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Petrotrans, the Honk Kong based petroleum company is seeking arbitration for the termination of its gas fields development project by the Ethiopian Ministry of Mines according to sources.

The company is in the process of preparing for a legal suit at the International Arbitration Court in Geneva said the sources.

It is to be remembered that the Ministry of Mines revoked the development agreement signed with the agreement last July claiming that it had failed to execute the project according to the agreed upon schedule.

The company had been unable to initiate actual exploratory activities thus breaching its agreement with the Ethiopian government according to the termination notice sent by Sinkenesh Ejigu, Minister of Mines.

Pfizer, the leading global health company reiterated its commitment to fighting counterfeit medicines by helping to build capacity of major stakeholders in the health sector including decision makers, by partnering with the Government of Ethiopia's regulatory agencies and through creating awareness by the use of media.

Pfizer also announced that it will launch products in its Cardio Vascular (CV) portfolio in response to the rising incidence of cardiovascular diseases in the country.

In his speech during a press briefing at the Hilton hotel on April 24, Dr. Enrico Liggeri, Country Manager, Nigeria and East Africa region (NEAR) described Ethiopia as the second largest market interest and focus of business expansion.

As part of its awareness campaign, Pfizer partnered with the AU to engage medical experts and created a platform to discuss current trends on cardiovascular diseases in the country.

Ambassador Dawano Kedir, Deputy Head of Mission of the Ethiopian Embassy in China, stated that the development of the pharmaceutical industry was one of the top priorities of the Ethiopian Government. According to the Ambassador, there are various market opportunities and specially designated locations for foreign investors who are interested to invest in the industry.

The Deputy Head of Mission made these remarks in a virtual discussion held between himself and Southwest Pharmaceutical Co. Ltd, which is one of the top 100 pharmaceutical companies in China. During the meeting, the two parties discussed ways in which the company could invest in Ethiopia.

The Ethiopian Government has set a goal to become a pharmaceutical manufacturing hub by 2025. To realize this goal, the Government has been undertaking various developments in the sector including the establishment of an industrial park on 270 hectares of land which is designated for pharmaceutical companies.

This industrial park which is named Kilinto and located in Addis Ababa, welcomed its first entrant in 2020 when Africure Pharmaceuticals Manufacturing Ethiopia PLC began construction of its plant in the park.

Main Source: Embassy of Ethiopia in China
Other Sources: Ethiopian Investment Commission, Addis Fortune

Owner of the widely known brands such as Tommy Hilfiger, Calvin Klein and Heritage, Phillips-Van Heusen (PVH) Corporation, set 10 investment preconditions to the Ethiopian Government.

A delegation of Private Investors for Africa (PIA) expressed their "keen" interest to invest in Ethiopia. The delegation is on a two-day business tour in Ethiopia and has held talks with Aklilu Hailemichael (Ph.D.), Ethiopia's State Minister at the Ministry of Foreign Affairs.