Dalian’s Light Shines on Summer Davos Forum

Dalian Donggang Business District is an integration of conference, business, leisure and cultural functions. The 2024 Dalian Summer Davos Forum kicked off, where guests at home and abroad gathered on the shores of Dalian Bay discussing about the communication and cooperation for sustainable development of the global economy. In order to host this international event, Dalian has followed the theme of 'New Frontiers for Future Growth', recommended 13 forward-looking and exploratory topics to the Forum, and for the first time opened two ancillary agendas in the form of luncheons in the forum venue. Relying on 5G-A technology, the network support capacity of the 2024 Dalian Summer Davos Forum venue has been updated, where the HD live broadcasts are possible and the downloading could be finished in a matter of seconds. It has realized the full coverage of the 3CC and intelligent computing functions of 5G-A in the country's first large-scale international conference venue, and shared the results of the constructio n of 'Digital China' with the participants. We promote green transformation with focus on the energy saving and carbon reduction. NEV accounted for more than 80% among more than 600 service-guaranteed vehicles in this forum. As the third batch of pilot cities for low-carbon in China, Dalian has accelerated the green transformation of its development methods, so that guests and citizens of the Summer Davos Forum can feel the vitality of green ecology around them. The economic and trade interactions are amplifying spillover effects. Dalian has dispatched 'Investing in Dalian 2024' and other promotional materials to show Dalian's industrial base, urban charm and development potential through industrial tourism activities during the forum, and embedded the industrial promotion and investment negotiation into industrial tourism activities. Dalian has promulgated the local regulations as the fourth in China and the first in northeast China to support foreign investment, optimizing the foreign investment environme nt. 'Dalian Future Magic Cube' in the center of the lobby of Dalian International Convention Center The culture is the medium to deepen people-to-people exchanges. Dalian is located at 39° N, enjoying a beautiful environment and pleasant climate, attracting Chinese and foreign tourists with its abundant cultural and tourism resources of unique charm. Strolling through the power of sea erosion in the 'Sculpture Park' on the Golden Stone Beach, enjoying the karst landscape of the 'Black Shell and White Heart' on the Black Stone Reef, and experiencing the layered quartzite landscape in the PaiShi Scenic Area. Dalian possesses a coastline of 2,211 kilometers. Here, you can wander along the most beautiful coastal road, commence a 'Dalian maritime tour' and gather seafood on the beach when the tide is ebbing. Large-scaled activities of urban themes such as Sophora Flower Festival, Cherry Festival, Beach Festival, Hot Spring and Ski Festival, etc. run throughout the year. Dalian has held the titles of 'Global Habi table City', 'China's Best Tourist City' and 'China's Demonstration City for Leisure Tourism'. The 2024 Dalian Summer Davos Forum has created a vast space for global enterprises and institutions to develop in Dalian and provides opportunities for cooperation. At the Summer Davos Forum, the reporter has interviewed Hideo Ueshima, chairman and general manager of the Development Bank of Japan Group. 'A beautiful coastal city' was his impression of Dalian. 'Dalian has a comfortable climate and a beautiful sea view. The last time I came to Dalian was more than 20 years ago. Now there have been many changes here. I was impressed by the business and leisure atmosphere of the Donggang Business District. I look forward to a deeper understanding of some innovative developments in China at the forum.' said Hideo Ueshima. Source: South News Agency of Nigeria

