Latest Ethiopian News - Business News

Ethiopia Launches Tax Research Network

Ethiopian-Tax-Research-NetworkSeptember 20, 2017 - The Ethiopian Tax Research Network (ETRN) was officially launched today by the International Centre for Tax and Development (ICTD) with funding from the Bill and Melinda Gates Foundation, reports FBC. The Network comprises the Ethiopian Ministry of Finance and Economic Cooperation, Ethiopian Revenues and Customs Authority, Ethiopian Civil Service University, Ethiopian Development Research Institute and UK’s Department for International Development (DFID) as members.

The Network is aimed at supporting the exchange of tax knowledge in Ethiopia, with stakeholders including tax practitioners and researc

France, Ethiopia Sign $70.5 Million Grant Loan Agreement

Addis-Ababa-Abattoirs-EnterpriseSeptember 14, 2017 - Ethiopia and France signed a 70.5 million loan and grant agreement to support the relocation and expansion of Addis Ababa Abattoirs Enterprise, one of the largest abattoirs (slaughterhouses) in Ethiopia, reports Ethiopian News Agency.

The agreement was signed by Finance and Economic Cooperation State Minister Admasu Nebebe and France's Ambassador to Ethiopia Frederic Bontems.

During the agreement ceremony, the Ethiopian State Minister Admasu said the agreement aims at providing standard abattoirs service for both Ethiopian and international markets by relocating and modernizing Addis Aba

Ethiopian Meat Industry Attracting Global Players – Government

Ethiopia-meat-exportsSeptember 12, 2017 - Ethiopia’s meat industry has been attracting new investors from various countries, reports ENA. The sector has been steadily growing and domestic and foreign investors are showing interest, according to the Ethiopian Meat and Dairy Industry Development Institute. The performance of the sector during the first two year of the Ethiopian GTP-II – the second five-year development plan- the country has obtained  207.4 million USD from the planned 266 million USD.

Currently, companies from China, India, France and Pakistan are engaged in the sector mainly meat processing. Some 12 modern abattoirs includ

Ethiopian Insurance Corporation to Build 1.2 Billion Birr HQ

Ethiopian-Insurance-CorporationSeptember 12, 2017 - The Ethiopian Insurance Corporation (EIC), the giant insurer in the country, has finalized preparations to construct two multipurpose buildings with a cost of 1.2 billion Br. The two buildings are expected to accommodate the entire corporation’s staff working in the East District. The Ethiopian Insurance giant has already completed the design of the nine-story buildings. The multipurpose buildings will have shops, residences and offices.

EIC has been struggling to clear the land for the past ten years. Currently, it has started conducting soil tests."Although we leased the land a decade ago,

Ethiopian Airlines Enjoys Record Profits

Tewelde-Gebremariam-Ethiopian-AirlinesSeptember 8, 2017 - The Ethiopian flag carrier, Ethiopian Airlines, significantly increased its profit for 2016, buoyed by 18 percent jump in passenger numbers.

Ethiopian’s revenue for 2016 came out to $261.9 million, significantly up from $150.9 million the previous year. However, despite the success, the Ethiopian chief executive officer Tewolde Gebremariam says that more could have been achieved had it not been for the high currency fluctuations, leaving more than $220 million from Ethiopians stuck in several African countries that had forex challenges.

Ethiopian booked a currency loss of $18.1

Ethiopian Commodity Exchange CEO Resigns

ECX-CEO-ResignsSeptember 2, 2017 - Ermias Eshetu, the CEO of the Ethiopian Commodity Exchange (ECX), has tendered his resignation letter to the board of directors of the trading enterprise, according to the Ethiopian English weekly newspaper the Reporter.

The resignation of Ermias stunned many as it came at a time when the CEO was attempting to restructure the Ethiopian Commodity Exchange and introduce new trading services and working procedures. Though the resignation of the CEO is not yet made public, however, the newspaper reported that the board of directors of ECX is holding an in-depth evaluation on the executive management including the CEO. Sourc

Ethiopian Airlines Signs Up for Sabre Passenger Reservations Technology Solution

Ethiopian-signup-SabreAugust 31, 2017 – Africa’s largest airline group, Ethiopian Airlines, has renewed its passenger reservations system with global travel technology provider, Sabre Corporation, according to press release sent by the airline. The airline also signed up for a suite of new technology solutions to support its continued growth as a world-class carrier. 

