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.

SOURCE: SHABAIT.COM

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.

SOURCE: CAPITALERITREA.COM

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.

Manufacturing License
Obtained on approval and implementation of the project. All projects must be fully insured including manpower and machinery. All manufacturing license approvals are subject to the identification of the following:

• Area requirements- including buildings and open space
• Electricity, water and manpower requirements
• Environmental aspects of the project

Service License
A service license can be obtained to carry out any type of service activity. Included in the types of services eligible for a license are date processing, back office activities, Insurance claims processing, consultancy, credit card processing and Customer Service activities.

2. Operating License

An operating license will be issued to the applicant specifying the authorized activity to be undertaken by the investor. The activity should commence within 6 months from the date of approval.

3. Application Form

The investor should complete and return an application form to the General Manager Massawa Free Zone, Massawa. A more detailed business plan may be required and will be requested at the discretion of the authority. The Free Zone Authority will notify the investor of their decision on his/her application within one month.

4. Facilities Offered by Massawa Free Zone

In addition to the usual benefits of Free Zone Operation, Massawa Free Zone offers a host of facilities that investors can take advantage of:

Trading Offices
Trading offices unfurnished (investor can furnish according to his requirements) can be leased for import, export and re-export operations.

Warehousing and logistics
Units of different sizes can be taken on lease for use as import, export and re-export of different commodities as well as general trading. Investors can operate a distribution center including storage, packaging and repackaging. This hub could be operated efficiently with the very attractive costs available in Massawa.

Manufacturing
Investors can lease pre built units or request the construction of units customized to their requirements with the option of additional land for manufacturing purposes.

5. Electricity Supply

Application for the supply of electricity may be submitted through Eritrea/Massawa Free Zone Authority. The authority will apply for approval from the Eritrea Electric Authority. See separate document on Eritrea Electric Authority including current costs. The total consumption and load requirements in KW should be provided, as per the standard requirements of the Eritrea Electric Authority.

6. Water Supply

Application for water supply may be made through Eritrea/Massawa Free Zone authority. The authority will assist with your application to Eritrea Water Company.

7. Application for Telephone, Fax, & Internet Services

Application may be made through Eritrea/Massawa Free Zone Authority. The authority will assist in application to the Eritrea Telecommunication Co.

8. Entry Visa

All Free Zone investors, developers, representatives and employees must secure entry visas to Eritrea. • Entry permits may be obtained from an Eritrean Embassy or Consulate abroad. An entry permit can also be obtained on arrival at any entry point with a prior request from the Free Zone Authority.• All business or employment entry permits will allow the concerned person to stay in Eritrea for three months. These permits may also be renewed for another 3 months under special considerations. • Multiple entries valid for 3months, 6 months or a year are possible.

9. Work Permits

The Free Zone Authority will assist in the application of work permits. The form should be submitted as early as possible prior to intended date of employment. The application form should be accompanied with a medical certificate of the proposed employee. Work permits will be valid for 1 year.

10. Residence Permits

The Dep. of Immigration and National Affairs issue residence Permits. Any proposed businessperson or employee staying beyond six months in Eritrea is required to have a residence permit. Currently issued residence permits are valid for a maximum of 2 years. There are fees for the different types of residence permits, which must be paid in US Dollars. If a different residence permit with a prolonged validity is absolutely essential, this needs to be discussed further with the Authority.

11. Health & Safety Requirements

Investors locating in Massawa Free Zone must comply with health, safety and environmental requirements in Eritrea. Companies will be required to register with the Ministry of Health and comply with the operational Health & safety manual prepared for Massawa Free Zone.

12. Customs Declaration Forms

Investor will need to complete a Customs declaration form or Single Administrative Document (SAD) for the importation or exportation of goods/services into Massawa Free Zone. The Free Zone authority should endorse the form with the relevant Bill of lading and Airway bill. Note: The Free Zone Authority can process the various permits required by its clients. An administrative charge will be added to the standard charges for the provision of this service by the authority.

SOURCE: EMBASSY OF THE STATE OF ERITREA (SWEDEN)

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.

President Isaias gave extensive briefings regarding the environment for development investment, broad participation in investment, sectors and businesses in which nationals could invest, the importance of saving in development and investment, among others. He said that the conference would adopt a document on the basis of the papers presented and the views exchanged by the participants.

Dr. Woldai Fitur, head of Eritrean Investment Center, indicated that Eritrean investors residing in the Middle East, Asia, Europe, Australia, the Americas and 22 African countries are attending the conference, thus attesting to the nationals’ readiness to participate in development and investment objectives. He further explained that the Government would present a document highlighting the key investment sectors.

The participants of the two-day conference have begun conducting discussion on papers being presented focusing on investment fields, saving and funding, buying of shares, housing construction projects and tourism, among others.

The opening session was attended by Ministers, senior PFDJ officials, regional Administrators, economy experts and Eritrean investors from inside the country and abroad.

SOURCE: SHABAIT.COM

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.

SOURCE: ALLAFRICA.COM

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.

The general manager of the plant, Mr. Mengisteab Tewoldeberhan, indicated that their products are getting increasingly competitive and in great demand on the international market.

Over 83% of the total production has been exported to Asian countries, the Far East, Vietnam, Australia and Europe; 12% to African countries and 5% to the local markets at a price as low as US $8.

Prof. Fred Hollows was a friend of Eritrea since the days of the armed struggle for independence. He spent the last years of his life working to restore sights in Eritrea. Through his organisation, the Fred Hollows Foundation, Eritrea has been named as a country one can restore his sight at under US $25 only.

Hollows died in 1993, one year before his Laboratory in Eritrea begins production. After giving a state funeral service  in Sydney, the Australian government later decided to feature Hollows picture on the one dollar coin as part of the Inspirational Australians Series.

SOURCE: TESFANEWS.NET

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.

SOURCE: MADOTE.COM

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.

SOURCE: MININGWEEKLY.COM

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.

SOURCE: GHANABUSINESSNEWS.COM