Tinubu and the Ajaokuta steel company completion challenge

The Ajaokuta Steel Company Ltd (ASCL) as the name implies, is located in Ajaokuta, in the north central state of Kogi, on 24,000 hectares of land was established in 1979 by the government of President Shehu Shagari. It was meant to drive Nigeria's modernity through industrialisation. The steel plant is not just a rolling mill but an integrated iron and steel plant with about 43 units. By design, it has four rolling mills: the Billet Mills, the Light section Mill (LSM), the Wire Rod Mill and the Medium section and Structural Mill. They are all envisaged to facilitate numerous socio economic benefits to the country and enhance the nation's productive capacity through its integration with other industrial sectors. This is in addition to serving as a means of saving and earning foreign exchange. Besides supplying materials for infrastructure development, the plant is expected to produce 10,000 direct jobs in its first phase. The multiplier effect is projected to generate an additional 500,000 indirect jobs. B efore the Shagari administration was ousted by the junta in1983, it was 84 per cent completed and by 1994, it was 98 per cent completed. However, the project could not continue due to a lack of funds, mismanagement and legal battles. Unfortunately, what was meant to be Nigeria`s pride, 40 years later, remains in a comatose as efforts by past governments to complete its construction and resuscitate the then functional parts yielded no result. While previous efforts and promises to resuscitate the plant may seems cliché, President Bola Tinubu`s assured that a significant difference would be seen before his tenure expires. This aligns with his vision of the renewed hope agenda which has economic diversification as one of its major flanks. The target is to grow the economy of Nigeria to more than one trillion dollars by the end of its first term. When Tinubu took the helm of the nation`s affairs on May 29, 2023, he promised to remodel Nigeria`s economy to bolster growth and development. He also said that h is industrial policy would utilise the full range of fiscal measures to promote domestic manufacturing and lessen import dependency. To achieve this feat, he embarked on reforms and initiatives aimed at rejuvenating the economy and promoting industrialisation in Nigeria. However, for this to happen, the iron and steel industry must be priortised and fully developed because of its crucial role in achieving this feat. The president emphasised the importance of a revitalised steel industry, as a catalyst for robust economic growth and a gateway to immense opportunities for Nigeria's vast pool of talented entrepreneurs. In line with this, the president established the Ministry of Steel Development in August 2023, to champion the vision and work on the improvement of all steel and metallic resources in the country for economic growth. The ministry`s mandates include to resuscitate the Ajaokuta steel company and the National Iron Ore Mining Company (NIOMCO) Itakpe, and also to revive the steel industry. The m ove is also in keeping to his campaign promise of resuscitating the Ajaokuta Steel Company by the end of his second term, aimed at creating 500,000 jobs to lift Nigerians out of poverty. For a company that has been in comatose for 40 years, resuscitating it requires courage and political will which the Tinubu administration appears to have. Experts estimate that a minimum of two billion dollars is required to resuscitate it. Discussions with the original equipment builders of the steel plant, Russian company, Tyamzhpromexport (TPE) to complete the job they started 45 years ago are on-going. Although the Chinese, Indian and Arab companies have indicated interest, to handle the job, the Russian consortium, comprising a team from Russia's TPE/Rostec, Novostal, and Nigeria's Proforce, are chiselling out a blueprint for the revival of the plant. To demonstrate his commitment to the resuscitation, Tinubu appointed an indigene of Kogi, Prince Shuiabu Audu, as the Minister of Steel Development. It is projected that his success would be a source of pride to Nigeria, and particularly to his kinsmen, whom he would not want to disappoint. When Audu took office, he said the ministry would adopt a collegiate approach to reviving the plant by exploring all realistic means. One of the approaches is a three-year roadmap of short and medium term plans. Under the arrangement, due to the substantial amount involved, the units would be concessioned to investors with core competence to manage them. At the ministerial sector update on the performance of the Tinubu`s administration, Audu said he directed that while navigating through resolving broader issues, the challenges that could be resolved in immediate term should be addressed. In line with the directive, the minister set in motion the revival of the Light Mill Section (LSM) of the plant, projected to produce 400,000 metric tonnes of iron rods per annum. These rods would be used for the construction of 30,000 KM of roads across the six geopolitical zones in the Presid ent`s first term. This is part of the concrete road revolution of the renewed hope agenda of the president. The construction is estimated to require seven million metric tonnes of iron rods over the four year period, about which Shuiabu mentioned talks have been held with the Minister of Works. He added that Ajaokuta can produce 400,000 tonnes of it, and although it is a small amount, the president wants the company to supply some of the rods needed for Federal Government projects. In realising this feat, the minister obtained presidential approval to raise private capital to restart the LSM. 'We are at the final stages of raising over N35 billion from a local financial institution, which is around 25 million US dollars to be able to restart the light section mill of the complex so that we can produce iron rods. 'The local financial institution has given us a final offer which I have done a cover letter and forwarded the relevant documents to the minister of finance to be able to take the financing on b ehalf of the federal government. 'This is through signed promissory notes that will be discounted and provided for the Ajaokuta mill to be able to get back on track in terms of the iron rods production. 'That light section mill has the capacity to produce up to 400,000 metric tonnes of iron rods per annum,' he said. He said that the Federal Government plans to establish Ajaokuta as a Free Trade Zone to attract Foreign Direct Investment (FDI) and to diversify the country`s economy. 'Part of the plan is to designate the 24,000 hectare land of Ajaokuta as an Industrial Park and create a Free Trade Zone to further attract Foreign Direct Investment'', he said. The second stage of the plant`s resuscitation involves producing military hardware. The Federal Government has taken steps to begin the production of military hardware in the Ajaokuta Steel Complex, as the Ministries of Steel Development and Defence are set to sign a Memorandum of Understanding (MOU) for the implementation. The plant has engineering w orkshops with the capacity to manufacture hardware for the military under the Defence Industries Corporation of Nigeria (DICON) Act. Stakeholders observe that the move is timely, considering Nigeria`s enormous security challenges. The minister mentioned that the Metallurgical Development Centre in Jos has the capability to provide the Lead and Zinc required to produce military hardware such as rifles, vests, helmets and bullets, among other things in the Ajaokuta Steel Complex. While these stages are in motion, discussions have begun on reviving the 110 megawatt power plant in Ajaokuta, which can supply power not only to the plant but also to the national grid. Due to the difficulties in securing funds to implement the plan, the minister is spearheading some initiatives for public-private partnerships. In this framework, the asset would serve as collateral, enabling private investors to provide financing and expertise to rehabilitate the power plant. The potential investors include Transcorp Power, Nige r Delta Power Holding and Reticulated Global Engineering. But while these efforts are on-going, there are myths surrounding the delay in the completion of the plant. Leaders of Geregu and Ajaokuta, the company's host communities, said in the past that the non-completion was due to mystical forces arising from the neglect of the communities. They still live with the unfulfilled promises made to them of road construction and rehabilitation, the repair of their schools and other developmental projects. They say the gods must be pacified to make any tangible progress. The Chairman of Geregu Community Association, Alhaji Idris Aliyu, said that the ancestors are not happy because the agreement reached when the company acquired their lands in 1976 has not been implemented. He urged that their bad roads be fixed and schools repaired as promised. While these claims may not be empirical, it is important that all necessary land compensation be fulfilled and basic amenities provided for the communities. After deca des of delay, will Tinubu deliver on his promise or will the long wait continue? Source: South News Agency of Nigeria

