From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Tue Feb 02 2010 - 06:17:22 EST
Eritrea Government Has Transparent Investment Policy, Says Official
Eritrea's information minister says President Isaias Afewerki's government
has a protective and transparent policy towards local and international
investments that can rival any country on earth.
Peter Clottey | Washington, DC 02 February 2010
Eritrea official says President Isaias Afewerki's government has a
protective and transparent policy towards local and international
investments that can rival any country on earth.
Eritrea's information minister says President Isaias Afewerki's government
has a protective and transparent policy towards local and international
investments that can rival any country on earth.
Ali Abdu says Eritrea has been attracting lots of investors despite recently
imposed United Nations sanctions.
"It was proven that previous investments were very successful, and we do
believe that all you need to invest in Eritrea is just one step to knock the
door and be welcomed in a very conducive atmosphere," he said.
Analysts project that Eritrea will soon experience a mining boom that will
rival its oil-rich neighbors following Asmara's modest stake in any mining
project.
Minister Abdu said Eritrea in 2008 set its stake in any mining project at 10
percent, with a choice to buy a further 30 percent, which he said is
encouraging to international investors.
"We are very cautious on how to handle our natural resources, be it in the
land or on the sea. We are lucky enough to take experience from a number of
African countries with their huge natural resources, but which is not seen
on their output. The bottom line of our objective is to have the result of
social justice in our natural resources," Abdu said.
Observers say Eritrea seems to be enjoying a boom in international
exploration companies that have expressed interest in its natural resources.
Minister Abdu says Asmara is fair with potential investors.
"The rationale is we want to be fair and just. I mean, that is our
principle. it should serve the interest of the people and it should be
handled as a blessing, not as a curse to the people and to the economy of
that country," Abdu said.
The United Nations recently imposed sanctions on Eritrea after accusing the
Horn of Africa country of supporting hard-line Islamist insurgents who have
vowed to overthrow the internationally-backed administration in Somalia.
It's a charge Eritrea denies.
Abdu notes that Eritrea's investment drive has not been affected by the
sanctions.
"Not at all, because everybody knows that (those sanctions) were politically
motivated. I wouldn't say that one of their objectives is to harm our
economy.Nevertheless .we are not subsidized economically and politically by
any power. We stand on our own foot. We've been for a long time working for
our food security, (and) our economy is as independent as our political
stance," Abdu said.
http://media.voanews.com/images/480*300/Afewerki8.jpg
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