As a key player in the socio-economic transformation of the region and major contenders in securing foreign direct investment (FDI) with an aim of strengthening Ethiopia’s economic development agenda, East African Holding S.C. is intent on supporting flagship initiatives geared towards elevating the role of  Africa’s private sector, especially as it relates to East Africa’s Trade and Investment Development objectives.

In line with this commitment, Managing Director of the EAH’s corporate services and family office division, Mr. Micheal Buzuayehu attended the African CEO Roundtable Conference, on behalf of East African Holdings Chairman, Ato. Buzuayehu Tadele on the 14-15^th of March 2022.

The conference was held at the Dubai 2020 Expo and hosted by the African Union Commission. The African Union Commission facilitated a series of in-depth discussions on private sector development, trade and investments in Africa.

The theme of this year’s CEO Roundtable Conference, “Leveraging Agenda 2063 for Private Sector, Trade and Investments Development in Africa” and the diversified family-owned business’ key aspirations are clearly aligned and aimed at accomplishing the full array of agenda items at the conference.

In discussion with the various panelists present at the roundtable conference, Mr. Micheal Buzuayehu summarized these aspirations and noted the vital importance of a dynamic construction sector as a driver for prompting positive economic reform, infrastructure development and GDP growth. This is especially relevant following the continent’s loss of roughly 45%  in economic activity due to Covid-19.

Mr. Buzuayehu also stressed the importance of joint venture partnerships as a key element of African development. East African Holding recently entered into a partnership with West China Cement. Together, the China based cement manufacturer, a leading cement company listed on the Hong Kong Stock Exchange, and National Cement, a subsidiary of East African Holding have committed to fund over USD $600 million towards the joint venture partnership’s first phase of projects.

Upon its completion, the joint venture is expected to create job opportunities for over 20,000 locals and bring significant investment of about USD $2.2 billion into the nation.

Mr. Buzuayehu highlighted the significance of joint ventures such as National Cement and West China Cement and remarked that such partnerships will not only help meet the nations ever-growing demand for cement/building materials but also serve as a model for the rest of Africa and be seen as a positive vote of confidence in Ethiopia’s path to economic viability.