Tackling gender disparity in land ownership in FCT

Land is one the most valued properties in the world. It is not for nothing that famous economic scholar, Adam Smith, classified it as one of the factors of production. In many ancient African communities, land ownership is a major determinant of who is rich and who is poor, however, challenges remain in some traditional settings, as women are not permitted to own land and the impact is far-reaching on women. 'I had the money and want to buy land but instead of buying directly, I gave it to my ex-husband to buy and he bought it in his name. 'And now that he has remarried, he is living on the land with his new wife and their children, while my children and I are in a rented one-bedroom apartment,' says Mrs Murna Ayuba, a mother of six. According to Ayuba, the experience made her more vulnerable to exploitation as she has to depend on her meagre income from a beans cake business to fend for herself, her children, and her aged mother. 'I have to work all the time, if I am not in the market buying items for m y business, I am at home picking the beans or by the roadside frying beans cake in the rain, cold, or under the sun. Ayuba, who said that her experience left a scar on her mentally, added that 'I was naive and thought I will build a house with my ex-husband, not knowing that another woman and her children will benefit from it. I will never trust anybody again.' Similarly, Mary Emmanuel, a 49 year-old teacher, said though she was the eldest among seven siblings, her father bequeathed the only family land to the youngest and only son among them. 'It is culturally uncommon for women to inherit landed properties because they believe that women will end up married and, hence did not need property,' she said. Many women have been denied of their land ownership right, leading to different mental torture and psychological bruises as they seek ways to acquire property that cultural practices stripe them of. These and many other similar cultural orientations contribute to land disparities between women and men in many societies in Africa, affecting many women's economic conditions and impacted negatively on their socio-psychological well-being. Gender disparity refers to unequal and unfair differences in the status, rights, opportunities and treatment of individuals based on their gender. According to the 2018 Nigerian Demographic and Health Survey (NDHS), the North East has more women (57 per cent) who own houses with a Title/Deed, while the North West comes after with 43.8 per cent. The South-West with 31.4 per cent, while women in the South East own 2 per cent. These disparities clearly favour men and are often institutionalised through the law, justice, socio-cultural norms, religion and other factors. According to experts, these differences are reflected in virtually all aspects of life, including education, economic opportunities, political representation, health, social and cultural norms, and property ownership. The issue of gender disparity in land ownership is significant in many parts of Nigeria, incl uding the Federal Capital Territory (FCT). According to Chapter Eight, Section 297 of the Nigerian Constitution, all the land in the Federal Capital Territory (FCT) belongs to the Federal Government of Nigeria. They are under the authority of the FCT Minister, through the Federal Capital Development Agency (FCDA) and Abuja Geographic Information System (AGIS). The Federal Ministry of Women Affairs, in a document recently released on the National Women's Economic Empowerment Policy and Action Plan, also known as WEE, says only 10 per cent of landowners in Nigeria are women. The 129-page document released by the minister revealed that while women account for 70 to 80 per cent of agriculture labour and output in Nigeria, only 10 per cent own land. The document read in part: 'only one in five landowners in Nigeria is female. This accounts for only 10 per cent of all landowners in Nigeria.'' The document notes several political and sociocultural factors such as ineffective programmes, limited funds, technica l capacity bottlenecks, purely welfare-based interventions, and normative barriers, limited women's progress contribute to gender inequality. Meanwhile, Mr Bunmi Aimola, a legal practitioner, says there is no law that prohibits anyone from owning land or properties based on gender. Aimola said: 'Section 43 of the Nigerian Constitution says every citizen (includes both women and men) of Nigeria shall have the right to acquire and own immovable property (land inclusive) anywhere in Nigeria. 'Even if, for which I doubt the existence of any law that discriminate against women owning landed properties, our constitution will override such practices that exist in any part of the country including the FCT. 'But that is not to say because of this low percentage of women owning property in Abuja is due to any discriminatory factor or law that forbids them from owning property. 