Wuhoooo Djibouti doing good Mashallah.

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yaanyuur

Djibouti has jumped 55 places in the World Bank’s 2019 Doing Business index and now ranks among one of the 100 easiest countries in the world to do business. They are listed as one of the top ten most improved economies for the second year in a row
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The East African state moved from 154th to 99th in the list after being praised by the World Bank for implementing key reforms across six major areas which have considerably improved its business environment.

The primary drivers behind its growth, according to the World Bank, is the recently launched Djibouti International Free Trade Zone (DIFTZ), the largest free trade zone in Africa, and a USD$15 billion infrastructure investment programme.

Furthermore, it has also benefited from its location on two of the world’s three busiest maritime trade routes, as well as the changes it made to its Code of Commerce and legal framework.

This has led to it being the only country from the Middle East or North Africa to appear on the World’s Bank list for most improved economies, where it was second behind Afghanistan.

They also jumped 44 places in the World Bank Logistics Performance Index (LPI) in just two years after investing heavily in its infrastructure.

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“Djibouti, the only economy from the Middle East and North Africa region in the list of 10 top improvers this year, has targeted its reform agenda toward strengthening its legal framework.

“For example, Djibouti implemented strict deadlines for registering the property sale agreement with the Tax Authority and digitizing its land registry.

“Enforcing contracts is easier following the creation of a dedicated division within the court of the first instance to resolve commercial cases.

“With regards to resolving insolvency, Djibouti established equal treatment of creditors in reorganization proceedings and increased creditors’ participation".

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https://www.porttechnology.org/news...5NQzbobtGqz6NhSwXeRUKhwYDS-qlgB58LM_e-PiDqjqY



 
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yaanyuur

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Djibouti has a population of less than a million and covers a total area of just 23,200 square km, yet it is in the middle of the biggest infrastructure development project in history, all because of the Djibouti International Free Trade Zone (DIFTZ).

It’s the biggest free trade zone in Africa and is turning Djibouti’s port into a trading and logistics hub, and a vital link in China’s Belt and Road Initiative (BRI), as well as Djibouti’s ‘Vison 2035,’ a government scheme aiming to triple the country’s per capita income by 2035.
Djibouti has already been contributing to regional integration by providing access to the sea to a number of its landlocked neighbours and creating a transport node for the region.

The DIFTZ presents opportunities for international companies willing to enter the entire African market, and will thus further the economic integration of Djibouti with its neighbours.

The presence of four head of states of neighbouring countries (Ethiopia, Rwanda, Sudan, Somalia) at the opening ceremony shows how important the project is for the whole region.
 
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yaanyuur

DIFTZ(Djibouti International Free Trade Zone) is a key part of Djibouti’s strategy to become a logistics and trade hub. After successfully launching the most modern ports in East Africa, Djibouti is now going one step further.

We expect the DIFTZ to provide Djibouti with a solid manufacturing base, helping the country to achieve sustainable long-term growth through economic diversification.

The DIFTZ is expected to create 12,000 jobs in its first phase, and should increase Djibouti’s GDP by 11% by creating major business opportunities for Djibouti and East Africa. It will expand Djibouti and the region’s export manufacturing and processing capacity in key value-added sectors such as food, automotive parts, textiles and packaging.
 
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yaanyuur


It comes less than a year after the country opened three of the most modern ports in Africa in US$ 15 billion expansion, including the Doraleh Multipurpose Port, which handled over 24,000 TEU in its first six months of operation.
 
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yaanyuur

PTI: How important is the DIFTZ to Djibouti’s and Africa’s long-term economic future?

Gebre-ab: DIFTZ is a key part of Djibouti’s strategy to become a logistics and trade hub. After successfully launching the most modern ports in East Africa, Djibouti is now going one step further.

We expect the DIFTZ to provide Djibouti with a solid manufacturing base, helping the country to achieve sustainable long-term growth through economic diversification.

