Latest Ethiopian News - Business News

Ethiopia Earns $143 Million from Oilseeds Export

Oilseeds-Export-EthiopiaJanuary 20, 2018 - During the first five months of this Ethiopian fiscal year, Ethiopia has secured USD 143.876 million from exports of oilseeds, reports Ethiopian Ministry of Trade. The revenue earned during the stated period exceeded the plan by 11.2 percent, Shimelis Arega, senior PR expert at the Ministry said.

Ethiopia earned the stated revenue from the export of 128,399 tons of oilseeds, showing a 4.3 percent increase compared to the target.

The increase in price of sesame in the global market, and strong monitoring and support mechanism attributed to the achievement, he added.

The revenue gained and the amount exporte

Dangote Group to Double Investments in Ethiopia

Dangote-double-investments-EthiopiaJanuary 5, 2018 - Dangote Group announced plans to double its investment in Ethiopia. The announcement came following talks Aliko Dangote, owner of the Dangote Group, had with Ethiopian Prime Minister Hailemariam Desalegn. During the talks, PM Hailemariam confirmed Ethiopia’s commitment to provide the necessary support for investment, according to Zadig Abreha, media and public relations deliverology minister of the Prime Minister.

Media had been reporting that Dangote could quit its investment in Ethiopia due to the instability occurred in some places, however, the group’s current expansion activities invalidate all the reports,

Ethiopia's Newest Gold Plant Begins Production

Meli-Gold-Plant-Tigray-EthiopiaJanuary 2, 2018 - Meli gold plant in Ethiopia's Tigray regional state  began regular production, reports FBC. The factory is expected to earn Ethiopia more than 40 million US dollars in this fiscal year (2017/18).

The plant, which is under the patronage of Ezana Mining Development Company, EFFORT’s sister company, is processing from two up to three kilograms of gold per day.

Tsegay Assefa, general manager of the plant, said the company plans to raise its daily production to 4.5 kilograms.The plant has created more than 200 temporary and permanent jobs, he said.

Source: FBC

Ethiopia's Banking Sector Gets New Entrant

Dalol-Bank-EthiopiaDecember 27, 2017 - A new bank under establishment called Dalol Bank SC is subscribing shares by public offering to become the newest entrant to Ethiopia’s banking industry, reports Ethiopian English weekly newspaper Addis Fortune. The company has issued shares with 1,000 par value with the minimum number of shares an individual can buy being 25.

When the bank joins the market, dominated by the state owned Commercial Bank of Ethiopia, it will become the 17th private bank and the 19 bank in the entire country.

According to the National Bank of Ethiopia’s directives the minimum capital requirement for banks is 500 Million

Ethiopia Launches $276 Million Business Financing Project

Ethiopia-Investment-EU-WBDecember 27, 2017 - Secured from the World Bank Group (WBG) and the European Investment Bank (EIB), the $276 million is set to be channeled to competent  entrepreneurs engaged in the construction, mining, textile, agro-processing, tourism and the like.

A lease financing project targeting some 3000 entrepreneurs operating Small and Medium Enterprises (SMEs) engaged in manufacturing industries is set to provide USD 276 million.

The project component was launched two years ago under the Federal Small and Medium Manufacturing Development Agency with the aim of introducing a lease financing scheme in a view to serve “the

Ambo Mineral Water, East African Bottling to Pay 500 Million Birr Fine

East-African-Bottling-Co-FineDecember 23, 2017 - Following months of legal wrangling, the Administrative Tribunal with the Ethiopian Trade Practices and Consumers Protection Authority, presiding over the illegal merger case between two Ethiopian beverage giants Ambo Mineral Water PLC and the East African Bottling Company, ruled against the duo. The administrative tribunal has also ordered the two companies to pay half a billion birr in penalty fees.

The ruling states that both companies would pay five percent of their annual income of last year. According to sources close to the case, last year’s annual turnover of East African Bottling alone is estimated in the neighbo

Ethiopia, AfDB Sign 2.7 Billion Birr Loan Agreement

AfDB-Ethiopia-LoanDecember 21, 2017 - African Development Bank (AfDB) and the Ethiopian government  signed  2.77 billion birr agreement which will be used for Addis Ababa Power Supply Improvement Project, reports Ethiopian News Agency. During the signing ceremony,Ethiopian Finance and Economic Cooperation State Minister, Dr. Admasu Nebebe said the project will help to create sufficient and reliable electric power transmission and distribution capacity.

