ERITREAERITREATHE STATE OF THE STATE OF

Publised by Mrs. Sunanda Rajendran, Secretary General for Indo-African Chamber of Commerce & Industries, 81/82, Mittal Court “C” Wing, 8th Floor, Nariman Point, Mumbai - 400 021. Tel.: 91-22-40606162 / 22821774 ? Fax: 91-22-22821279 ? Email: info@iacci.org / info.iacci@gmail.com ? Website : www.indoafrican.org

National Day Special SupplementMay 2014 Page 1

history of Eritreais tied to its strategic

position on the Red Sea littoral, with a

coastline that extends more than

1,000 km. Many scientists believe that

it is from this area that anatomically

modern humans first expanded out of

Africa.

Eritrea's economy is largely based on

subsistence agriculture, with 80% of

the population involved in farming and

herding. Therefore a strategic plan for

rural development is the solution to

s p e e d u p t h e d e ve l o p i n g to

establishing a strong agriculture base;

capable of providing abundant raw

materials to industrial units; and

exporting agricultural products to

states around the Arabic Gulf. There is

in the tourism industry sector a huge

potential to attract foreign investment.

The coastal waters over which Eritrea

has exclusive fishing rights constitute

52,000 square kilometers of probably

the richest and for the most

unexploited waters of the Red Sea.

That represents a tremendous

opportunity to develop:

• Fishing industry.

• Tourism.

Eritrea developed its transportation

infrastructure by asphalting new

roads, improving its ports, and

repairing war-damaged roads and

bridges as a part of the Warsay Yika'alo

Program. The most significant of these

projects was the building of a coastal

highway of more than 500 km

connecting Massawa with Asseb as

well as the rehabilitation of the

Eritrean Railway. The rail line now

runs between the Port of Massawa and

the capitalAsmara.

THE CULTURE

Elaborate rites and rituals have long

been an important aspect of Eritrean

culture. Cultural development was

integral to the liberation struggle and

has remained so since Eritrea's

independence, both as an expression

EMBASSY OF THE STATE OF ERITREANew Delhi HON’ CONSUL OF THE STATE OF ERITREA

Mumbai

ERITREA AT A GLANCEPresident: H.E. Mr.Isaias Afwerki

Name: The State of Eritrea

Capital: Asmara

Religion: Christianity & Islam

Independence Day: May 24, 1991

Total Area: 124,320 sq. kms

Population: 4.5 million

Time : GMT + 3:00 hrs

Currency: Nakfa: exchange rate 1 USD

= 15 Nakfa

Other large cities: the ports of

Massawa, 30,700; and Assab, 56,300

Economic summary: GDP/PPP (2011

est.): $3.978 billion; per capita $700.

I n d u s t r i e s : fo o d p r o c e s s i n g ,

beverages, clothing and textiles, salt,

cement, commercial ship repair.

Natural resources: gold, potash, zinc,

copper, salt, possibly oil and natural

gas, fish.

Exports: $383.5 million (2011 est.):

livestock, sorghum, textiles, food,

small manufactures.

I feel greatly honoured and privileged to acknowledge that the Indo-African Chamber of Commerce and Industries will, on the occasion of the 23rd Independence Anniversary of the State of Eritrea, grant a space in its reputed May publication to enable my country's voice heard. It is also encouraging that the Indo Africa Chamber of Commerce and Industries is successfully and aggressively promoting and strengthening the Indo-African trade, commerce and economic relations that had existed from time memorable till date.

Cooperation in Capacity Building Shortly after Eritrea's independence, India offered assistance in its legislative drafting process. Assistance in form of scholarships through the Indian Technical and Economic Cooperation (ITEC) programme has evolved. Over the years, India has offered capacity building assistance in several fields to Eritrea including in agriculture, medicine and education.

Such agreements were followed by the signing of different Memorandum of Understanding that led to their successful implementation. As such the Government of India had deployed many experts in the respective fields that played great roll in h e l p i n g E r i t r e a a c c o m p l i s h i t s development programmes.

Accordingly, Eritrea had made great

Imports: $875.1 million (2011 est.):

machinery, petroleum products, food,

manufactured goods.

Major trading partners: Australia,

France, Malaysia, Italy, Sudan, Saudi

Arabia, Jordan, Germany, China, Brazil,

U.S., Turkey.

On 24 May 2014 the State of Eritrea

will colourfully celebrate its 23rd

Independence Anniversary. In these

years of independence, the nation had

been building its social and economic

bases that were ruined by almost a

century long war waged by its people

to resist colonial rulers. The Italians,

the British and at last the Ethiopians

had colonized this country from 1890 –

1991.

The State of Eritrea, is a country in the

Horn of Africa. The capital is Asmara. It

is bordered by Sudan in the west,

Ethiopia in the south, and Djibouti in

the southeast. The northeast and east

of the country have an extensive

coastline on the Red Sea, directly

across from Saudi Arabia and Yemen.

The Dahlak Archipelago and The

strides in various s e c t o r s m o s t significant of which are in education, agriculture, health, public works ... etc. For Eritrea the basis of development depends solely on the development of Human Resources. Hence, the contribution of Indian professors and high school teachers (annual input is almost 200) coupled with effective implementation of the e-Network Project are doing miracles in upgrading the needed work force in the nation.

The flow of visits of high ranking officials indicates the ever growing bilateral ties between India and the State of Eritrea. The interest shown by some Indian companies to invest in the laxative mining sector of the nation is also an encouraging sign that would involve more companies to follow suit.

On the occasion of the 23rd Independence Anniversary of the State of Eritrea I would like to call upon all Indian potential investors and businessmen to invest in the different untapped sectors that Eritrea is able to offer. The Embassy is ready to arrange and facilitate the needful.

Thank you & God Bless you all...

H.E. Alem Tsehaye Woldemariam,AmbassadorEmbassy of the State of Eritrea,New Delhi, INDIA.

Dear Readers,

“Compliments from the Hon. Consul

of Eritrea Mumbai”

First of all, I would like to thank the

Indo-African Chamber of Commerce

& Industries for its ongoing efforts

with African Countries in general &

Eritrea in particular, which aimed to

strengthen bilateral cooperation

between our two nations. I would also

like to thank Mrs. Sunanda Rajendran

who has been a strong supporter &

our brand ambassador for Africa.