Ethiopian Airlines has been using Sabre’s technology for its core reservations, network planning and e-commerce since 2005. Despite the daunting challenges in African aviation, Ethiopian Airlines has continued with thriving successes and has become the leading aviation group in Afric

Ethiopian Airlines Adding New Destinations in China

Ethiopian-Airlines-expanding-service-ChinaAugust 26, 2017 - Ethiopian Airlines is finalizing feasibility studies on Shenzhen in south, Chongqing in the west, and Zhengzhou in Central China as its next destinations, according to Ethiopian News Agency.  As the China-Africa relationship continues to grow, fueled by the Belt and Road Initiative, Ethiopian Airlines is planning to add more routes to China in the near future.

Currently, Ethiopian serves 56 cities in Africa and the new routes would connect them with the world's second largest economy and Africa's biggest trade and investment partner. Ethiopian and Chinese governments are al

Ethiopian Airlines Becomes Springboard for Ethiopian Tourism

Ethiopian-Airlines-TourismAugust 17, 2017 - Following the opening of several international routes by Ethiopian airlines, tourist arrivals in Ethiopia in 2017 could reach 918,010, a 5.7 percent increase over 868,780 registered in 2016.

According to a report released by British accounting watchdog PricewaterhouseCoopers (PwC), the international routes opened by the national Air carrier Ethiopian Airlines (ET) contribute to the projected growth of Ethiopia’s tourism sector. With a view to boost tourist arrivals in Ethiopia and increase the Ethiopian’s domestic and international routes, Addis Ababa Bole International Airport is undergoi

Ethiopian Airlines Refits Boeing 767-300Rs

Ethiopian-767-300ERsAugust 15, 2017 - The Ethiopian flag carrier, Ethiopian Airlines Group, refurbished its Boeing 767-300ERs with new seating and in-flight entertainment systems. Ethiopian Airlines has six 767-300ERs, which it uses on Indian, Middle Eastern and African routes. The aircrafts have been fitted with new flat-bed seats in a 2-2-2 configuration in its Cloud Nine business cabin, high-resolution 17-inch screens and in-seat power outlets, together with improved lighting.

Passengers in the main cabin will have new seats and multiple channels of inflight audio and video entertainment accessible with their personal electronic devices.The improvements were ess

Ethiopia’s Textile and Garment Exports Remain Disappointing

Textile-exports-dissappointingAugust 13, 2017 - Ethiopia's textile and Garment sector export revenue during the Ethiopian Fiscal Year 2016/17 that ended on July 8 only achieved a third of planned revenue. Ethiopia earned 89.3 million US dollars out of a planned 271 million US dollars during the previous Ethiopian fiscal Year. Despite this performance, Ethiopia has plans to become the top textile manufacturing country in Africa. 

According to Assefa Tesfaye, Corporate Communications Director at Ethiopia Ministry of Industry (MoI) , insufficient supply of manufacturing inputs, delay in commissioning of several industries contri

Ethiopia’s Manufacturing Sector Performs Below Expectations

Ethiopian-Manufacturing-disappointsAugust 9, 2017 - The Ethiopian Ministry of Industry announced that it has been able to achieve only 47.8percent of its plan to earn 913.66 million U.S. dollars from the manufacturing sector in the last Ethiopian Fiscal Year (EFY) 2016/17. As part of its economical structure transformation, the government of Ethiopia has given a due emphasis to the manufacturing sector. However, the sector has continued to be a big source of disappointment to the Ethiopian government, according to the report.      

Despite  a lot of buzzes that Ethiopia will become the manufacturing hub of Africa, A

Dangote Cement Suspends Operations

Dangote-cement-ceases-operationAugust 5, 2017 - Dangote Cement, Ethiopia's largest cement manufacturing factory, has suspended some operations after its manpower supplying agency’s business license was revoked by the Oromia Regional State, according to the Reporter.

