Manchester airport secures flights to Addis Ababa with Ethiopian Airlines
Manchester Airport has secured a landmark route into the heart of Africa, underlining its pivotal role in connecting the North to the world’s most important markets. Ethiopian Airlines today confirmed it will operate a four-times-a-week service to Addis Ababa, the East African nation’s capital. The route will unlock connections to more than 58 countries across the African continent. Ethiopian, which flies to more destinations in Africa than any other carrier, will operate the ultramodern B-787 on the route with business and economy classes. It will serve as a key trade route for Northern businesses, opening up fresh export opportunities and delivering cost and journey time savings to those already operating there. The service will start on December 1, initially transiting via Brussels. It will leave Manchester at 19:00, arriving at Addis Ababa Bole International Airport at 06:00, providing significant onward connectivity options from the African hub. On the return it departs Addis Ababa at 00:45 and arrives in Manchester at 06:55. Manchester Airport CEO Andrew Cowan said: “The introduction of this route underlines the critical role Manchester Airport plays in connecting the people and businesses of the North to the world’s most important markets. “While we have served a number of African holiday destinations for many years, this service will provide vital connectivity to one of the continent’s most important hub airports.”
Growth in global economy exceeds expectations, but increased risks could threaten economic outlook, UN report says
Growth in the world economy is surpassing expectations and global GDP is now expected to expand by more than three per cent this year and in 2019, reflecting strong growth in developed countries and broadly favourable investment conditions, a new UN report finds.
But rising trade tensions, heightened uncertainty over monetary policy, increasing debt levels and greater geopolitical tensions can potentially thwart progress, according to the United Nations World Economic Situation and Prospects (WESP) as of mid-2018, launched today in New York.
According to the report, world economic growth is now forecast to reach 3.2 per cent both in 2018 and 2019, an upward revision by 0.2 and 0.1 percentage point, respectively. This revised outlook reflects further improvement in the growth forecast for developed economies due to accelerating wage growth, broadly favourable investment conditions, and the short-term impact of a fiscal stimulus package in the United States. World trade growth has also accelerated, reflecting a widespread increase in global demand. Many commodity-exporting countries will also benefit from the higher level of energy and metal prices. While the modest rise in global commodity prices will exert some upward pressure on inflation in many countries, the report notes that inflationary pressures remain contained across most developed and developing regions.
Speaking at the launch, UN Assistant Secretary-General for Economic Development and Chief Economist Elliott Harris said the upward revision in the global economic forecast reflected in the report is positive news for the prospects of making tangible progress towards achieving the Sustainable Development Goals, but cautioned that “there is a strong need not to become complacent in response to upward trending headline figures.”
Chinese and African companies meet at B2B ‘match-making’ event, facilitated by ITC
More than 70 African and 80 Chinese companies met at a B2B Match-Making Event in Hangzhou, China on 25 – 27 April 2018 to explore and expand upon business and investment partnerships in the agro-processing and light manufacturing sectors. The event was organised under the auspices of Partnership and Investment for Growth in Africa (PIGA) a multi-lateral project consisting of the Chinese government, the UK Department for International Development (DfID), the four African nations of Kenya, Ethiopia, Mozambique and Zambia and the International Trade Center (ITC) based in Geneva.
Companies participating in this B2B ‘match-making’ event took the opportunity to meet with new business partners, explore new areas of cooperation and attend the plenary and practical sessions of the event. An estimated 450 to 500 one-on-one meetings took place. In addition to the 376 pre-arranged meetings approximately 100 on the spot bilateral meetings were arranged. 17 Ethiopian companies took part in the event and had discussions with Chinese companies that generated 24 leads for investment partnerships.
PIGA’s goal is to increase exports, jobs and local development through foreign investments and business partnerships in agro-processing and light manufacturing sectors in the four African countries.