Of this, some 2.35 billion birr and about 415.66 million birr is in the form of loan and grant, respectively, and will be used to address existing constraints in electric infrastructure and meet the growing demand in th

Ethiopia Earns 31.2 million USD from Textile, Garment Exports

Ethiopia-garment-exportDecember 12, 2017 - Over the last three months Ethiopia has earned 31.2 million USD from textile and garment export, disclosed the Ethiopian Textile Industry Development Institute. The Institute also stated that the foreign currency generated from the textile sector has been steadily growing.

Institute Communication Directorate Director Bantihun Gessesse told The Ethiopian Herald that textile products have entered into Germany, Italy, China and United States through AGOA.

The burgeoning of the textile industries triggers the expansion of cotton farming by public, private sector and small scale farmers. Currently, the total cott

Ministry of Mines Issues Gold and Silver Mining License to Ethio-Canadian Company

Gold-Silver-Mining-EthiopiaDecember 6, 2017 - Ethiopian Ministry of Mines, Petroleum and Natural Gas disclosed that it has issued a large-scale gold and silver mining license for the Ethio-Canada company, Harvest Plc.

The Ethiopian Minister of Mines, Petroleum and Natural Gas, Motuma Mekassa, and Wubshet Kassaye, manager of Harvest Plc, signed the agreement which will run for a period of six years and subjected for renewal for up to ten years.

The company was licensed to carry out mining activities in western Tigray zone, norther part of Ethiopia, on 2.7682 square kilometers of land at a cost of over 65.29 million US dollars, according to the minis

Former ECX CEO Becomes Head of New Television Station

Ermias-Eshetu-TVDecember 3, 2017 - African Renaissance Television Service (ARTS), a new television station under formation, announced the hiring of Ermias Eshetu, the former CEO of Ethiopia Commodity Exchange, as its new CEO.

Ermias tendered his resignation to the board of directors of ECX back in September this year. Ermias, a native of Ethiopia, received his Master’s degree in International Business from Manchester School of Management, and continued to work at several multinational Fortune 500 companies including Alcatel, IBM, and Orange, developing and implementing successful business strategies.

“Having founded many businesses of his own, Erm

Ethiopian Industry Parks Created 40,000 Jobs - Government

Industry-parks-creating-jobsDecember 2, 2017 - Ethiopian Investment Commission (EIC) reported that the 5 industrial parks operating in Ethiopia have created around 40,000 job opportunities.  The industrial parks are Bole lemi, Hawassa, George shoe, Eastern industrial and Velocity. Out of these parks, Bole lemi and Hawassa industrial parks are owned by the Ethiopian government.

From these 5 industrial parks, Bole Lemi is the biggest one and it employs 14,000 people. According to Mekonnen Hailu, EIC’s public relations head, the number of job opportunities would increase following the recently inaugurated 9 sheds in kembolcha and 15 sheds in Mekelle indu

Ethiopia Earns 959 Million US Dollars from Tourism

Ethiopia-TourismNovember 20, 2017 - Ethiopian Ministry of culture and tourism reported that Ethiopia earned 959 million US dollars from tourists who visited the country in the first quarter of this Ethiopian fiscal year (July-September, 2017).

More than 256,000 tourists from the US, China, Germany and different African country visited the country in the reported period, according to the Ministry of Culture and Tourism (MoCT).

The quarterly revenue increased by 9.9 percent compared to the same period the preceding year since peace and stability have returned to normalcy in areas affected by conflict, said Gezahegn Abate, Public and International Relations Dire

Ethiopian Commodity Exchange to Introduce E-Auction

ECX-Ethiopia-E-AuctionNovember 16, 2017 - Ethiopian Commodity Exchange (EXC) announced plans to introduce E-auction, a new electronic bidding and marketing platform, reports the Ethiopian Herald. The new technology is said that it would make Ethiopia’s export trade effective, efficient and transparent.

Corporate Communication Manager of ECX Netsanet Tesfaye told The Ethiopian Herald that the design of the new system has been completed and discussed among stakeholders. In addition, sectoral members, traders and floor representatives who represent suppliers and exporters are offered with the very principle and practical training regarding E-auction

He said

Ethiopian Airlines Adds Buenos Aires to Its Line

Buenos-Aires-Ethiopian-AirlinesNovember 8, 2017 - Ethiopian airline group announced that it will start flights to Buenos Aires, Argentina, as of March 8, 2018. Buenos Aires is the world’s capital of Tango, home of centurion old buildings and a vibrant cultural scene. Argentina is one of the largest economies in Latin America and Buenos Aires is the 2nd largest city in South America with a population of over 13 million.

