- Agriculture is one of the important part of Eritrea’s economy and the country has in abudance arable land suitable for farming and production of agricultural products, Investors interested in this sector will have access to more than 1 million acres of affordable land that be commercially exploited.
- Eritrea was recently granted access to the Africa, Caribbean and Pacific Group of States (ACP) that receives preferential access to certain EU markets
- Recently, the government has set up attractive incentives for investors willing to invest in tourism such as 100% ownership on equity with an Investment Friendly Policies.
- The Massawa Free Zone opened in 2003 and includes the ports of Massawa and Assab as well an airport. These free zones are attractive to investors as they are the perfect location for businesses to access global markets, offer tax and duty exemptions on international corporations that have already established in Eritrea and are working in the sector include Mobil, Total, and Shell.
Starting Business in Eritrea
There are three official languages in Eritrea: Tigrinya, Arabic and English. Local business people in Asmara, particularly the older generations, may also speak Italian.
Ethiopia and Eritrea Leaders Officially Open Border
Ethiopia’s reformist new prime minister, Abiy Ahmed, and long-time Eritrean president, His Excellency, Isaias Afwerki, visited the Bure Front along with members of their militaries to mark the Ethiopian new year,. The two then opened the border post “for road transport connectivity” and would shortly do the same at the Serha-Zalambesa crossing, Eritrean Information Minister Yemane Meskel said on Twitter.
Eritrea and Ethiopia have made a stunning reconciliation as the embassies have reopened, telephone lines have been restored and commercial flights between the capitals have resumed. Landlocked Ethiopia, one of Africa’s fastest-growing economies, and Eritrea, one of the world’s most closed-off nations, also plan development cooperation around Eritrea’s Red Sea ports in particular.
On speech delivered by His Exellency, President Isaias Afwerki at the official ceremony of the 27th Independence Day Anniversary, has programmed targets for the coming three to five years that can be summarized as:
- The strategy of harnessing and harvesting rainfall. This involves building the necessary water infrastructure through even spatial distribution and in a phased manner in order to ensure optimal utilization of our water, land and climatic resources and endowments with the ultimate aim of increasing agricultural production both in quantitative and qualitative terms through the introduction of modern technology.
- In marine resources, to pursue a similar strategy to build the requisite infrastructure in order to increase our domestic productive capacity
- To funnel investment and more vigorous work to the energy sector so as to implement, in a modular manner, our planned schemes of revamping power generation and supply through the right mix of policy choices (thermal, solar, wind and other modalities of alternative energy). This is critical and indispensable for strengthening our developmental programmes in several sectors and especially for embarking on manufacturing and industrialization, due to its obvious strategic importance, at a fast pace.
- To increase investment in order to upgrade our domestic resources and capacity for the effective implementation of our programmes of physical infrastructure; (roads, ports, harbours, airports as well as housing projects that are being implemented at a slow pace);
- To increase public transport both in quality and quantity
- To pursue the ongoing fiscal and monetary restructuring through more robust and qualitative administrative and managerial inputs;
- To enhance effective and efficient administrative competences by further reviewing and strengthening efforts already underway to address weakness and corrupt practices at various levels of administration;
- To increase integrated investment in our educational system – in terms of curriculum and supportive instruments, teachers/experts, infrastructure and other vital facilities – so as to augment our human capital and its multiplier dimensions through special attention and highest priority;
- To review already charted-out programmes and plans of action to encourage and ensure the participation and contribution of all Eritreans who reside abroad in all our developmental programmes;