Our Govt. of Eritrea is doing its level

best to protect the interest of

potential investors. In Eritrea sectors

with high prospects for development

& lucrative investment opportunities

include: Agriculture, Fisheries, Fish

Processing, Manufacturing, Comm-

unications Banking, Transport &

Tourism.

Eritrea is a member of the 19 member

COMESA (Common Market for East &

Southern Africa).

There has been many bilateral

exchanges of delegations.

It is with the spirit that we are bringing

out the Special Publication on our

Country to encourage & motivate the

people of India to explore the

business & investment opportunity

for the revival of cooperation

between India & Eritrea.

Me & My Ambassador are always

ready to support each & every Indian

who is desires to do business with

Eritrea.

Once again my sincere appreciation to

the Indo-African Chamber for their

valued cooperation & support.

Sanjay Goenka

Hon. Consul – Eritrea, Mumbai.

Eritrea Located on the Horn of Africa

with an area of 1,25,000 sq. km. The

Ambassador & Hon. Consul of Eritrea

in India has all ready talked about the

available opportunities. Hence, I

would like to narrate about the India

prospective.

Over the years, India has offered

capacity building assistance in several

fields to Eritrea ranging from

legis lat ive draft ing, technical

scholarships (agriculture, education,

health), & also food aid. In 2009,

Indian government extended a line of

credit of US$ 20 million to the Eritrean

government. India is known as

excellent destination for Eritrea for

higher studies.

A trilateral agreement between

Eritrea India & the FAO has signed

under which nearly 100 Indian

agricultural experts were deputed to

Eritrea to help increase agricultural

productivies & many more. The

bilateral trade has grown to around

$25 million. India exports electrical,

e n g i n e e r i n g p r o d u c t s ,

pharmaceutical, cotton yarn & fabrics

& many more whereas Eritrea has

imported millets worth US$2,00,000

from India during 2010. Besides these

Eritrea exports leather, hides & Skin.

Govt. of India has extended US$ 20

million as line of credit. There is a

presence of 2000 numbers of Indian

in Eritrea.

Finally I am thankful to H.E. Alem

T s e h a y e W o l d m a r i a m t h e

Ambassador of Eritrea in India & Mr.

Sanjay Goenka the very dynamic &

active Hon. Consul for their valued

guidance, cooperation & support, The

Secretary of Asmara Chamber of

Commerce & each and everyone from

the bottom of my heart for extending

their whole heart support.

Mrs. Sunanda Rajendran

Secretary General

of national identity and as a crucial

arena in which the nation itself is

constructed. During the independence

war, it strengthened the nation's

determination, as it expressed the will

for liberation. Today, it celebrates that

achievement, as it manifests the

country's aspirations for peace and

prosperity for all its citizens.

Each of the country's nine nationalities

has its own oral literary tradition, its

music and dance, its architecture, its

arts and crafts, and much more. Eritrea

celebrates this rich heritage at all its

major feasts and festivals, with

performances and exhibits that

showcase the unique contribution

each makes to the whole.

THE COFFEE CEREMONY

Strong, aromatic coffee is often drunk

in Eritrea in an elaborate ritual that

brings families and their guests

together in an hour-long ceremony at

the close of a long work day. It is usually

served in thimble-size, handleless cups

and accompanied by trays of fresh

popcorn and raisins, hambesha

(bread) and other local specialties.

Typically, a woman of the household

scatters strands of fresh grass on the

floor to provide the freshness of the

outdoors, as she roasts green coffee

beans over charcoal fire, shaking them

frequently to prevent burning. Once

they are blackened and ready for

grinding, she wafts the fragrance

under the noses of the celebrants and

then pounds the beans into a powder

with a wooden mortar and pestle.

The coffee is repeatedly heated to a

boil in a round clay pot with a thin,

stem-like neck, as frankincense burns

nearby. Participants are expected to

partake of at least three rounds of the

full-boiled brew, between which tall

glasses of the local beer, sewa, are

often served.

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Indo-African Chamber of Commerce & Industries | 2ERITREA

Eritrea's Strategic Location along the

Red Sea provides ideal exposure to one

of the world's busiest shipping lines and

established linkages to other areas of

the region and beyond. The port of

Massawa is a transit point for goods to

the Middle East, European and Asian

Markets. The development of the port

is poised to bring about potential gains

to trade. The establishment of a Free

Port Zone at Massawa is further

expected to boost trade prospects

within the already established Middle

Eastern and African Markets.

The Massawa Airport is equally capable

of facilitating traded goods in transit to

regional and global destinations.

Investment in exploration activities for

reserves of oil, natural gas, and other

minerals provide a potential source for

the expansion of export receipts.

Eritrea's natural mineral resources

include gold, copper, potash, zinc, oil,

natural gas, cement, gypsum, granite,

marble, ceramics, limestone and iron

ore. The Bisha Mining Company, which

is a mining conglomerate between the

government and a Canadian company

(NEVESUN), has started extraction

2010. The company has produced

471,000 oz of gold during the first year

of operation at Bisha, and 424,000 oz in

the second year. Copper production has

resumed in the 3rd year. begin in the

second year and peak at 184-million

pounds of copper in the fifth year of

operation. The mine will begin

producing zinc in its sixth year. There

are many more mining contracts on the

making. The potash mine in Danakil

Depression with a planed output of up

to 10,000 ton a day life span of over 150

years, the Zara and Dubrba gold mining

Eritrea stands to share in hundreds of

billions of dollars in mining profits.

PRIVATE SECTOR DEVELOPMENT

The private sector is seen as the major

development partner, an engine of

growth that will help jump start the

economy and eventually lead to long-

term growth in the Governments

development agenda- as explicitly

indicated in the Macro Policy document

(1994). The Government has achieved

so much at adopting favorable

monetary and fiscal policy, reduced

regulatory framework and bottlenecks

by offering incentives and avoiding

trade and other related barriers to

attract private sector investment and to

expand exports.

In line with the macro-policy objectives,

a revised investment code was issued in

1994. The main objective of the

investment code is to promote

investment in Eritrea as well as develop

and use the country's natural

resources. Within this broader

objective, the investment code intends

to achieve objectives including, the

promotion of exports, encouragement

of competitive import substitution

industries, enhancing transfer of new

technology, securing equitable regional

growth, development of small-and

medium-scale enterprises, and

e x p a n s i o n o f e m p l o y m e n t

opportunities (GOE, 1994: 5). The

Eritrean investment code also provides

various incentives for domestic and

foreign investment. The investment

code further outlines that there will be

no taxes on declared dividends; any

corporate profit that is set aside for

reinvestment will be taxed at the rate of

20%. Furthermore, there shall be no

exchange controls for remitting

dividends and capital gains, and foreign

investors are free to repatriate their

profits.

