Newly recognised by Most Influential People of African Descent (MIPAD) in its class of 2024 as a top futurist and innovator, Rateneh Fassil attributes his leadership qualities to be firmly rooted in his clear vision and long-term commitment to economic development. He places great emphasis on the role of an educator, advocating for a continuous quest for knowledge and adopting a proactive approach in his leadership style.
According to Fassil, asking relevant questions, regardless of their perceived significance, presents valuable opportunities for gaining insights about the business, the industry and the host country. To aspiring young leaders in Africa, he advises investing in personal growth and seizing the present opportunities, as they may not come by again.
Fassil’s journey into the world of trade and economic development began with a family legacy and a personal mission to grow the trade landscape of the city of Addis Ababa. Growing up in a family with extensive business interests in Ethiopia, he was immersed into entrepreneurship from a young age.
After successfully revitalising his family’s business, Fassil founded half a dozen sustainable companies in various sectors such as real estate, medical equipment etc. before co-founding Sinopia with Esmelalem Zewdie. “Trade has always felt like home as I genuinely believe it is the main conduit through which wealth and knowledge are transferred, which our country urgently needs. Given my diverse background, international exposure, we were convinced we could contribute positively to our own and our country’s development,” he says.
Fassil’s vision for the future of trade and economic development in Addis Ababa and the broader MEA (Middle East and Africa) region is encapsulated in Sinopia’s tagline: “Revitalising Trade in Africa.” He envisions a continent where robust trade policies are in place, complying with necessary regulations, and fostering a competitive environment that sparks investor confidence.
He emphasises the crucial role of national, regional, and continental cooperation, highlighting that African countries should not act in isolation. Instead, they should forge partnerships and leverage platforms that foster rapid growth while aligning their interests with others. By doing so, they can strengthen their overall position, enhance their ability to achieve significant negotiation power, and ensure equitable access for countries and businesses to develop their potential and prosper. Initiatives like the African Continental Free Trade Area (AfCFTA) play an essential role in providing equal opportunities and creating a platform for sustainable growth.
Implementing specific strategies to advance trade and exports in Addis Ababa, Fassil has been a champion of cross-border trading initiatives. Drawing on his experience gained at Sinopia, he has provided support to numerous trading companies, assisting them in launching their operations and guiding them through sourcing and managing complex administrative functions like shipping documentation and implementing effective marketing practices.
Fassil’s passion for promoting economic stability and growth shines through in all these endeavours, bringing him a profound sense of personal fulfilment and purpose. “Watching companies establish themselves, forge new relationships and expand their operations is the reason I do what I do,” he adds.
Joining the international trade organization World Trade Centers Association (WTCA) in 2022 has played a crucial role in advancing his plans for Addis Ababa. By actively networking with other members — comprised of over 300 World Trade Center (WTC) locations across nearly 100 countries — and leveraging the expertise of these individuals, he has established valuable connections that have laid a strong foundation for WTC Addis Ababa, which will commence construction in 2025. This, in turn, has enabled the organisation to forge partnerships and offer services, greatly enhancing their trade initiatives. “The accumulation of knowledge within WTCA and the willingness of its members to share this knowledge has surpassed our expectations. It takes an organisation that is willing and able to extract this wealth in order to properly flourish within it,” he adds.
Rateneh Fassil embodies a next generation leader within WTCA, committed to advancing economic development in Addis Ababa and beyond. His inspirational journey and strategic initiatives serve as an inspiration for other leaders, paving the way for a prosperous future for the continent.