The DIFTZ is expected to create 12,000 jobs in its first phase, and should increase Djibouti’s GDP by 11% by creating major business opportunities for Djibouti and East Africa. It will expand Djibouti and the region’s export manufacturing and processing capacity in key value-added sectors such as food, automotive parts, textiles and packaging.


PTI: Is the DIFTZ a step towards a more integrated African market?

Gebre-ab: Absolutely. Djibouti will not be the only beneficiary of the DIFTZ; the whole Horn of Africa stands to benefit.

Djibouti has already been contributing to regional integration by providing access to the sea to a number of its landlocked neighbours and creating a transport node for the region.

The DIFTZ presents opportunities for international companies willing to enter the entire African market, and will thus further the economic integration of Djibouti with its neighbours.

The presence of four head of states of neighbouring countries (Ethiopia, Rwanda, Sudan, Somalia) at the opening ceremony shows how important the project is for the whole region.


PTI: How does it connect Djibouti’s landlocked neighbours to the sea?

Gebre-ab: Djibouti is constructing a truly multimodal infrastructure network: in 2017 it opened three state-of-the-art ports, and a new railway connecting it to the capital of Africa’s most dynamic economy, Ethiopia.

The DIFTZ is strategically located at the heart of this global network: close to Djibouti’s ports, granting easy access to the sea to the companies establishing themselves in the free zone.

This means that landlocked countries can take advantage of Djibouti’s strategic port infrastructure, as well as build a strong supply chain through the ports and the DIFTZ into the heart of Africa.


PTI: Are you expecting an expansion of the DIFTZ in the foreseeable future, i.e. more countries signing up?

Gebre-ab: What was launched earlier in July, spanning an area of a 240-hectare, is only the initial phase of a 10-year project which will comprise a total investment of $3.5 billion. Once complete, the free zone will span an area of 4,800 hectares making it Africa’s largest free trade zone.

The opening of DIFTZ is also a clear message: Djibouti is open for business. Companies from countries around the world have already expressed interest.

So far, 21 companies from around the world have already committed to settle in the DIFTZ in the coming weeks.



PTI: What technological advances are you hoping to see as result of the DIFTZ, i.e. advances in the supply chain?

Gebre-ab: DIFTZ is not only the biggest free trade zone in Africa, it is also one of the most modern when it comes to the tools used for management and investment. It will host the Home of the National Investment Promotion Agency, which will be run through sophisticated online platforms that will allow for efficient and modern management of the supply chain.

Additionally, the opening of the DIFTZ was the occasion to launch the Port Community Management system, another platform which simplifies all the administrative procedures linked to the use of Djibouti’s port facilities, further facilitating the creation of a truly multimodal infrastructure network.



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Chairman Hadi and China Merchants' president met recently to discuss the success of #Djibouti and China’s cooperation, including the opening of the DIFTZ.

The DIFTZ highlights Djibouti’s role as a global #trade hub, facilitating access to #Africa for international companies.

PTI: How much international investment has Djibouti since 2013?

Gebre-ab: Djibouti is a very attractive country. We are situated at the crossroads of the world trade, on one of the world’s busiest trade routes.

We are also a stable and safe country. Moreover, Djibouti has a stable currency, which is freely convertible and pegged to the US dollar.

In the 2018 Doing Business report of the World Bank, Djibouti was ranked among the world’s 10 most improved economies.

Over the recent years, China has been a privileged partner to Djibouti’s development due to its strong economic health and investment capacity – however, it is not an exclusive partner, and Djibouti is open for business to any potential foreign investors

https://www.porttechnology.org/news/qa_what_the_diftz_means_for_trade
 
Bohol

Bohol

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It is actually good idea to open hotels in Djibouti (staying in hotels there are expensive) you would make a killing.
 
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yaanyuur

Bohol said:
It is actually good idea to open hotels in Djibouti (staying in hotels there are expensive) you would make a killing.
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Yeah thats a good idea. Even the Europeans who thought they would feel rich in Djibouti were surprised with how expensive things are there even the hotels.
 
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