The investment code provides various

benefits to investors. For instance,

profit and dividends of investors,

payments for a foreign loan, fees,

royalties, or proceeds received from

liquidation of investment and/or

expansion, and payment received from

the sale of transfer of shares will be

remitted in accordance with the rate of

exchange prevailing at that time. There

is no minimum threshold value of

investment. Moreover, with the

exception of domestic retail and whole

sale trade, import, and commission

agency that requires b i lateral

agreements of reciprocity with the

country of investor, all areas of

investment are open to all investors

both foreign and domestic (GOE,

1994:6). Foreign capital may establish

any enterprise on its own or in

partnership with local capital .

Moreover, the investment code

guarantee, that capital and other

associated foreign-owned assets will

not be nationalized without due laws.

To this effect, Eritrea has also signed the

convention establishing Multilateral

Investment Guarantee Agency (MIGA)

and the convention on the Settlement

of Investment Disputes between States

and Nationals of other States (GOE,

1998: 20). It establ ished, The

Investment Center, which is the legal

body responsible for the promotion of

investment. Issuance of certification to

investors with a maximum delay of 10

d a y s ( G O E , 1 9 9 4 : 1 5 ) , L a n d

Proclamation that provides usufruct

rights for the long-term up to 99 years

has been issued since 1994 and is

expected to facilitate the allocation of

land for investors (GOE, 1994; IMF,

1996:9).

Significant progress has been made

since independence regarding the

liberalization of trade policy. The 1994

Legal Notice 18/1994 reduced the

number of import tariffs to twelve.

Capital goods, raw materials, and semi-

processed goods have only a 2 % tariff.

Basic goods duties range from 3 to 20%.

In addition, customs procedures were

simplified. In the mid-1990s, the

government began major investments

in infrastructure, roads, electricity,

dams, and port operations to support

the further development of exports. To

expand the market for import and

export potentials the country entered

into active membership in regional

organizations such as IGAD and

COMESA.

INVESTMENT ENVIRONMENT

Peace and security are the main pillars

of a true and conducive investment

environment in Eritrea. The economic

policy underlines the necessity to have

a market lead economic system. The

private sector should have the upper

hand in all economic sectors with the

government to intervene in major

public shares. The following are some

of the steps taken for a better

investment environment:

• The Eritrean Investment Center was

created in 1998 to promote the

country as an attractive investment

destination. The investment center

approves investment projects, and

aims to promote and facilitate

investment activities in Eritrea.

• The Business Licensing Office (BLO)

was established to create a

centralized, "One-Stop", licensing

center to facilitate the speedy

formation of business ventures as

well as the issuance and renewal of

licenses.

• Key investment opportunities in the

fisheries sub-sector provide a

potential of 90,000sq.km of fishing

ground, with an estimated annual

production potential of 65,000-

70,000 tons of fish and other marine

produces.

• The manufacturing sector produces

a variety of products with particular

emphasis on processed food and

dairy products, alcoholic beverages,

glass, leather goods, marble, textiles

and salt.

• Recent developments in the mining

and quarrying sector include the

anticipated commencement of

mining of gold and copper in the

Bisha region.

• Investment opportunities in the

service sector include tourism,

transport, energy and water

resources, communication and

financial services. Offshore oil and

natural gas exploration are specific

areas of potential investment in the

energy sub-sector.

The Eritrea Investment Center, a

department functioning under the

Ministry of Trade and Industry is a one-

stop shop for promoting and facilitating

investments in Eritrea. The center is

committed to support and encourage

investment by assisting investors to

acquire the necessary legality and by

way of incentives and guaranties.

AREAS OF OPPORTUNITIES FOR

INVESTMENT

In Eritrea sectors with high prospects

for development and lucrative

investment opportunities include:

agriculture, fisheries, fish processing,

manufacturing, communications

banking, transport and tourism.

AGRICULTURE – Despite plenty of

arable land and significant water

resources Eritrea has, at present not

only the proportion of the cultivated

land is so small but farming is practiced

on the basis of archaic and traditional

methods. In light of these, there is

ample room for accelerated agricultural

development if enough investment is

channeled to the sector. Large

productivity gains could be achieved

from relatively modest investments in

new and improved methods. Using

modern cultivation, fertilization, plant

protection and water conservation

techniques large quantities of food

crops, exports and as raw materials for

industrial enterprises can be produced.

The development of i r r igated

ECONOMY:

In the 1940s and 1950s Eritrea had a vibrant export oriented economy with strong industrial base and workforce. Such factories and industries were of course built by the Italian colonialists to back their military ambition of expansion in the region. Such infrastructure was a blessing in disguise h a d i t c o n t i n u e d u n t i l t h e i n d e p e n d e n c e o f E r i t r e a . Unfortunately, the British dismantled and sold most of them to their colonies and the Ethiopians followed suit by either selling or taking whatever was left to their country. At independence, the Government of the State of Eritrea had inherited a ruined economy in all its terms and had the task of rebuilding it anew.

Today Eritrea's economy relies on the exploitation of its vast natural resources, such as minerals, fishery, development of its fertile agricultural fields, the promising tourism industry … etc. The well built infrastructure, its favourable location for import and export, the trade free zone along the

Red Sea coast, the ever ready manpower to cater any task with short training plus the attractive investment i n c e n t i v e s a n d t r a n s p a r e n t administration are but few of the advantages that Eritrea can offer for investors.

The country is crisscrossed by asphalted and all weather roads and transportation is not a problem. Building its human resource and intro-ducing cutting-age IT systems remain to b e t h e p re o c c u p at i o n o f t h e Government ever since independence.

Though Eritrea's twenty three years of independence is not long, relative to its African counterparts, yet Eritrea is registering to achieve the development goals internationally set for 2015. According to World Bank Reports of 2013 it is one of the fastest growing economies in Africa. Therefore, the potential of investment opportunities in the rising country is immense.

The Government's short and long term plans suggest that modernizing the ports, building up to date roads, airports, introducing medium and small scale industries, upgrading energy sources … etc. are on the pipeline.