'And even if there are identifiable cultures or traditions in any part of FCT that prohibits a woman from owning landed property, if it is challenged in court, be rest assured that such practices will definitely not see the light of the day by virtue of this provision in the Constitution.'' He added that land administration reforms by streamlining registration and processes to reduce gender-based discrimination would also ensure women own more properties, including land. 'Women should be more forceful and pushing in terms of acquiring landed properties. 'Government should look at and identify areas if there are any, where such barbaric cultural practices and traditions still exist that deny women full property rights. 'Government should also produce a policy that if certain plots of land are to be sold to individuals, consideration should be given to women. 'This should be in terms of the amount of money to be paid just as it is done during electioneering to encourage more women to acquire land and properties'', he said. He said society owes women the responsibility of protecting them from land grabbers, harassment and intimidation. 'The weight of the law should be meted on such land grabbers, encourage them and give them confidence when they know that their rights can be protected. 'Policies should be tailored toward strengthening law enforcement agencies to go very hard on land grabbers that tend to intimidate women from enjoying their land or acquiring their land,' he said. Mr Johnson Edeh, an estate developer, said men are more likely to own land and properties than women due to economic inequality, social and cultural norms, illiteracy, laws and policies, as well as inheritance. Edeh said that to address the issue, legal reforms, awareness, providing economic opportunities and support for women, as well as strengthening security forces to protect women from land grabbers should be pursued. Mrs Gloria Gabriel, an FCT resident and businesswoman, however, blamed patriarchy, discriminatory laws, cultural norms, economic inequality and lack of awareness for gender disparity in property ownership in the territory. According to her, women don't think about long-term tangible investment, like acquiring land, property, like men. 'So, there is need to enlighten women on property ownership in their name, instead of joint ownership. 'Parents need to learn how to bequeath properties to their children because some people prefer to bequeath the male child a land as gift, while the female child gets electronics, furniture like fridge, among others.' Mrs Chizoba Ogbeche, the Vice-President, Zone D, Nigeria Association of Women Journalists (NAWOJ), said there is need for specific legislation on discrimination against women regarding land inheritance. She added that 'there is also the need to increase advocacy and sensitisation through traditional institutions and religious groups on discrimination against women, including ownership of property. Ogbeche said that changing the culture and tradition of people is usually a slow process, noting that changing the culture of land ownership is a task that should be promoted by all stakeholders. Ms Adaora Jack, the Executive Director, Gender Strategy Advancement International (GSAI), recognised the pivotal role the media plays in bridging gender disparities in every sphere and promoting gender inclusivity. She said the need to ensure gender accountability prompted the Gender for Agenda project with support from MacArthur Foundation and the Wole Soyinka Centre for Investigative Journalism to undertake gender-gap bridging initiatives. 'Nigeria, like many countries, has been grappling with gender disparities, limiting the full potential and contributions of its female population. 'By empowering women, the country stands to benefit from a more diverse and inclusive workforce, increased economic growth, improved societal well-being and enhanced political representation,'' she said. Meanwhile, in spite of disparities between men and women in land ownership and other property acquisition that tend to hinder their progress, Nigerian women have continued to excel in various disciplines. They have made great landma rks in their chosen professions both locally and on the global stage. Some of them are Ngozi Okonjo-Iweala, the Director-General, World Trade Organisation, Amina Mohammed, Deputy-Secretary General, UN, and Folorunsho Alakija, the wealthiest black woman globally. These women have proven that if given level playing ground, women can excel even beyond expectations. Removing cultural inhibitions to land ownership now is one of such steps. This should be done in no other place than the FCT, given its position in Nigeria's political and economic life. (NANFeatures) (This investigation is for the GENDER, THE AGENDA project for Gender Strategy Advancement International (GSAI), supported by the Wole Soyinka Centre for Investigative Journalism (WSCIJ) and the MacArthur Foundation). **If used please credit the writer and News Agency of Nigeria. Source: South News Agency of Nigeria

