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Ethiopia

The Federal Democratic Republic of Ethiopia (hereinafter referred to as “Ethiopia”) is located in the Horn of Africa. It is bordered by Eritrea to the north and northeast, Djibouti and Somalia to the east, Sudan and South Sudan to the west, and Kenya to the south. With a population of roughly 91 million, Ethiopia occupies a total area of 1,103,600 square kilometers. Ethiopia is one of the founding members of the UN and the Organization of African Unity, with Addis Ababa serving as the headquarters of the African Union, the Pan African Chamber of Commerce and Industry, and the UNECA. The country began to rapidly develop in the past 10 years, and it now is the largest economy by GDP in East and Central Africa. Companies from the UK, USA, Russia, China and Canada are conducting oil & gas exploration and development in Ethiopia (Africa oil, Marathon, Tullow, Gazprom, etc.)

 

Economy

In 2012, as a country with population of 91.73 million, Ethiopia realized a GDP of approximately USD 42 billion (approx. USD 458 per capita).

 

In the past decade, Ethiopia has made astonishing progress in economic and social development. It increased investment in agriculture, energetically developed emerging industries, export-oriented industries, tourism, the aviation industry, and has attracted foreign investment in energy and mineral resources development. Its economy grew at 8% or higher. Because of this, the UN set Ethiopia as an example for millennial development.

 

The Ethiopian government focuses on the reform of the tax structure, cutting the deficit, stopping domestic lending and national debt issues, which has improved the country's fiscal situation. Its foreign exchange reserves are USD 2.989 billion (Quarterly Economic Review, June 2013). Ethiopia is a beneficiary of the Heavily Indebted Poor Country (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI), and in recent years, it has enjoyed substantial debt reduction from the USA, Russia, World Bank and International Monetary Fund.

 

Addis Ababa, the capital, is the political and economic center of Ethiopia. The 120 international delegations and embassies stationed here has helped it become the frontline of African international diplomacy. The headquarters of the African Union and the United Nations Economic Commission for Africa are also based in Addis Ababa.

 

 

 

Economic growth of Ethiopia

(red line - USD per capita GDP, GDP in billion USD)

Overview of Ogaden Basin

Ethiopia has 5 sedimentary basins:Ogaden (in the east), Gambela (in the west), Mekele (in the north), Southern Rift (in the south) and Abay (in the central west).The Ogaden Basin is the largest basin and covers an area of 350,000 square kilometers.

 

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