Ethio-South Korean annual trade exchange hits 80 mln USD

The Ethio-South Korea trade exchange volume has reached to 80 million USD annually. The Ethiopia government commitment to ensure sustainable economic growth. The relation of the two countries has been steadily growing. The trade exchange that stood at 17.7 million USD five years ago has now reached to 80 million USD with 450 percent growth. The volume would increase in the years to come. Ethiopia exports coffee, oil seeds, leather to South Korea and imports medicines, vehicles, electronics devices and tire.
The two countries are trying to widen diversification of Ethiopia's export item to South Korea. Korean investors are desirous to invest in Ethiopia, while relevant information is being provided to them through the commercial section of the embassy. Kingnam Construction Enterprise which is engaged in road construction and Myung Sung Christian Hospital operating in Addis Ababa as some of the South Korean investment activities in Ethiopia.
Korean International Cooperation Agency (KICA) has been working since the last 13 years in Ethiopia and is engaged in activities aimed at further bolstering the relation of the two countries. KICA is working in the areas of health, education, potable water. Moreover, KICA is undertaking capacity building programs by inviting Korean volunteer professionals to Ethiopia and by facilitating training and experience sharing trips to South Korean for Ethiopian professionals. The relation and cooperation of the two countries has been improving particularly following the visit by Prime Minister Meles Zenawi to South Korea in 1998.
The measures taken by the Ethiopian government to ensure sustainable economic growth and attract foreign direct investment to the country. Cultural and people to people relation of the two counties is getting momentum, he said, Korean cultural music troupe has performed on Ethiopian stages, while another South Korean Cultural team is coming to Ethiopia in connection with the Ethiopian millennium celebration. The Ethio-South Korean diplomatic relation dates back to 43 years ago. (ENA)

Ethiopia, WFP sign LoU for food assistance worth 448.5 min USD

Ethiopia and World Food Program (WFP) here on Tuesday signed a Letter of Understanding (LoU) for the provision of food assistance worth 448.5 million USD. WFP would provide a total of 595,325 metric tones of food assistance to support the country's productive safety net, relief targeted supplementary feeding and HIV/AIDS programs during the coming three years (2008-2010). The assistance aims at reducing malnutrition, rehabilitating children under the age of five years and pregnant women, improving the nutritional status of people living with HIV/AIDS and increasing school enrollment.
State Minister of the Ministry of Finance and Economic Development (MoFED), Mekonnen Manyazewal and Senior Deputy Country Director of WFP Abenzer Ngowi signed the LoU. The assistance will be coordinated and implemented through federal /regional food security coordination bureaus, Federal /Regional Disaster Prevention and Preparedness Agencies and Federal /Regional HIV/AIDS prevention and control office. (ENA)

House appreciates Federal Police nine months performance

The House of Peoples' Representatives (HPR) appreciated the commitment the Federal Police showed to attain its constitutional mission by ensuring peace and stability in the country.
The Legal and Administrative Affairs Standing Committee of the House discussed the nine months performance report of the Federal Police. After hearing the report, members of the standing committee commented that the efforts being made by the Federal Police towards ensuring Ethiopia's renaissance in the new millennium are indicators of firm commitment to attain its constitutional mission.
Moreover, the Federal Police is playing due role for the realization of the development strategies in political, economic and social sectors. Members of the standing committee also stressed on the need for further scaling up efforts police is making to prevent and control crime by involving the public.
They also urged the police to pay due attention to the protection of human rights in the efforts of safeguarding the constitutional system. The federal police, in collaboration with other security forces, have established security command posts at all administrative levels to ensure the peaceful celebration of the Ethiopian new millennium. Accordingly, national and public holidays over the past nine months were celebrated peacefully and with no security problems. Police in partnership with the public have made efforts to prevent crimes and bring the suspects to justice over the past nine months. (ENA)

India pledges over 500 million USD for projects in Africa

India will invest heavily in development projects in Africa to bolster economies ties, BBC reported. Speaking at the first India -Africa summit today the PM said India would provide more than 500 million USD for projects in Africa.
The country would give easier access for exports from the world's poorest countries, many of which are in Africa. The two-day summit is being attended by 14 African leaders, including Prime Minister Meles Zenawi. (Walta)

Foreign companies with 39.5 billion birr capital licensed in eight months

Foreign companies with 39.5 billion birr registered capital have been licensed during the past eight months. The licenses were issued to 1,071 companies. The licensed companies will engage in manufacturing, agriculture, construction, education, health, hotels and tourism, real estate development and other sectors. The majority of the investors hail from Asia, Europe, Middle East, North America and Africa.
Foreign investment flow in the reported period exceeded that of same period last year owing to the conducive investment situation created in the country, the existence of durable peace and security, and incentives given to investors. (Walta)

Admas University College awarded

Admas University College awarded bachelor degrees and diplomas to 650 students on April 5, 2008. These batch is the fifth for degree program while it is its ninth for diploma students.
Admas University is a pioneering college in distance education in Ethiopia. Through the distance education it has graduated 81 degree and 75 diploma students. Currently the College has 1775 students in both the degree and diploma programs. (press Press release.)