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Optimism Around Ethiopia’s Potential In Post Covid-19 Environment.

Ethiopias Post Covid-19

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Bilateral relations with Italy, international treaties and more discussed during webinar held by Tameru Wondm Agegnehu Law Office in cooperation with BonelliErede

Leading Ethiopian law firm Tameru Wondm Agegnehu Law Office in cooperation with BonelliErede recently held a webinar to discuss Ethiopia’s potential in a post Covid-19 environment. The latest in a series of such sessions organised by Gianpiero Succi, Partner of BonelliErede in charge for the firm’s development in Ethiopia and Sub-Saharan Africa, it covered important topics including bilateral relations international treaties and more.

Opening remarks were delivered by Managing Associate Michele Saponaro and Local Partners Seble Geberegiorgis and Weynalem Weldesenbet spoke at length about several points, including:
• International treaties (double taxation conventions, NY convention, bilateral investment treaties, free trade area treaties) along with an overview of main issues faced by foreign companies operating in Ethiopia: regulatory, corporate and tax and how to overcome these.
• Investment opportunities, particularly where industrial parks are concerned and how industrialisation can be used as a means to transform the economy, reduce poverty, provide jobs, and achieve the ambitious aim of transitioning the Ethiopia’s economy to lower-middle-income status by 2025.
• Amended code of commerce and the government’s goal for it to serve businesses and investors effectively.
• Tax aspects and dispute resolution.

The webinar was also attended by several high-profile dignitaries including:
• H.E. Tsion Teklu – State Minister at the Ministry of Foreign Affairs of Ethiopia
• Dewano Kedir – Ambassador Permanent Secretary of Economic Affairs at The Ministry of Foreign Affairs of Ethiopia
• Zenebu Tadesse Woldetsadik – Ethiopian Ambassador to Italy
• Pietro Panarello – First Secretary of the Italian Embassy to Ethiopia
• Shegaw Abate – First Secretary of the Ethiopian Embassy in Rome
• Dawit Afework – Director General at the Ministry of Foreign Affairs of FDRE
• Simona Autuori – Head of the Addis Ababa office of the Italian Trade Agency

Tameru Wondm Agegnehu, Founding Partner of Tameru Wondm Agegnehu Law Office in cooperation with BonelliErede, commented: “With healthy economic growth over the past 15 years, and a population of 100 million people, 70% of who are under 30 and brimming with potential, it’s easy to see why more businesses are looking to the horn of Africa for their next venture. However, the nation is not without its barriers, some of which have been exasperated by the impact of Covid-19. In spite of this, the government has demonstrated a strong willingness to overcome its hurdles. Ratifying the New York Convention, and amending the code of commerce, along with opening up minority stakes in key economic sectors to FDI means that international investors have much to be optimistic about. By hosting these discussions, our goal is to create an environment where dialogue is encouraged. It is with sincere gratitude that we thank all of the attendees, especially our honourable dignitaries. Together, we can continue to put forth solutions to challenges, allowing Ethiopia to shine for decades to come.”

Gianpiero Succi, Partner of BonelliErede added: “Ethiopia enjoys a robust economy, and one that has only gone from strength to strength with the entry into force of the Africa Continental Free Trade Area. This country, and the Horn of Africa generally, is an incredibly important market for our firm and our clients. We have been working in the region for many years and positive government reforms and the liberalisation of various sectors in recent years fills us with optimism about the future.”

The webinar is the fourth of its kind to be held by Tameru Wondm Agegnehu Law Office in cooperation with BonelliErede, for more information on when the next event will take place, please register your interest at BonelliEredeEvents@belex.com.

Distributed by African Media Agency (AMA) on behalf of BonelliErede.

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