Ethiopia Sets $US30 Billion Textile Export Target for 2030
July 25, 2017 - Ethiopia has set a target of $US30bn in export earnings by 2030 for the country's fledging textile and garment sector. The Ethiopian Ministry of Industry made the remarks during a workshop to promote the Ethiopian textile industry.
Ethiopia has nearly 175 textile units, however, the country is in the throes of developing several major textile parks. Indeed, Ethiopia attracted investments of US$1.2 billion in the first six months of the current Ethiopian budget year despite being under a state of emergency. Among the investment, money poured in from ten leading Chinese companies, half which are licensed in textile and garment manufacturing industries, according to the Ethiopian Investment Commission. Investors included Jiangsu Sunshine Group, which engages in wool textiles and garmen
Saudi Arabia’s Amnesty Expires; 340,000 Undocumented Ethiopians Still Remain
July 25, 2017 - As Saudi Arabia’s amnesty program for undocumented workers expires today, illegal works are being arrested, reports Africa news. The Ethiopian government helped facilitate exit visas for thousand of its nationals who were illegally residing in Saudi, most of whom went to work as laborers.
Figures indicate that there are about 400,000 such illegal residents but so far only about 60,000 of them have taken the amnesty program to return. The process till this stage has involved the issuing of the initial 90-day amnesty – during which time authorities in Addis Ababa expressed worry over the slow rate of return.
On June 28, 2017, the Ethiopian government requested for an extension of the amnesty of the over 400,000 nationals expected back home; the Ministry of Foreign Affai
Ethiopia, South Korea to Discuss North Korea’s Nuclear and Ballistic Threats
July 24, 2017 - Following memorandum of understanding that Korea signed with Ethiopia to bolster their military partnerships, the two sides are scheduled to discuss cooperation against North Korea's nuclear and ballistic threats today, a South Korean military official said. "They will also share thoughts on bilateral military exchanges and U.N. peacekeeping operations," added the official.
Led by Brig. Gen. Park Chul-kyun, the deputy director general for international policy will meet the Ethiopian representatives headed by Desta Abiche, who is in charge of the Ethiopian defense ministry's international cooperation, today.
The South Korean delegation will head to Uganda afterwards.Park is scheduled to meet with David Muhoozi, the chief of the country's Defense Forces, Thursday.
Ethiopia Reconsidering Tax Plan Following Widening Protests
July 24, 2017 - Ethiopia Revenue and Custom Authority are reportedly reconsidering a proposed tax hike for small businesses, the Addis Standard news portal has reported.
The decision comes in the wake of widening protests by affected business people. Shops were closed in the Oromia State early last week in defiance of the new tax. By Friday, the action had spread to the capital Addis Ababa, with shops in some parts closed.
The report cited the head of the Ethiopia Revenue and Customs Authority (ERCA), Kebede Chane, as saying the decision to revise the tax directive followed the complaints they had received from affected persons.
He is also quoted by other local portals to have said that micro business owners including barbers / hair dressers, tailors, laborers, and stre
Half of Ethiopia’s Youth Chew Khat (Chat) – NY Times
July 23, 2017 - Ethiopian authorities stated that about half of Ethiopia’s youth are thought to chew Khat, according to New York Times report. The Ethiopian government is worried that the habit could derail its plans to transform Ethiopia into a middle-income country in less than a decade ― a national undertaking that will require an army of young, capable workers, it says. Officials consider the problem an epidemic in all but name.
Khat is legal and remains so mainly because it is a big source of revenue for the government. But there are mounting concerns about its widespread use.
As many as 1.2 million acres of land are thought to be devoted to khat, nearly three times more than two decades ago. And the amount of money khat generates per acre surpasses all other crops, including coffee, Ethiopia’s biggest export, s
Egypt to Inaugurate Largest Military Base in Middle East
July 22, 2017 - Egypt is to inaugurate Mohamed Naguib Military Base, the largest military base in the Middle East, located in Al-Hamam area, west of Alexandria. The inauguration ceremony will be held in the presence of the country’s president Abdel-Fattah El-Sisi, reports Al-ahram.
The military base will also serve as a headquarters to some forces of the Northern Military Unit, which is expected to increase its efficiency in protecting west of Alexandria, the North Coast, the currently under construction Al-Dabaa nuclear power plant, oil fields, the new Alamein City, among other sites.
The base will also be used in military exercises with the armies of other countries. The base is named after Mohamed Naguib, the primary leader of the Egyptian revolution in 1952 and the first president of the Republic of Egypt
Djibouti, Ethiopia Cooperate in Potash Trade
July 22, 2017 - In a bid to support Ethiopia’s potash export, Djibouti announced plan to construct USD 98 million road project, reported Bloomberg. Djibouti’s government has recently inked a construction agreement with Mohammed Abdulmohsin Al-Kharafi & Sons Co, a Kuwaiti based firm.
