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Foreign Policy of South Korea Eyes Africa

Foreign Policy of South Korea Eyes Africa

The Republic of Korea prepares to host the first Korea-Africa Summit in 2024. Jang Sungamin, senior secretary for future strategy, has made an upturn in Addis Abeba amidst the 36th African Union summit giving emphasis on the foreign policy eyeing Africa. Using the "teach a man to fish you will feed him for a lifetime" analogy Jang stated that South Korea has mastered the technique and wants to share it with Africa. Korea has been providing the highest a month of Offical Development Assistance (ODA) to Ethiopia than any other African country, including 168 million dollars for 26 projects in water management, health, rural development, transportation, and education since 1991. Ethiopia receives a large number of loans from South Korea. In 2019, Korean Exim Bank provided 264 million dollars as a loan of which 170 million dollars for national electricity projects.

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New Directive Hikes Service Fees for Foreign Investors in Free Trade Zones

The Ethiopian Investment Board has issued a new directive revising the service fees from foreign investors payable in dollars to the Ethiopian Investment Commission (EIC), introducing updated rates for both the One Stop Shop and designated Free Trade Zones. The revised directive came into effect this April following its publication on the websites of the Ministry of Justice and the EIC. Issued pursuant to Article 23 of the Special Economic Zone Proclamation, the directive outlines charges for...

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City Tables 350B Br Budget Plan for Upcoming Fiscal Year

The City Administration has approved a resolution to submit a proposed budget of 350 billion Br for the 2025/26 fiscal year to the City Council for deliberation. According to the Administration's statement on its official social media page, the draft budget is designed with a central focus on poverty reduction, encompassing targeted subsidies for sustainable development, investment in large-scale job-creating projects, and enhanced service delivery to address the growing demands of the reside...

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Ethiopia, UN Launch Joint Plan to Drive Development Through 2030

The Ethiopian government and the United Nations (UN) have signed a five-year development plan outlining national priorities from 2025 to 2030. Signed on June 20 at the Ministry of Finance, the United Nations Sustainable Development Cooperation Framework (UNSDCF) with implications that it aligns with Ethiopia's reform goals and the Sustainable Development Agenda. The plan is backed by a projected 6.5 billion dollars, though only 1.5 billion dollars is currently secured. It focuses on closing t...

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