chinese heavy machinery manufacturing firm, Xuzhou Construction Machinery Group (XCMG), has launched a three-year scholarship initiative to financially benefit outstanding Ethiopian university students. The sponsorship, launched on Tuesday, is part of XCMG's global initiative to realize its motto, "XCMG, Making a Better World," in which six countries had been chosen to benefit from the sponsorship project, according to Xiao Xiao, XCMG East Africa Regional Manager. During a period of three years, the scholarship project will benefit 27 outstanding Addis Ababa University students. Nine students will be annually selected and share close to 2,500 U.S. dollars. One of the objectives of the scholarship is to support talented engineering students who could potentially benefit the east African country, said Xiao.

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Ethiopia: Nation Continues to Be FDI Destination

Despite the recent turmoil in some parts of the country, the Ethiopian economic outlook for the past months has reportedly been not bad. The Ethiopian Investment Commission recently announced that the "unrest has not caused serious impact on Foreign Direct Investment (FDI) flow into the country." According to the Commission's website, investments with capital of 560 million USD were registered during the quarter and this does not show significant decrease from the performance of same period last Ethiopian year. Some 124 investors have also expressed interest to do business in Ethiopia with 3.5 billion USD capital, it stated, adding that of those 74 are Chinese. Companies from Asia have growing interest to particularly invest in labour intensive projects such as textile, leather and electronics. It also further stated that an agreement was reached with a Chinese company for the construction of an industrial park in Oromia State, despite the unrest.

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Turkish Companies Create Over 10,000 Jobs In Ethiopia As Relations Deepen

Turkish companies have created over 10,000 jobs in Ethiopia, making them one of the leading foreign investors in the troubled horn of Africa country on the back of deepening financial and political relations between the two nations. The horn of Africa nation is the biggest recipient of Turkish Foreign Direct Investment (FDI) on the continent, attracting $2.5 billion of the total $6 billion by May. “Currently, many Turkish companies have started their production and created more than 10,000 permanent jobs for Ethiopian citizens and their total capital reaches to $3 million,” Ayalew Gobezie, Ethiopia’s ambassador to the European nation told Anadolu Agency in Ankara, Turkey. Trade between the two nations was estimated over $400 million last year, with Ethiopia mainly exporting coffee, oil seeds, cereals, leather and its products and flowers to its European ally.

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