House Approves Land Release, Compensation, and Resettlement Proclamation

Addis Ababa: The House of Peoples Representatives approved a proclamation to establish a system for releasing land, providing compensation, and resettling displaced individuals. In its 34th regular meeting the House approved the amended proclamation by a majority vote with 4 objections and 6 abstentions after extensively discussion. Chairperson of the Urban, Infrastructure and Transport Affairs Standing Committee, Shewit Shenka, presented a report on the proposed proclamation. She noted that the revised proclamation clearly defines the authorities and responsibilities for resettling and rehabilitating displaced people. The chairperson also explained that the proclamation includes provisions to ensure development projects are carried out efficiently and without delay. The new system is intended to reduce delays caused by court disputes and inappropriate compensation claims. The chairperson of the Law and Justice Affairs Standing Committee, Etsegenet Mengestu, stated that the previous compensation system wa s vulnerable to corruption, and the displaced do not receive adequate compensation. However, the amended proclamation will ensure proper use of government and public resources, the Chairperson stated. As the highest courts will hear appeals from people who feel they have not been fairly compensated, the new proclamation will not create issues in the justice system, she added. Source: Ethiopian News Agency

Eastern Africa Standby Force Lauds Ethiopia’s Role in Ensuring Regional Security

Addis Ababa: The Eastern Africa Standby Force (EASF) has commended Ethiopia for its significant role in ensuring regional security. Eastern Africa Standby Force Director Brigadier General Paul Kahuria Njema told ENA that Ethiopia is one of the leading members of the Eastern African Standby Force. The EASF draws its membership from 10 active member states, including Burundi, Comoros, Djibouti, Ethiopia, Kenya, Rwanda, Seychelles, Somalia, Sudan, and Uganda. The director explained that cross-border crimes extend beyond national borders, encompassing transnational challenges that affect not only the Eastern African region but also the entire continent and the world. The region is not also exempt from challenges, as certain parts of our region are affected by cross-border and transnational crimes, he noted. According to him, "Ethiopia is a crucial member of the Eastern Africa Standby Force and collaborates closely with other nations to continue the fight against terrorism." Ethiopia has the longest history of combating terrorism in the region, Brigadier General Njema stated, adding that he is looking forward to having Ethiopia involve itself in all the operations that the standby force is going to undertake. "I know they are going to do that because it (Ethiopia) is a very critical member of this organization. So, it is a very committed member of my organization." The director further elaborated that the region is now confronted with the resurgence of piracy. "We realize that the maritime sphere is an area that needs to be addressed; and we are looking for having a command post exercise so that we can bring our forces together to address that very important sphere of operation." In this regard, the standby force is looking forward to receiving support from member states to enhance patrol capabilities and ensure the security of vital sea lanes of communication. These lanes are crucial for regional trade, providing a safe environment for all businesses to operate, the director pointed out. Ethiopia hosts th e critical infrastructure of the Eastern Africa Standby Force (EASF), with its headquarters and logistical base situated in the country, it was learned. EASF is a regional organization whose mandate is to enhance peace and security in the eastern Africa region. It was established as a regional mechanism to provide capability for rapid deployment of forces to carry out preventive deployment, rapid intervention, peace support/stability operations and peace enforcement. The standby force has been fully operational since 2014 and stands ready to undertake any deployment as needed. Source: Ethiopian News Agency

