The Eritrean telecommunications company, EriTel, has distributed forms as regards sale of shares in line with the national plan to privatize such businesses on the basis of sole proprietorship or shares.
Mr. Tesfasilasie Berhane, the Manager of the company, explained that it has been finalizing preparations for sale of shares, which opportunity would become claimable for nationals as of February 1.
According to the company’s official website http://www.eritel.com.er/, a total of 4.5 million shares are available for sale at a unit price of USD 50. Moreover,
individual citizens can buy up to 50,000 shares, while businesses and Associations can purchase up to 500,000 shares, given 10 as the lowest permissible number of shares for sales.
The company further indicated that it has opened special accounts at the Housing and Commerce Bank, as well as the Commercial Bank of Eritrea so as to serve the purpose, and notified applicants that transactions are possible only through those accounts.
Turkish news agency Anadolu reported on Friday that Turkey’s foreign Minister Ahmet Davutoglu met with Eritrean President Isaias Afwerki in Eritrea’s capital, Asmara, as part of his African tour. Davutoglu briefed Afwerki about his recent visit to the countries of the African Horn, telling the president that Turkey attached great importance to the region.
Speaking to reporters after the meeting, Davutoglu said his talks with Afwerki took up issues between Ethiopia and Eritrea as well as bilateral relations between Turkey and Eritrea. Davutoglu also said Turkey planned to open an embassy in Eritrea in 2013.
This article outlines the necessary requirements for establishing a business in Massawa Free Zone.
1. How to start?
Investors can submit their requirements by filling in the application form. Initialapproval will be granted on reviewing the form and relevant documents. The license will be issued within a maximum of 12 hours upon final agreement on the terms and condition of the contract and the fulfilling of the first year’s financial commitments (premises rent, licensing fees). Investors leasing Trading Offices or pre built units can take over the premises with immediate effect upon the issuance of the license. Investors can obtain a 100% ownership operational license under the following categories according to their lease agreement with the authority.
Trading and General Trading License
Authorized to import export and re-export agreed and specified commodities. The license entitles the investor to carry out import export and re-export freely from the Free Zone.Warehousing License Can be obtained on leasing warehousing facilities. This license entitles the investor to use the warehouse as a hub for major distribution, including storage and packaging of goods.
Asmara, 27 August 2012 – President Isaias Afwerki today opened the Eritrean Investment Conference at Asmara Palace Hotel.
In a speech he delivered at the conference held under the theme “Popular Development by the People for the People,” he pointed out that the accomplishments registered over the past 20 years in laying the groundwork in various domains are modest. In this connection, he noted the need for adjustments pertaining to the roadmap for all-round national development, and as such this issue is the focal point for the conference.
Eritrea and neighbouring Sudan have signed a framework agreement on working together on strengthening educational links and related fields, according to Eritrean state media. The Eritrean Ministry of Education and the Sudanese Ministry of Higher Studies and Research signed the agreement in the Eritrean capital, Asmara, last week.
The new partnership, according to Shabait, will allow both sides to extend their future collaboration in higher education and to explore possible areas of joint cooperation in other related educational fields.
The contents of the agreement pertain to developing the capacity of higher education institutions and establishing ties between higher education institutions in both countries. The two sides will further undertake various joint scientific research projects, exchanging experience regarding the entire education system, policy and human resource development.
Eritrean Airlines launched its inaugural flight into South Africa on Monday last week, in what has been called a historic milestone for relations between the two countries. For the rest of the year it will fly to Cape Town four times a week, bringing international visitors who joined the flight in Eritrean’s home airport of Asmara from some of its other destinations, including Rome, Frankfurt, Jeddah, Karachi, Lahore and Khartoum.
The airline expects most of its passengers to use it for connecting flights, as is the case with Emirates and KLM, at least in the beginning. But it hopes to build up a tourism market for Eritrea itself, and the country also has a growing mining industry which is already attracting business travellers from SA.
It has chosen South Africa as a destination because of its popularity with international tourists and because it is the leading economy in Africa. The airline is state-owned and was dormant for a time, but the government has revived it, leasing its fleet of Airbus aircraft complete with flight crew from European airlines.
Asmara was described in one of the Lonely Planet guides as “one of the most agreeable cities in Africa”, and David James, a former senior executive with South African Airways, who is now commercial director of Eritrean Airlines and lives in Asmara, says he agrees with this.
SOURCE: INDEPENDANT ONLINE
Prof. Fred Hollows holding a Intraocular Lens
As 600,000 Africans goes blind every year as a result of cataracts, demands for intraocular lenses produced by the only Intraocular Lens Laboratory on the African continent shows a significant increase.
Established by world’s renowned Australian Ophthalmologist, the Eritrea based Fred Hollows Intraocular Laboratory (IOL) so far exports over 2.2 million intraocular lenses to more than 50 countries in Asia, Africa, Oceania and Europe ever since its inception in 1994. By applying international standard work procedures and state-of-the-art equipment, the plant has reached to a capacity of producing 200,000 intraocular lenses annually to satisfy the year-to-year growing demands.
Chinese leading and world’s 21st ranked construction equipment manufacturer LiuGong has won an order worth $100m, consisting of 1000 machines including construction machines, firefight trucks, big and small lorries, trucks, tankers, concrete pump trucks, graders, bulldozers, forklifts, and etc.
The machineries are being introduced to assist local construction firms and farmers on various development projects such as real estate housing, irrigation, roads, bridges, water diversion schemes, as well as playing an instrumental role towards enhancing food security and stimulating job growth.
Toronto- and Australia-listed Chalice Gold late on Tuesday said it agreed to sell its 60% stake in the Zara gold project in Eritrea to China SFECO Group, a subsidiary of Shanghai Construction Group, for as much as $100-million.
China SFECO will pay $80-million for Chalice’s share of the mineral resource at the Koka gold deposit, and not more than$20-million for the balance of the area falling within the Zara project. The deal is subject to approval from Chalice shareholders, SFECO clearing regulatory hurdles in China, as well as other conditions.
The Perth-based company owns a 60% stake in the Zara project, which includes the Koka deposit that has an 840 000 oz gold resource. The company earlier this year agreed to sell a 30% stake in Zara to the Eritrean government for $32-million. The State-owned miner Enamco also gets a 10% free carried interest.
The African Development Bank (AfDB) Group is putting in $19.2 million to improve equitable access, quality and relevance of technical, vocational education and training in Eritrea.
The project is jointly financed by the AfDB’s African Development Fund (ADF) and the Eritrean government who is contributing an amount of $2.06 million.
The key outcome of this project will be an increase in the supply of quality middle level technicians needed by the Eritrean economy and specifically mainstream entrepreneurship while institutionalizing studies to measure the external efficiency of training systems, the AfDB noted in a statement.
About 50,000 students are said to be targeted by the project as well as other beneficiaries including instructors, adults living near the technical institutions who will have access to training or retraining in selected modules in various trades.
“The project was in line with the Bank’s Higher Education, Science and Technology strategy and the State of Eritrea’s prioritization in these sectors. It will contribute to foster inclusive economic growth”, said AfDB Vice President Kamal El Kheshen.
To date, the Tunis-based bank says it has already financed two education projects in Eritrea for a total amount of $50.47 million.