Boosting tourism and harvesting the teeming fish of the Red Sea is also planned for execution in the very near future, The India – Eritrea trade relationship is on the increase and this i s a n i n d i c a t i o n o f t h e e v e r strengthening bilateral relationship between these sisterly countries.

Here are the sector by sector investment opportunities available in Eritrea.

MINING:

The complex geological evolution of the Great Rift Valley where Eritrea is located, together with the abundant and diverse mineral deposits and other natural resources so far discovered are precursors for the considerable potential for new opportunities. Eritrea also offers a number of economic advantages that support investors that include, affordable land at or near s u r fa c e g e o l o g i c a l re s o u rc e s , competitive business costs, disciplined and industrious work force and skilled labour, high quality transportation systems, easy access to the sea … etc. With large on-shore and off-shore prospects of oil and natural gas there is immense investment opportunity ready for exploitation.

TOURISM:

The Fauna and flora of Eritrea is as close to nature as possibly can be found on our earth. From the top of high mountains to the vast plains, the 1,100

kilometers of the Red Sea coast with its crystal clear waters and the 350 islands are ideally situated to attract the flow of tourists especially deep-sea fishers, divers, and sea cruisers. The hospitable, disciplined and peace loving people are an additional asset for the prospective growth of this industry. Besides, the G o ve r n m e nt p ro v i d e s va r i o u s concessions and incentives to entrepreneurs in tourism related activities.

S i n c e i t s i n d e p e n d e n c e , t h e Government of the State of Eritrea has also committed itself to explore and exploit the natural resources that are available in the country. In this respect a lot effort had been exerted on the mining sector and Eritrea has today become one of the exporters of gold and copper from its Bisha mining. Silver and zinc will be exploited from the same mining as they are found in layers. Other mining sites are in progress and

are expected to start production soon.

The world's shallowest Potash mining is found on the Red Sea coast of Eritrea and exploitation will soon resume adding the country on the list of Potash exporters.

AGRICULTURE AND FOOD SECURITY:

Water harvesting and leveling of agricultural land was the other focus of the Government. As such, huge dams at d i f fe re n t l o c a t i o n s h a d b e e n constructed and with potential investors will soon start production. Given the country's substantial arable a n d i r r i g a b l e l a n d , a n d t h e infrastructure already in place opportunity exists for investment in large scale farming and value addition and semi processing activities.

FISHING:

The one thousand one hundred kilometers long of the Red Sea coast and around three hundred and fifty islands are not only rich in marine resources but also attractive for the tourist industry as well. The existence of more than one thousand species of aquatic creatures and rare fish species makes Eritrea a destination of immense investment opportunities in this sector.

HUMAN DEVELOPMENT:

The government of Eritrea has a strong and clear conviction that the key to rapid and sustainable long term economic development rests with the development of human resources. Eritrean Micro Policy Document foresees that Eritrea, in the long term, is geared towards producing “knowledge intensive” goods and services. Thus, rendering basic social services even in the remote areas of the country is a necessity and a lot had been accomplished towards that end. Education and health services are free

in Eritrea and the people of the rural areas enjoy the benefits. Narrowing the gap between the urban and rural citizens life style is the priority of the Government. Eritrea has paid special attention to higher education and has managed to expand it many fold. In developing this sector the role of Indian Institutions and the Indian elite is highly commended for its contribution.

Thus, Eritrea will celebrate its 23rd Independence anniversary on 24 May 2014 by offering wide range of investment opportunities on the above mentioned sectors and others. The call for potential investors is in place and the Embassy of the State of Eritrea wishes to add its voice for Indian investors to take initiatives which will certainly give quick return to their effort's satisfaction.

Source: Embassy of the State of Eritrea, New Delhi

INVESTMENT OPPORTUNITIESINVESTING IN ERITREA

agriculture in the lowland river basins is

highly promising. Also, Eritrea is

endowed with suitable animal

husbandry and livestock development,

though the current development of this

subsector is so low. If modern animal

husbandry, improved animal feed,

interbreeding efforts, veterinary and

vaccination services are introduced

high investment returns can be

obtained from this

MARINE RESOURCES – Eritrea's coastal

waters are among the most productive

fishing grounds in the Red Sea. The

continental shelf corers more than

52,oookm2. The maximum sustainable

yield (MSY) is between 50 – 70,000 ton

per year. The existing fish population

include: groupers, jack, catfish,

mackerel, barracuda, shark, queen fish,

tuna, kingfish, sea bream, and sole.

Despite the high potential, the marine

sector is one of the most undeveloped

activit ies in Er itrea. With the

introduction of improved equipments,

facilities, infrastructure and transport

networks via investment high returns

can be harnessed from this sub sector.

In light of this the Government is keenly

interested to promote foreign

investment (including collaborations) in

this area of the economy.

MANUFACTURING – At present, much

of the sector is in need of substantial

investment for rehabilitation and

expansion. Promising manufacturing

opportunities for investment can be

found in textiles, garment, leather

products, general food processing,

cement and other construction

materials, and a wide range of chemical

(including salt) and mechanical

manufacturing that can supply the

domestic, regional and international

markets. Eritrea's strategic location

c o u p l e d w i t h t h e o n g o i n g

improvements in infrastructure is

believed to extensively promote the

Country's comparative and competitive

advantages in developing export

oriented manufacturing sector, thereby

opening up for lucrative investment

ventures in this area.

MINERAL RESOURCES – Geological

works and recent remote sensing

investigations have proved that Eritrea

possess favourable geological settings.

The Eritrean green stone belt which

hosts precious and base metal covers

70% of the Country. The major mineral

resources include:

Metallic-gold, silver, copper, zinc, iron,

nickel, and chromium. Industrial –

potash, sulphur, gypsum, salt, silica,

sand, feldspar, and kaolin Construction-

marble, granite, chalk, and basalt also

deposits of oil and natural gas are

believed to be promising.

Source : http://www.eritrean-embassy.se/

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ERITREA: FREE TRADE ZONE

The investment policy of Eritrea

provides the following incentives to

foreign and domestic companies.

• Both local and foreign private

sector investors are allowed to

participate in all sectors of the

economy with no restriction and

discrimination

• Pr ior i ty fore ign exchange

allocation given to exporters;

• Up to 100% retention of foreign

currency earning;

• No taxes on dividends declared;

• Capital goods, intermediates,

industrial spare parts and raw

materials are subject to nominal

customs duty of 2%

• Raw materials and intermediate

inputs are subject to 3% sales tax;

however, all sales tax will be

rebated on all materials and

inputs that have been used for

export production.