New Asset Recovery Draft Bill Aims to End Economic Crimes in Ethiopia

Addis Ababa: Minister of Justice Gedion Timotiwos revealed that the newly drafted Asset Recovery Bill aims to end crimes and establish a healthy economic system in Ethiopia. The minister briefed journalists today on the purpose of the bill and its consequential impact on stabilizing the country's political-economic landscape. Gedion said economic crimes have resulted in a serious damage to the country. In this regard, the draft bill is indispensable as it attempts to overcome such economic challenges, he added. The minister believes that the new bill will discourage individuals, who have been persistently engaged in economic crimes through human trafficking, money laundry and illicit financial activities. He said that 'unverified wealth' is also directly impacting the financial system of the country, its tax system, foreign currency earnings, and circulation of money among others. The crimes have become obstacles to attract foreign investment in the financial sector and other areas, he added. 'They (cri mes) need to be stopped somewhere. We need to stop people from accumulating wealth through illicit means,' Gedion underscored. Thus, he stated that the Asset Recovery draft bill is a key legal tool to stop the aforementioned crimes which have cost the country dearly. Gedion added that Ministry of Justice has taken the experiences of various countries and considered international conventions in the course of preparing the draft bill. The bill has been referred to the House of People's Representatives (HPR) for approval. Source: Ethiopian News Agency

Draft Asset Recovery Bill Would Allow Ethiopia to Run Rule-based Economy, Says Justice Minister

Addis Ababa: The draft asset recovery bill submitted to the legislature would allow Ethiopia to establish a rule-based economic system, Justice Minister Gedion Timothewos said. Briefing the media, the minister stated that the bill presented to the House of People's Representatives will be consequential to see a healthy economic system in Ethiopia. Explaining the need for the bill, Gedion noted that economic related crimes have been on the rise in the country. 'Crimes committed by such individuals for economic profit and money are becoming more frequent, sophisticated and more complex. It has (therefore) become essential to prevent and control criminals so that no person can get economic benefits from illegal activity,' he underscored. According to the minister, a person who engages in economic crime will not be only prosecuted but his wealth linked with illegal activities will be confiscated. The bill also brings about a major shift in the legal approach to dealing with 'unexplained wealth.' Under the d raft asset recovery proclamation, the burden of proof would rest on individuals or institutions to explain the legitimacy of acquired assets, he elaborated. Individuals and entities would prove the sources of their unexplained assets by presenting documents, and prosecutors may grant an extension of up to six months. Investigations can be initiated based on information from credible sources, financial intelligence services, or reports from financial institutions, it was learned. The justice minister believes that Ethiopia, by effectively implementing the asset recovery proclamation, could create a more efficient and effective system for combating financial crimes. Moreover, the draft bill meets the international obligations that Ethiopia has to fulfill, he added. In doing so, the country helps to implement international and United Nations conventions to prevent corruption and other economic crime, according to Gedion. The minister further recalled that the current legal framework of Ethiopia for unexpla ined wealth does not embrace sections of the society other than civil servants. The new draft asset recovery bill will be addressing the gap. Source: Ethiopian News Agency

Draft Asset Recovery Bill Would Allow Ethiopia to Run Rule-based Economy, Says Justice Minister

Addis Ababa: The draft asset recovery bill submitted to the legislature would allow Ethiopia to establish a rule-based economic system, Justice Minister Gedion Timothewos said. Briefing the media, the minister stated that the bill presented to the House of People's Representatives will be consequential to see a healthy economic system in Ethiopia. Explaining the need for the bill, Gedion noted that economic related crimes have been on the rise in the country. 'Crimes committed by such individuals for economic profit and money are becoming more frequent, sophisticated and more complex. It has (therefore) become essential to prevent and control criminals so that no person can get economic benefits from illegal activity,' he underscored. According to the minister, a person who engages in economic crime will not be only prosecuted but his wealth linked with illegal activities will be confiscated. The bill also brings about a major shift in the legal approach to dealing with 'unexplained wealth.' Under the d raft asset recovery proclamation, the burden of proof would rest on individuals or institutions to explain the legitimacy of acquired assets, he elaborated. Individuals and entities would prove the sources of their unexplained assets by presenting documents, and prosecutors may grant an extension of up to six months. Investigations can be initiated based on information from credible sources, financial intelligence services, or reports from financial institutions, it was learned. The justice minister believes that Ethiopia, by effectively implementing the asset recovery proclamation, could create a more efficient and effective system for combating financial crimes. Moreover, the draft bill meets the international obligations that Ethiopia has to fulfill, he added. In doing so, the country helps to implement international and United Nations conventions to prevent corruption and other economic crime, according to Gedion. The minister further recalled that the current legal framework of Ethiopia for unexpla ined wealth does not embrace sections of the society other than civil servants. The new draft asset recovery bill will be addressing the gap. Source: Ethiopian News Agency