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Eritrea to privatize nearly 250 state-owned businesses

Written By Admin on Jan 6, 2013 | 5:30 AM

9comments

January 6, 2013 — Eritrea intends to privatize nearly 250 businesses as share companies and launch 32 manufacturing projects in the immediate future, according to state officials and participants of the Second National Investment Conference.

Among the state-owned businesses up for privatization on the basis of 'shares and sole proprietorship' include a number of hotels, manufacturing, agriculture, pharmaceutical, telecommunication, insurance, food and beverage companies.

The government says it sees privatization as a means to stimulate job growth and to boost the economy, which is forecasted to grow by 8.5 percent this fiscal year, according to the London-based Economist Intelligent Unit.

With the passing of Proclamation No. 171/2012 into law earlier in 2012, the government seeks to encourage and develop private entrepreneurship by giving potential shareholders favorable investment opportunities.

These opportunities have already resulted in new private businesses opening up such as the TesWel Private Limited Company. Headed by Yergalem Tesfai Weldedawit, the objective of this company is to establish restaurants, hotels, pensions, real estate and retail stores in Eritrea.

Additionally, Eritrea has adopted new policy changes that includes ending restrictions on repatriation of foreign currency; having the ability to import and export freely and no longer needing to declare carried foreign currency on arrival if not in excess of $10,000.

To read the full list of policy changes, visit Sam B's report

A list of confirmed state-owned companies going private:
  • Asmara Brewery 
  • Red Sea Bottlers Share Company
  • Asmara Milk Factory 
  • Alfa Food Factory
  • Dekemhare Pasta Factory 
  • Children’s Food Factory in Dekemhare
  • Red Sea Food Products
  • Red Sea General Mills
  • Eritrean Telecommunications Corporation 
  • National Insurance Corporation of Eritrea


Eritrea's economic reform should strengthen the economy -
New buses arrive in Massawa 
President Isaias Afwerki opens up the Eritrean economy
Government-owned Asmara Brewery goes private 

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9 comments:

  1. Waw Eritrea Best of the Best in the world I am so proud to be eritrean

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  2. go eplf go shabia way to go

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  3. hzbawi gnbar entezeyle eritra yelan ....

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    1. " Haki tezaribka, ab midri babur dekis" belu emo, eta haki dima kemza nifelta NISA EYA! awet nihafash,lioul zikhri dma nisemaetatna! GOD BLESS ERITREA HAGEREY! !!!

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  4. Salamat all
    i have some question and id be grateful if you help me with the answers.
    1-have the investors requested(discussed ) from/with the govt an implementation of rules and regulations to protect their businesses from any governmental body's mistreatment,had it happened?
    2- when did these buses arrive?do they belong to the investors?
    3-when will the investments start on the ground?
    Ty in advance.

    ReplyDelete
  5. Eritrea is in the right track of development. Let us join the wagon before it is too late

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  6. hezbi Ertra entezeyle Ertra yelan..

    ReplyDelete
  7. You are total IDIOT

    ReplyDelete
  8. That doesn't change Eritrea you fool

    ReplyDelete

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