• Exports are exempted from

export duties and sales taxes;

• Any loss incurred during the first

two years of operation by an

investor may be carried forward

for three consecutive years;

• Marginal tax rate on personal

income from 2%-38%: on non-

corporate profit from 2%-38%; on

corporate profit from 25%-35%;

on commercial agriculture from

2%-320%; and on rent income

from 1%-48%;

• Profit derived from mining

activities will be taxed as per the

mining legislation; and

• Corporate profit that is set aside

from reinvestment taxed at the

rate of 20%.

Source: http://www.shabait.com/categoryblog

/8210-investment-in-eritrea

INVESTMENT INCENTIVE IN ERITREA

MINING IN ERITREA

The greenstone belt of Eritrea, which hosts precious and base metals, covers 70% of the country. The discovery of the Bisha high-grade zinc-copper-gold d e p o s i t , a n d s u b s e q u e n t announcements made by several other exploration companies operating in Eritrea, have demonstrated the potential the nation possesses for major mineral deposits.

A l iberal economic pol icy with competitive tax regimes, full guarantees and protect ion of investments, untapped geological terrains, highly motivated, disciplined and hard-working people, an administration free from corruption, a safe and free country, make Eritrea an ideal destination for investors. The incentives provided to investors will be briefly spelt out in this supplement. The Eritrean mining law provides simple procedures for the submission and processing of licence application.

Eritrea's natural mineral resources include gold, copper, potash, zinc, oil, natural gas, cement, gypsum, granite, marble, ceramics, limestone and iron ore. The government of Eritrea and a Canadian company (NEVSUN), have started extraction 2010. The company produced 895,000 oz of gold during the first two years of its operation. Copper Production resumed last year and will continue for the next two years producing 184 million pounds. The mine will produce zinc in its sixth year. There are many more mining contracts on the making. The potash mine in Danakil Depression with a planed output of up to 10,000 ton a day life span of over 150 years, the Zara and Dubarba copper/gold mining Eritrea stands to share in billions of dollars in mining profits.

Ministry of Energy and MinesAsmara, Maekel, Eritrea 5285Tel.: +291 1 120089Fax: +291 1 127652

FISHERIES IN ERITREA

Brief Background of the Eritrean Fisheries Sector

The Eritrean Fisheries Sector had been active in the 1950's and 1960's. The sector was at a relatively developed stage compared to other fisheries in the

Sub-Saharan Africa and the Red Sea region as well. In the then period there were many plants operating in the sector like fishmeal production, ice production, freezing plants, and blank button production and others.Almost all types of fisheries resources had been exploited and as a result many fishing grounds were discovered. However, the once prosperous sector became obsolete since the end of the 1970's due to the war of liberation and policy negligence of t h e co l o n i a l re g i m e . F i s h e r i e s infrastructures were destroyed and those experienced fishermen were displaced leaving the activity to dormancy.

After liberation, the Government of Eritrea committed its resources to revitalize the sector virtually from zero. In effect the Ministry of Fisheries evolved in 1992 and under which various projects and programs are being run. Fisheries i n f r a s t r u c t u r e i s b e i n g u n d e r development and research is being encouraged for the purpose of proper management and development of resources.

The regulation and coordination of planned investment for the economic and social benefit of the Eritrean people being its mission; the Ministry so far recorded considerable achievements in an attempt to refurbish the sector.

The Eritrean coastline is a low-lying area, ver y dr y and desert l i ke . The temperature lies at about 25-35°C in the cooler season and from 35-45°C in the hot season.

Eritrea’s open sea area offshore is approximately 121,000 sq.km out of which the continental shelf covers about 56,000 sq.km. The main land coastline is

approximately 1, 340 Km long. In the Eritrean Red Sea, there are at least 360 off shore islands with greater than 50m wide or long. The total islands’ coastline is approximately 1,980 km long. The islands have a land area of around 1300 sq.km.

About 25% of the continental shelf are occupied by Dahlak archipelago plateau, in depths up 35m. The width of the Eritrean waters varies, being widest (120km) at the latitude of Dahlak and narrowing to the north (15km) and south

(30km) of the Archipelago. A much larger area of coral reefs, sea grasses, and Sandy bottoms surround the islands of the Dahlak archipelago.

Sandy deserts and large salt marshes, b ro ke n b y s a n d â € œ w a d i s â € • characterize the Eritrean coastline. Along the shore, there are substantial lengths of sandy beaches. Some Mangrove stands are located in the North around Marsa Ibrahim, in the central region around Massawa and Marsa Fatuma, and to the south around Assab and Barasole, especially in the Islands.

Resources Potential

The waters of the Red Sea are highly productive, supporting substantial populations of diverse marine species, with around 1,000 known species of fish and 220 species of coral. The relative isolation of Red Sea waters and some of its unique water characteristics have produced a high proportion of species not found anywhere else.

The Eritrean part of the Red Sea has not yet been fully utilized due to various reasons. Thus, is very rich in abundance and diversity of resources. There are numerous commercially valuable species, which include:

• high value reef fish, especially

snappers and groupers concentrated around the coral  reefs and on areas of rocky bottom;

• a range of other Demersal species, expecially Threadfin bream and lizard fish in the shallower sandy bottom areas;

• sharks, currently perhaps the most heavily exploited of Eritrea’s marine resources

• crustaceans, including rock lobster, crab and shrimp;

• small pelagic fish especially sardine and anchovy, seasonally abundant and close to the shore;

• large pe lag ic f i sh , inc lud ing mackerels, tunas and related species;

• Other commercial species including aquarium species, sea cucumber, conches (for snail), trochus and perhaps pearl oysters.

As in many parts of the world, the main

objective of establishing a free trade

zone in Er i t rea i s to prov ide

employment opportunities, to develop

a know-how technology, to develop the

human resource capacity, and to

enhance foreign trade and exchange. A

draft of the free trade zone design was

prepared right after independence in

1993. However, following an extensive

research and meeting the required

preparations, it become ready in 2006.

During this period, different designs

were completed and work visit to

similar zones in other countries was

conducted in order to come up with and

effective work plan.

