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Sino-Eritrean Trade Ties Strengthened

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Sino-Eritrean Trade Ties Strengthened CHINA DAILY FRIDAY,F R I D A Y , OCTOBERO C T O B E R 115,5 , 20102 0 1 0 eritreaspecial 15 Sino-Eritrean trade ties strengthened our current and future operations ance that allows us to stand on our merce Bank of Eritrea. New equipment, technology, knowledge as they are significant investors.” own two feet, as well as being mutu- Founded in 1994, the Asmara- A leading figure in Eritrea’s ally bene� cial.” based bank off ers individual and and skills are rebuilding a proud nation import and export sector — and an business customers a wide range organization that is sure to bene� t Building connections of financial products and serv- from the presence of the free trade Meanwhile, helping � rms connect ices such as savings and deposit Blessed with large deposits of ports and transport facilities. e zones — is the government-owned to the world in today’s technology- accounts, private and commercial precious minerals such as gold, sil- � rst free trade zone will commence Red Sea Trading Corporation. dependent society is EriTel. The loans, plus international money ver, copper and zinc, Eritrea off ers operations shortly at Massawa a er Established in 1984 as a commodi- country’s sole telecommunications transfers. foreign investors a wealth of oppor- the government invested millions of ties trading business, the non-pro� t provider is State-owned and “Even though 60-70 percent tunities in the mining sector, while dollars in the transformation of 5,000 � rm performs a wide range of opera- is committed to improving its of our activities and transactions the agriculture, tourism, fisheries hectares of land next to a former tions. It handles commodities such as infrastructure and network coverage are still involved in real estate, we and manufacturing industries also naval base. sugar, grain and oil and the bulk of with the help of Chinese equipment, do provide all the normal serv- possess huge potential. Chinese enterprises are among its trade is with China, where it is technology and human resources. ices that a bank should off er,” said President Isaias Afewerki is deter- the foreign � rms that will be based looking for further business oppor- “We have replaced the old ana- Housing and Commerce Bank of mined to transform Eritrea into the there and benefit from a tax-free tunities. logue equipment across the country Eritrea General Manager, Berhane President Head of Horn of Africa’s logistics hub, as environment in which no direct or “Our priority has shifted to with new digital telecommunications Hiwet Ghebre. of Eritrea Economic — the country of 5.6 million people Isaias A� airs of PFDJ indirect taxes are paid on sales or China the more suppliers you technology and have installed solar “We are trying to open new capitalizes on its 1,151-km long Red Afewerki Hagos pro� ts. get, the more chances you have to energy systems in areas where there branches in remote areas so every- Sea coastline and access to one of the Ghebrehiwet A second facility at Assab will open obtain different brands of com- is no electricity so that the mobile body can bene� t from our banking world’s busiest trade and shipping later this year and offi cials have plans modities and products,” said Red systems work 24 hours a day,” EriTel services and we really care about routes. industry. The initial commitment for similar developments across the Sea Trading Corporation general general manager and CEO, Berhane corporate social responsibility.” As the African nation’s preferred with China for cotton exports is country, including one focused on manager, Negash Afworki.” Tesfaselassie said. commodity partner, China is playing already in place. We have begun agro-businesses near the border As the government’s head of “The Chinese are helping our a key role in Eritrea’s socioeconomic with very modest programs but we with Sudan. economic affairs, Hagos Ghebre- development in many areas and This report was produced in development through the supply of need to expand them.” hiwet is responsible for oversee- I really appreciate their contribu- partnership with InFocus Reports. aid, capital, machinery, technology, The ‘multiplier’ e� ect ing the development of many of tion to Eritrea’s telecommunica- knowledge and skills. Tightening bonds According to Eritrea Free Zones Eritrea’s State-owned enterprises tions sector and their cooperative Chinese enterprises and equip- Chinese Ambassador to Eritrea, Authority CEO, Araia Tseggai, in a range of sectors. “We have and understanding attitude.” ment are also widely involved in Li Liansheng, has welcomed these the free trade zones will stoke the to become independent and Such technological improve- the rebuilding of vital infrastructure and other positive developments as economy through the “multiplier” develop our resources,” he said. ments are a key component