Group CEO of Ethiopian Airlines, Tewolde Gebremariam, said, “We are glad to add Buenos Aires, our 6th gateway to the Americas, to our extensive global network. Our new flight to Buenos Aires will provide efficient connections to our net

Ethiopia Performing Poorly in World Bank Doing Business Ranking

Doing-Business-EthiopiaNovember 8, 2017 - Ethiopia’s rank on the World Bank’s ease of doing business index, prepared by World Bank, has not changed for another year and it now ranks 161 out of 190 countries, reports Addis Fortune. The report is said to provide comparative overview of the business climate in the 190 nations that are included in the report.

The report is based on several factors that affect how easy or difficult it is to start and run business. At 161 ranking, Ethiopia is one of most difficult countries in the world to start and run a business. This is despite the country's ambition to transform itself into middle class e

Ethiopian Trade Union Warns of Possible Labour Strike

Trade-Union-EthiopiaOctober 31, 2017 - Confederation of Ethiopian Trade Unions (CETU) has called for salary increment, following the devaluation that might result in inflation, reports Ethiopian English Weekly, Addis Fortune. The Ethiopian Union made the request during the general assembly held at the Confederation’s premises.

The National Bank of Ethiopia (NBE) devaluated Birr on October 11, 2017 by 15 percent. This in turn shot up the exchange rate for 1 USD from 23.40 Birr to 26.91 Birr.

According to CETU, after the devaluation the Ethiopian market is seeing price hikes on consumable goods, spare parts and rebars.

The Confederation has

Habesha Cement Suspends Production as Protestors Occupy Plant

Habesha-Cement-suspends-operationOctober 28, 2017 - Habesha Cement suspended production at its plant near Ethiopia’s central town Holeta, after young protestors occupied the cement manufacturing plant which was inaugurated last April, according to Ethiopian English weekly the Reporter.

According to the report, the young protesters occupied the manufacturing plant and demanded to be given jobs or to be put on the company’s payroll. Sources said the company was forced to fully shutdown the plant on Tuesday due to the security problem.

According to sources, the company has been active in community development projects and has a stron

Ethiopia to Inaugurate Two Industrial Parks

Industry-Parks-EthiopiaOctober 21, 2017 - The Adama and Dire Dawa industrial parks, whose construction was launched in 2016, will be inaugurated at the end of this month, reports Ethiopian News Agency. The industrial parks will specialize in textile, apparel, and agro-processing and will increase the number of parks with similar sector to five next to Hawassa, Mekele and Kombolcha, according to Ethiopian Investment commision.

The industrial park in Hawassa, which was inaugurated last year, started operation. Companies have also shown keen interest to open shop at the recently inaugurated industrial parks in Mekele and Kombolcha.


Haile Gebreselassie Builds New Resort Hotel in Ethiopia’s Southern Town

Haile-Gebresilassie-Hotel-Arba-MinchOctober 14, 2017 - Ethiopian athlete, Haile Gebreselassie, is building a four-star resort hotel in Arba Minch town, Southern Regional State, at a cost of 250 million birr. Under his investment arm, Haile and Alem International, Haile has built Haile Resort Hotels in different Ethiopian towns:  Hawassa, Ziway, and Shashemene towns in the Ethiopian Rift Valley. He has also built Yaya Village in Sululta town, Oromia Regional State.

Stretched on 41,313sqm plot of land with a panoramic view of lakes Chamo and Abaya, Haile Resort Arba Minch has three storeys. The resort has 108 guest rooms of different standards, swimming pool, s

Ethiopia Sesame Export Revenue Lowest in Five Years

Sesame-export-ethiopiaOctober 11, 2017 - Ethiopia has earned about 307.5 million dollars from the export of sesame in the past fiscal year - the lowest in five years, reports Ethiopian English weekly Addis Fortune newspaper. Commenting on the issue Ethiopian government officials stated that there would be no further decline. As part of measures to augment revenue from the sector, Ethiopia’s Ministry of Agriculture & Natural Resources (MoANR) plans to uplift the revenue from the export of sesame by 16pc in the current fiscal year.

Most of the problems occurred during the harvest of the seeds, according to Tesfaye Mengiste, state minister of MoANR. The pr


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