According to Aboubaker Omar Hadi, the chairman of Djibouti’s ports authority, Djibouti is going to charge Ethiopian potash exporters around 7.50 USD per metric ton handled by the new port. Ethiopia plans to export an annual 74,000 tons of the mineral by 2019, according to the nation’s five year plan it dubbed Growth and Transformation Plan (GTP).
According to Aboubaker, the Kuwaiti firm will construct 128 kilometers road that connects the port with the Ethiopia’s border. Ethiopia on the other hand intended to provide an
Development Bank of Ethiopia Forming Asset Management Company
July 22, 2017 - The Development Bank of Ethiopia has finally got the go-ahead from the National Bank of Ethiopia to establish a company which will mainly deal with management of assets under its ownership, according to the Reporter.
The bank has been in consultation with the central bank as well as the Ministry of Trade to get the permission for this service.
The new company, which is called Ethiopian Capital and Investment PLC, has been established with a capital of 10 million birr, where DBE owns 99.9 percent of the company.
This has come following DBE’s legal and institutional limitation to administer factories and companies, which were confiscated from borrowers because of failure to pay loan borrowed from the Bank.
As of June 30, 2016, The Bank’s total outstanding loan was 31.63 billion birr. From this,
Ethiopian Airlines Taking Over Nigerian Market
July 21, 2017 - Ethiopian Airlines is winning the hearts of Nigerian passengers, according to business daily. Ethiopian Airline’s relatively cheaper fares, easy connectivity and, most recently, concerted efforts by the airline at becoming a one-stop-shop for tourists in Africa are the reasons for it's success in Nigeria.
According to Business Daily’s investigations, an economy class return ticket to Dubai on Ethiopian Airlines, costs N161,408, while same goes for N260,534 on Emirates Airlines. Furthermore, an economy class return ticket to London by connecting flight on Ethiopian Airlines, costs N159,840 it goes for N502,884 on British Airways, and costs N317, 767 on Etihad Airways. Atlanta, which is also a frequent destination for Nigerians, costs N452,125 for a return flight, using Ethiopian Airlines. The
Tax-Hike Protests Reach Ethiopian Capital Addis Ababa
July 21, 2017 - Tax-hike protests that started in Ethiopia’s largest regional state has now reached the Capital Addis Ababa, according to Africa News. Some business owners in the Ethiopian capital haven’t opened their doors today, protesting against new daily income estimations.
Speaking on the subject, officials from the Ethiopia Revenue and Customs Authority stated that there was some misunderstanding of the tax directive. ‘‘We have not imposed such taxes. The confusion is due to lack of understanding and the tendency of considering daily incomes as taxes.’‘ There has yet to be an official communication on the current situation.
Be that as it may, some businesses in Ethiopia’s largest open-air-market Merkato have refused to open as part of a tax-hike protest that has hit sma
Over 130,000 Undocumented Ethiopians Living in Saudi Arabia Received Exit Visas
July 20, 2017 - Over 130,000 undocumented Ethiopians have received exit visa from Saudi Arabia up to Tuesday, July 18, 2017, the Ethiopian Ministry of Foreign Affairs disclosed.
So far 60,000 Ethiopians have already returned to their country in the aforementioned period. “The government and other stakeholders have been actively engaged for the speedy return of undocumented citizens from Saudi Arabia before the 30-day extended amnesty period expires on July 24, 2017,” Dr. Aklilu Hailemichael, the Ethiopian Foreign Affairs State Minister quoted by Ethiopian Herald, as saying.
The State Minister, who is also the Chairperson of the National Task Force for Saudi Returnees, indicated that Saudi Arabian Airlines joined effort with the Ethiopian flag carrier in the repatriation process.
Business Owners in Ethiopia’s Largest Regional State Strike against Revised Tax law
July 20, 2017 - Following the imposition of a revised tax law by the Ethiopian government, some business owners in the country’s largest regional state Oromiya have gone on strike, reported Reuters. Ethiopian government officials also stated that some vehicles belonging to public institutions have been attacked.
On Wednesday, business owners and residents in the town of Ambo, a town located in western part of Ethiopia Ababa told Reuters that almost all shops, hotels and restaurants there have now been shut after open-ended strikes were called on Monday.
"The entire city is at a standstill. Everything is closed," one resident quoted by Reuters as saying. "The roads are empty apart from the large presence of police."
Residents in nearby Woliso and Ginchi said retail businesses there were also c