of the www.infocusreports.com such as roads, airports, power and he looks to strengthen these political, eff ect of employment, training and “We need investment and assist- growth of the Housing and Com- telecommunications, schools and commercial, industrial and social education opportunities and act as a hospitals. bonds. magnet for foreign investors. “Our priority has been the creation “ e Eritrean government is try- “We feel they are a good place for of a good climate for investment and ing to invite Chinese companies to Chinese companies to secure and A safe investment at gateway of Africa development,” said Afewerki, who make Eritrea a trading and trans- buy resources from Eritrea, process took office in 1993 as head of the portation center for Chinese goods,” them there and take them to China Since it was established in 1993, People’s Front for Democracy and he said. “ ere is particular potential or use them for their own purposes shortly a er Eritrea’s independence, Justice (PFDJ). and interest for Chinese companies anywhere in the world,” he said. the Bank of Eritrea has played a piv- “Eritrea can be a gateway for in Eritrea’s strategic location at the “Looking ahead to the immi- otal role in the country’s develop- investment in Africa if we can take gateway to the vital trade and ship- nent openings of the new free ment, helping to foster economic advantage of our excellent strategic ping route on the Red Sea.” trade zones at Massawa and growth and regulating and building location. Our partnership with A core pillar of Eritrea’s modern Assab, Tseggai emphasized the a sound � nancial environment. China, even though it is in its early economic policy is the setting up importance of Eritrea’s loca- While striving to maintain a stages, will dramatically change the of new free trade zones that will tion in the Horn of Africa and healthy and sustainable balance reality in this country and give us a generate � scal growth, create jobs, revealed that while the Massawa of payments and strong exchange greater global interaction.” boost government revenue and facility will focus on manufactur- rate policy, the bank also works to According to the president, the raise the country’s profile on the ing, the sister zone at Assab will advance and protect the interests of mining, fisheries and agricultural global stage. be aimed at transshipment-relat- consumers and businesses. sectors, especially cotton produc- With a strategic location on ed operations and services. In recent years, Eritrea has suc- Central Bank of Eritrea tion, are best suited for Chinese international shipping lanes, Eritrea “Cargo ships are always pass- ceeded in maximizing its com- investment as they will utilize the off ers exporters and investors easy ing and this element is crucial as petitive advantages for growth and excellent road and sea links, and policies, and because of that, we country’s natural resources and gen- access to foreign markets, with up to most of the shipping firms will development, and now off ers a host Eritrea’s strategic location on the have developed a close relation- erate substantial exports revenues. 40,000 cargo ships a year — carry- end up stopping here and pick- of opportunities in mining, tourism, Red Sea trading route — one of ship with them. “ e potential for cotton cultiva- ing some 700 million tons of cargo ing up their produce to wherever agriculture and � sheries. It has also the busiest trading routes in the “Respect for other nations and tion is huge and a key part of our — passing close to its coast. they are going,” he said. attracted foreign direct investment world. non-interference in the internal agricultural program is the introduc- In order to capitalize on these “Chinese enterprises always on an unprecedented scale. The country’s free zones, at aff airs of other countries is one of tion of new technology,” he said. commercial opportunities, Eritrea carry out relatively large projects e promotion of Eritrea’s invest- Massawa and Assab, provide the important principles on which “We are developing our agricultur- is building a series of modern free so if the Chinese start up busi- ment-friendly climate is one of the excellent facilities for Chinese China bases its foreign policy. Eri- al infrastructure and, in partnership trade zones comprising factories, nesses and logistical operations bank’s key objectives in the coming trade, shipping and logistics trea believes in that too.” with China, are developing a textile warehouses, offices, roads, air- here it will be very important for years, according to Kibreab Weld- companies including the use of In the last few years, China has emariam, acting governor of the warehouses, which can be utilized made signi� cant contributions to Bank of Eritrea. as distribution centers for Middle Eritrea’s development, especially A commercial success looks to increase competition “To make ‘further investment’ Eastern and African countries.
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