Although we started late, time helped

us learn from the experience of other

countries very much,said Dr. Araya

Tsegay, Director General of the Eritrean

Free Trade Zone Authority. According to

him, the port cities of Massawa and

Assab have been declared free trade

zone areas and all the needed works

have been made to that end. Expanding

the infrastructural work of Massawa

and enhancing port services by

introducing advanced technology were

some of the major tasks the

Government completed. In Massawa,

17 hangers of different sizes were built

at a cost of 58 million Nakfa and a

modern international airport and roads

were also built. Regarding the oil

refinery in Assab, experts from Russia

have made the necessary studies in

order to upgrade its standard to the

highest level. The city of Tesseney,

located in a strategic place and

bordered by two countries, Sudan and

Ethiopia, has a potential of being a free

trade zone in the future.

According to the Eritrean Free Trade

Zone Authorities report, Eritrea is

endowed with a very rich economic

potential that could make it a center of

free trade zone in the region for both

local and foreign investors. So far, many

investors have made their investment

and many others have agreed to take

similar measures soon. The Eritrean

Free Trade Zone Authority identifies

areas based on their economic

importance and believes that all

regions of the country would make

signif icant contribution to the

development of the national free trade

zone. Assab, for example, is located in a

very important strategic part of the Red

Sea. Since, there are few ports in the

area, Assab has a potential of being a

center for all transit works, porting and

a station for fuel to all shipping lines.

Moreover, it could provide water supply

and adequate storage service to the

30,000 to 40,000 ships that cross the

lane every year.

The Free Trade Zone will play a

s ignif icant role in transferring

technology to other parts of the region

and goods that are manufactured and

processed there could reach other

A f r i ca n co u nt r i e s a t a l o we r

transportation cost. Furthermore,

Eritrea has an efficient work force

compared to other areas. The Eritrean

Free Trade Zone has the capacity of

providing a 24-hours service, thanks to

the Warsay Yekealo Development

Campaign.

The economic benefit that Eritrea

would receive from this huge project is

substantial. Employment opportunities

and hard currency are some of the

major ones. Different service rendering

institutions will also be established that

would improve the livelihood of many

people. Since Eritrea is also member of

d i f f e r e n t r e g i o n a l e c o n o m i c

organizations, such as COMESA and CIN

SAD, the trade zone will play crucial role

in facilitating trade exchange among

member states. Investors are required

not only to have capital, but also a clear

investment strategy. According to Dr.

Araya Tsegay, all investors are entitled

to: tax free import and export goods;

free exchange of hard currencies; free

from paying any amount of their

income; and the Authority guarantees

safety to investors who want quit their

investment.

There are many institutions that have

completed their preparations and are

r e a d y t o w o r k a n d d i f fe r e n t

departments are opened to help the

effective implementation of the trade

activities. There are the Departments of

Controll ing, Clients, Standards,

Emigration, and Environment. The

national economic strategy in general,

and the Eritrean Free Trade Zone in

particular, would make Eritrea an

economic center in the region in a short

period of time thanks to the endeavors

of the government, said Dr. Araya

Tsegay.

Facilities Offered by Massawa Free

Zone

In addition to the usual benefits of Free

Zone Operation, Massawa Free Zone

offers a host of facilities that investors

can take advantage of: -

Trading Offices:

Trading offices unfurnished (investor

c a n f u r n i s h a c c o rd i n g t o h i s

requirements) can be leased for import,

export and re-export operations.

Warehousing and logistics : Units of

different sizes can be taken on lease for

use as import, export and re-export of

different commodities as well as

general trading. Investors can operate a

distribution center including storage,

packaging and repackaging. This hub

could be operated efficiently with the

very attractive costs available in

Massawa.

Manufacturing : Investors can lease pre

built units or request the construction

o f u n i t s c u sto m i ze d to t h e i r

requirements with the option of

additional land for manufacturing

purposes.

Hotel Asmara PalaceWarsay Avenue, P.O. Box 5455 Asmara EritreaTelephone +2911 153700Fax +2911 153701Reservations: reservation@hap.com.erE-mail:info@hap.com.erwww.hotelasmarapalace.com

Albergo ItaliaP.O.Box 11816

13 Nakfa Avenue, Asmara EritreaTel +2911 120740Fax +2911 126993E-mail info@albergoitaliaasmara.comWeb site: http://www.albergoitaliaasmara.com

Embasoira / Hamasien HotelHailu Kebede Street, Asmara EritreaTelephone +2911 123222/120233 (Ambasoira) 123411 (Hamasien)Fax +2911 122595Web Site: http://www.embasoirahotel.com

Sunshine HotelEmperor Yohannes no. 76 (Adjacent to NICE Building)P.O. Box 3406 Asmara EritreaTelephone +2911 127880/127882/127874Fax +2911 127866Web: www.sunshinehotelasmara.comE-mail: sunshine@gemel.com.er

Crystal Hotel

Bihat Street No. 171-3P.O. Box 5287 Asmara EritreaTelephone +2911 120944Fax +2911 200911E-mail: reservation@crystalhoteleritrea.comWeb: www.crystalhoteleritrea.com

Midian HotelP.O. Box 4989 / Street 172/4 Asmara Eritrea (Behind the Nyala Hotel)Telephone +2911 126232Fax +2911 114006Web http://www.midianh.com.er/

Savanna International HotelGheregar Sudan 172 AsmaraP.O. box 3754 Asmara Eritrea.Telephone +2911 116183 / 202141 /

202142Fax +2911 202 146E-mail: savanna@tse.com.er

Alla Scala HotelP.O. Box 2481Andenet Street No. 122Asmara EritreaTel: +2911 151540Fax: +2911 151541

Bologna HotelRuba Hadas Street no. 746 Asmara EritreaTelephone +2911 186695 - 186690Fax +2911 186686

Expo Hotel

Bada Street 746-6 / P.O. Box 3737 Asmara EritreaTelephone +2911 184242 - 186708 - 185012 - 185013Fax +2911 186714E-mail: expohotel@ets.com.erWeb: www.expohotelasmara.com

Lion HotelBakla Street # 20/22 Asmara EritreaTelephone +291-1-159572Fax. +291-1-120766E-mail: lionhotel@gemel.com.er

Ambassador HotelHarnet Avenue #38, Asmara - EritreaTel +2911 126 544 / 126 545Fax +2911 126 365

Selam HotelMaryam Gmbi Street,P.O. Box 181 - Asmara Eritrea.Telephone +291 - 1 - 127244Fax +291 - 1 – 120662

Top Five HotelMarsa Teklay Avenue No. 8, Asmara Eritrea.

