Veronafiere organises construction fair in East Africa

(AGI) Addis Ababa, Aug 1 - Veronafiere has organised its first construction sector fair in Ethiopia. One of the most interesting emerging markets in Sub-Saharan Africa, Ethiopia's geographical location makes it a hub in East Africa. Multiple indicators also point to a bright economic future: 90 million inhabitants; a GDP that is growing by 10.5 percent per year; and numerous government investments towards projects and infrastructure. Veronafiere is highlighting these opportunities with Building East Africa, two days of B2B meetings with operators in the construction sector and visits to local companies. The fair will allow businesses to approach the market more efficiently, with fewer expenses and in less time. Ethiopia's construction sector has grown by 30 percent in the last two years, and is estimated to grow by an average of 11.6 percent annually in the future. Large wind and hydropower projects are in the works, as well as residential and non-residential buildings. The total value of the projects is more than 20 billion dollars, which is vastly higher than what the local industry can currently handle. The Ethiopian government is therefore incentivising investors through beneficial conditions such as land grants. The government is also preparing new legislation to make partnerships between the public and private sectors much easier. Ethiopia also offers a friendly business environment, markedly rising direct capital flows, abundant energy production - especially hydropower - and significant infrastructure development. A rail network connecting Addis Ababa and Djibouti has recently opened, and 4,000 more kilometres of railways have already been planned. (AGI). .