Ethiopia Round up: Gold discovery, foreign ownership, drought

Felipe Finger, head of the Special Inspection Group from the Brazilian Institute of Environment and Renewable Natural Resources (IBAMA), displays confiscated gold during an operation against illegal mining in Yanomami Indigenous land, at a farm in rural Boa Vista, Roraima state, Brazil, December 7, 2023. "This is war because people are dying. Hundreds of Yanomami have died in the humanitarian crisis, and they are Brazilians too," said Finger. REUTERS/Ueslei Marcelino SEARCH "MARCELINO BRAZIL YANOMAMI" FOR THIS STORY. SEARCH "WIDER IMAGE" FOR ALL STORIES.

Source: X07800

ICT-focused business incubator

Ethiopia has launched its largest ICT-focused business incubator, a collaborative effort between the Ministry of Innovation and Technology and foreign companies, TV Brics reports. The incubator aims to nurture a new generation of entrepreneurs and advance the green economy, contributing to a more inclusive society. This initiative is essential for building a robust national startup ecosystem in Ethiopia.

Foreign ownership of Real Estate and Retail Sector

In a move to attract foreign investment, Ethiopia is planning to allow foreigners to own real estate in the country. Additionally, the government intends to amend existing laws to open up the retail sector to non-Ethiopians. These steps are part of a broader strategy to boost foreign capital inflows, stimulate economic growth, and create employment opportunities, local news report ARN said.

Major gold deposits in Ethiopia

Significant gold deposits exceeding 517 tons have been discovered in several regions of Ethiopia. The Ministry of Mines is actively supporting gold processing companies and developing new facilities to facilitate large-scale production. The country has set its sights on generating USD 512 million from gold, precious stones, lithium, and other sectors. However, there have been challenges in meeting the ambitious targets for foreign exchange earnings from gold production, 2merkato reports.

Transition to electric vehicles

The Ethiopian government has unveiled ambitious plans to import 439,000 electric vehicles over the next decade and establish more than 2,000 charging stations. According to local news outlet, English News, this strategic shift towards electric mobility is expected to lead to cost savings on fuel purchases and a reduction in pollution levels, particularly in urban centres. Private companies are also capitalising on this opportunity by importing and assembling electric vehicles within the country.

Humanitarian crisis in Tigray Region

The Tigray region of Ethiopia is facing a dire humanitarian situation due to the combination of conflict and drought. Approximately two million people are at risk of starvation and death, with twelve districts already experiencing severe drought conditions. While the government denies the imminent threat of famine, the affected residents are grappling with widespread challenges as they strive to survive, according to Channel 4.

Wonder Hagan