Telephone +2911 124922 / 124919Fax +2911 124931

Nyala HotelSemaetat Avenue,PO Box 867 - Asmara Eritrea.Telephone +2911 123 111Fax +2911 122 914E-mail: navalhotel@tse.com.er

Asmara Central HotelMatae Street No. 42 Asmara EritreaTelephone +2911 120041 / 120446Fax +2911 122320

Khartoum Central HotelAli Osman Buri #35, P.O. Box 5747 Asmara EritreaTelephone +2911 121394 / 128008Fax +2911 121427

Concord PensionStreet No 176/21 House No 19P.O. Box 2475 - Asmara EritreaTelephone +2911 110 073Fax +2911 110186Mobile +2917 111760

Bristol Pension175-4 Street No. 9 Asmara EritreaTelephone +2911 121 688

Berhe Aiba HotelHday Street Asmara EritreaP.O. Box 3916 Asmara EritreaTelephone +2911 186097Fax +2911 186066E-mail: hurui72@yahoo.com

Africa PensionTelephone +2911 121 436

Red Sea Pension 194 Nakfa Street House No. 238 P.O.Box 1004, Asmara Eritrea Tel +2911 126778

HOTELS IN ERITREA

IACCI IACCI IACCI IACCI IACCI IACCI IACCI IACCI IACCI

Indo-African Chamber of Commerce & Industries | 4ERITREA

Eritrea is an LDC (GDP around US$ 2.9 billion) and is heavily dependent on subsistence farming (25% of GDP, 80% workforce). Remittances from Diaspora form 30% of GDP. Agricultural (rain-fed) exports include cotton, fruits and vegetables, hides, meat and fish. Mineral resources include gold, copper, iron ore and potash. Industry contributes to around 20% of GDP. Real GDP growth of Eritrea for 2011 accelerated to around 10% with revenues from commercial mining. Inflation is estimated to have decreased to around 13%. Total trade is estimated to have grown to around US$ 1.28 billion during 2011 of which exports are estimated to have jumped to around US$ 380 million (from US$ 30 million in 2010). Per capita GNI is around US$ 300. Eritrea is a member of the 19-member COMESA Common Market for East and Southern Africa).

Indian traders traded at the Eritrean port of Massawa since the 17th century. There was an Indian presence in Eritrea at the turn of the 20th century. There were many casualties among Indian soldiers at the battle of Keren in Eritrea in 1941. Eritrea is a former Italian and

British colony. In 1952 the UN established it as an autonomous entity federated with Ethiopia. The latter amiexed Eritrea by force violating the federal arrangement and this led to a 30 year bloody and destructive war after which it got its independence in 1991. A n i n t e r n a t i o n a l l y o b s e r v e d referendum was held in 1993 where Eritreans from within the country and abroad including from Ethiopia itself overwhelmingly (99.8%) voted for independence. It was after this referendum that Eritrea was accepted as a sovereign nation and India formally gave its recognition thereafter. India formally recognized Eritrea soon after its independence in 1993.

Over the years, India has offered capacity building assistance in several fields to Eritrea ranging from legislative drafting, technical scholarships (agriculture, education, health), and also food aid. In 2009, Indian government extended a Line of Credit of US$ 20 million to the Eritrean government. India is a destination for Eritreans for higher studies.

BILATERAL EXCHANGES

The Eritrean Foreign Minister H.E. Mr. Osman Saleh Mohammed met with the

Hon'ble Minister of State for External Affairs Smt. Preneet Kaur on 7 June 2011 in New Delhi. He had also visited India for the India-LDC Ministerial Conference organized by Government of India in February 2011, when he met Hon'ble Minister of External Affairs, Shri S.M. Krishna. High Commissioner called on Eritrean President H. E. Isaias Afwerki in Asmara when he presented Credentials in March 2012.

Cooperation in Capacity Building Shortly after Eritrea's independence, India offered assistance in its legislative drafting process. Assistance in form of scholarships through the Indian Technical and Economic Cooperation (ITEC) programme has evolved. Over the years, India has offered capacity building assistance in several fields to Eritrea including in agriculture, medicine and education.

A trilateral agreement between Eritrea, India and the FAO was signed in Rome in 1998 under which nearly 100 Indian agricultural experts were deputed to Eritrea to help increase agricultural productivity and production, inland fisheries and aquaculture.

A Memorandum of Understanding on Cooperation in the field of agriculture between Eritrean authorities and the Indian Council for Agricultural Research was signed in 2006 during the visit of the Minister of Agriculture of Eritrea to India.

In 2003 India donated 5,000 metric tonnes of wheat to Eritrea. Earlier, India had provided 1,500 metric tonnes of wheat and 200 metric tonnes of sugar to Eritrea as relief assistance.

Government of India's Pan-African e-network project for Eritrea was inaugurated in August 2010. All three sites (VVIP node, medical and education) are functional.

At the request of the Eritrean Government, India provided a legal expert, under the ITEC scheme, to Eritrea for two years. 15 ITEC scholarships were offered to Eritrea during 2009-10. 3 other slots were utilized under India-Africa Forum Summit scholarship scheme (2010-2011). Pursuant to the 2nd Africa-India Forum Summit held in Addis Ababa in May 2011, the ITEC training slot availability during 2011-12 was enhanced to 35. During 2011-12, Eritrea utilized a total of six slots - two each offered under the ITEC, IAFS and C.

V. Raman scholarships. One Eritrean official attended the 52nd Professional Course for Foreign Diplomats (PCFD) during August-September 2011. Eritrea availed of the one slot offered under the Indian Council for Cultural Relations (ICCR) scholarship programme. 20 ITEC slots and 8 ICCR slots have been offered to Eritrea during 2012-13.

Eritrean off icials attended the Conference on Government of India Lines of Credit held in New Delhi on November 22-23 2011. One Eritrean official visited India to participate at the 4th International Civil Aviation

Negotiations Conference (India-ICAN) held in Mumbai during October 17-22 2011.

An Eritrean delegation visited India in 2010. It visited Indira Gandhi National Open University (IGNOU), Jawaharlal Nehru University, Indian Institute of Technology Delhi, Delhi University and Hamdard University. An agreement was concluded for cooperation with IGNOU.