Dangote Cement factory mining and packaging operations suspended work and stopped supplying cement to its customer as of yesterday. A local employment firm called EZE Engineering has a three year contract to deploy workforce and manage mining and cement packaging operations. EZE has deployed 400 employees and has been managing certain operations in the packaging and mining operations.


Addis Ababa to Host Finnovation Africa Event

FinnovationAugust 2, 2017 - The Ethiopian capital, Addis Ababa, will host the finnovation Africa Event, which is scheduled to be held on November 3, 2017. The event aims at connecting startup entrepreneurs with investors and banks.

The event aims to address most pressing questions for the progress of fintech and the positive and profitable transformation of banking in Ethiopia and in Africa at large, providing a platform for stakeholders to engage in creating the future of financial services on the continent.

Speakers at the event include Barclays Africa group chief creation officer Yasaman Hadjibashi, Omidyar Network investments principal Ameya Upadhyay and Ne

Dangote Reports Highest Sales in Ethiopia; Senegal Second

Dangote-reports-highest-cement-salesAugust 1, 2017 - Despite disagreements with Ethiopian government officials, Dangote group reported that Ethiopia has emerged as the leading African nation in terms of consuming its cement products.  According to unaudited results of the company, for the period spanning January to June 2017, Ethiopia took in a total of 1.1 million metric tons of Dangote Cement, with the second African country being Senegal where 0.6 million metric tons of the product was sold.

Dangote’s cement plant in Ethiopia is one of the newest cement manufacturing plants in Ethiopia.  However, the Nigerian ce

Ethiopian Airlines Adds Bahrain to Its Line

Ethiopian-adds-BahrainJuly 29, 2017 - Ethiopian Airlines announced its plan of commencing flights to Bahrain by Mid August. “With the flourishing trade relations between Ethiopia and the Gulf countries, availability of efficient air transport services will surely play great roles in ensuring easy movement of people and import/export items,” said Tewolde GebreMariam, the Ethiopian CEO.

Tewolde further explained that the Ethiopian presence in Bahrain dates back to the 1970’s, and are now the airlines is back with scheduled thrice weekly flights. Currently, Ethiopian flies to major cities in the Middle East, including: Beirut, Dammam, Doha, Jeddah, K

Ethiopia Earns 104M USD from Dairy, Meat Exports

Ethiopia-meat-exportsJuly 26, 2017 - Ethiopia earned 104 million dollars from meat, honey, wax, fodder products, and milk and dairy exports during the recently ended fiscal year, the Ethiopian Meat & Dairy Industry Development Institute reported. During the year, the total export amount was 20,525 ton of meat and dairy products. In 2016, Ethiopia had exported a total of 19,892 ton of meat and dairy products and generated 102 million dollars.

Ethiopia is known for its huge amount of cattle resources in the world, having 57 million cattle, 29.33 million sheep, 29.11 million goats, 1.16 million camels, and 56.87 million chickens.

Currently, in

Ethiopia Sets $US30 Billion Textile Export Target for 2030

Ethiopia-Sets-Lofty-textile-targetJuly 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 wh

Ethiopian Airlines Taking Over Nigerian Market

Ethiopian-Winning-Nigeria-MarketJuly 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

Ethiopia’s Coffee Export Registers 20Pc Growth

Coffee-export-grows-20pcJuly 18, 2017 - One of Africa's largest coffee producers, Ethiopia announced a 20pct boost in its coffee export during the past three months. The Ethiopian Coffee and Tea Development and Marketing Authority hailed the performance as "a very great achievement" compared to the previous years' performance, in which the quantity of coffee product exported has grown up by 11.5 percent while the income generated from coffee export has increased by 20 percent.

Germany, Saudi Arabia, the United States, Belgium, Sudan and South Korea are amongst of the top importers of the Ethiopia.

The authority has introduced va


Archived News

No News to show