Key Competitive Attractions
The majority of Eritrea’s population are engaged in subsistence agriculture, but the sector produces little economic value. A relatively high percentage of the country’s GDP comes from remittances sent by emigrants.
Eritrea has a significant amount of mineral deposits, and the mining sector is the government’s chief priority in terms of attracting foreign direct investment. Copper, zinc and lead sulphides are located in the Asmara region, while gold is located west and iron deposits east and south of Asmara. There is nickel-chromite in the northwest of the country. There is also potential for quarrying of marble and granite. In addition, major oil deposits are believed to lie under the Red Sea.
The long coastline offers opportunities for the fishing industry. Fish and sea cucumbers are currently exported to markets in Europe and Asia. Italian and Dutch investors built a fish processing plant in 1998. The port city of Massawa has plans for the construction of a jet-capable airport, which it is hoped will increase export levels.
Local industries include food processing, beverages, clothing and textiles, salt, cement, and commercial ship repair. The major foreign investors in the country are China, South Korea, Italy, South Africa, and Germany.
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