Economic & Commercial Links

During 2010-11, India-Eritrea bilateral trade declined by around 5% to a figure of around US$ 25 million. During 2009-10, bilateral trade had grown to around US$ 30 million from US$ 23 million in

2008-2009.

Exports from India include electrical and miscel laneous engineering e q u i p m e n t , d r u g s a n d pharmaceuticals, cotton yarn and fabrics. India is among the largest exporters to Eritrea along with Italy and the UAE. Eritrea imported millets worth US$ 200,000 from India during 2010.

Eritrean exports to India consist mainly of leather, hides (excluding raw hides) and skins. Indian companies have supplied agricultural equipment to the Eritrean Ministry of Agriculture and laboratory equipment for high schools and colleges through the Ministry of Education. Indian companies are also among suppliers of equipment for a sugar factory present ly under construction. India extended a Line of Credit of US$ 20 million (US$ 10 million

H.E. Mr. Alem Tsehaye WoldemariamAmbassador EMBASSY OF THE STATE OF ERITREAC-7/9, Vasant Vihar,New Delhi-110057Phone: +91-11- 2614 6336; 2614 0398 Fax: +91-11- 2614 6337Email: eriindia@yahoo.co.inWebsite: www.eritreaembindia.com

Indian Consulate in Asmara, Eritrea Jelhanti Avenue P.O. Box 1491 Asmara EritreaTel.: (+291) 1-186 742Fax : (+291) 1-186 633E-mail: semere@gemel.com.er

Mr. Sanjay Goenka,Consul (Honorary),CONSULATE OF THE STATE OF ERITREA116, Bajaj Bhavan, 11th Floor, Nariman Point, Mumbai - 400 021.Phone: 22854662/3Fax: 66352932Email: scsl@bom8.vsnl.net.in; eritreaconsulate@gmail.com

ERITREAN NATIONAL CHAMBER OF COMMERCE – ASMARA ERITREAP.O. Box 856Asmara EritreaTel +291-1-121589/121388Tel +291-1-120096/120045Fax +291-1-120138

e-mail: encc@eol.com.er

ASMARA GOVERNMENT AND PUBLIC OFFICES

Asmara MunicipalityPO Box 259,Phone +2911 - 124333 / 125702

Bank of EritreaPO Box – 849,Phone +2911 - 123036 / 123033Fax +2911 - 123162

Department of Immigration & NationalityPhone +2911 - 116835 / 118380

EritelPO Box – 234, Phone +2911 - 127800 Fax +2911 - 124847

Eri TVPO Box – 243Phone +2911 - 117199 / 119933

Eritrea ProfilePO Box – 247,Phone +2911 - 114114 / 125013Fax +2911 - 127749

Eritrean RailwayPhone +2911 - 123365, Fax +2911 - 201785

High CourtPO Box - 241, Phone +2911 - 115210

PFDJPO Box – 1081Phone +2911 - 121399 / 126177

Fax +2911 - 120889

ERITREAN MINISTRIES

Ministry of AgriculturePO Box – 1048Phone +2911 - 181499 / 181077Fax +2911 - 181415

Ministry of DefencePO Box – 629,Phone +2911 - 202874 / 202196124990

Ministry of EducationPO Box – 1056Phone +2911 - 116644 / 127817Fax +2911 - 118351

Ministry of Energy and MiningPO Box – 5285Phone +2911 - 116872 / 127944Fax +2911 - 127652

Ministry of FinancePO Box – 895Phone +2911 - 118131 / 127755Fax +2911 - 127947

Ministry of FisheriesPO Box – 923,Phone +2911 - 114271 / 552010Fax +2911 - 122185

Ministry of Foreign AfairsPO Box – 190Phone +2911 - 127838 / 115166Fax +2911 - 123788

Ministry of HealthPO Box – 212Phone +2911 - 202917 / 120297Fax +2911 - 122899

Ministry of InformationPO Box – 242Phone +2911 - 117111 / 201820Fax +2911 - 124847

Ministry of Labour and Human WelfarePO Box – 5252,Phone +2911 - 151986 / 151846Fax +2911 - 182760

Ministry of Land Water and EnvironmentPO Box – 76, Phone +2911 – 118021Fax +2911 - 123285

Ministry of National DevelopmentPO Box – 257Phone +2911 - 120905 / 124964Fax +2911 - 126422

Ministry of Public WorksPO Box – 841,Phone +2911 - 202763 / 122477Fax +2911 - 120661

Ministry of TourismPO Box – 1010Phone +2911 - 120073 / 126997Fax +2911 - 126949

Ministry of Trade and IndustryPO Box – 1844Phone +2911 - 120080 / 117944Fax +2911 - 120586

Ministry of Transport and CommunicationPO Box - 569Phone +2911 - 114093 / 120555Fax +2911 - 127048

INDIA - ERITREA BILATERAL TRADE RELATIONS

IMPORTANT CONTACTS

each for education and agriculture projects) to Eritrea in July 2009.

India in UN Peacekeeping in Eritrea

More than 1,500 Indian troops served in the UN Mission for Ethiopia and Eritrea (UNMEE), deployed in both countries until February 2007). Maj. Gen. Rajender Singh was the UNMEEForce Commander from 2004-2006. Over the life of the mission, Indian medical personnel attended to some 17,000 cases. The Indian contingent also assisted in drilling of wells and construction of roads and dams. India is the Chair of the United Nations Security Council (UNSC) Somalia-Eritrea Sanctions Committee since January 2011.

Indian Community and Diaspora in Eritrea

The Indian community in Eritrea, comprising mostly of school teachers and businessmen, numbered around 2000 in the 1960s. According to the Report of the High Level Committee on Indian Diaspora, there were around 400 Indians in Eritrea in 2001, including teachers and professors at the University of Asmara. Presently it is estimated that the Indian community

totals around 1200. Most Indians live and work in the following areas – Anseba, Debub, Northern Red Sea region and the Dahlak islands. Indians work as teaching staff at secondary schools and technical colleges such as the Eritrean Institute of Technology. There are also medical doctors and construction workers.

India appointed an Honorary Consul in Asmara (Mr. Semere Petros, email: semere@gemel.com.er, tel: +291-1-186742) in November 2008. Eritrea has an embassy in New Delhi.

Source: Department of Commerce, India