Latest Ethiopian News - Business News

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

Ethiopia Plans to Triple Tourism Revenue to 30 Billion Dollars

Ethiopia-TourismOctober 11, 2017 - Ethiopian Ministry of tourism and culture announced its plans to increase the number of tourists visiting Ethiopia to one million. This can enable the nation to generate $29.8 billion income this year, according to the ministry. It has been reported previously that Ethiopia had intended to generate 3 billion dollars from the sector in 2016 but the authorities were forced to revise its targets following the unrest happened in that year. The Ethiopian government now wants to triple this number to 2.5 million each year, making tourism the leading sector in one of Africa's fastest growing economies by 2020.


Ethiopia Aims for 11 Percent Economic Growth in Fiscal Year

Mulatu-Teshome-EthiopiaOctober 10, 2017 - In his opening speech to the Ethiopian parliament, Ethiopian President Dr. Mulatu Teshome disclosed his government’s plan to realize over 11 percent economic growth in the current Ethiopian fiscal year.

According to the Ethiopian president, manufacturing industry, agriculture and foreign trade are among the key areas in the plan. By working on the key sectors effectively, Mulatu said Ethiopia would realize the 11 percent growth, recalling the 10.9 percent growth registered last year despite the drought.
Enhancing the capacity of manufacturing industries in producing value added products and enc

KEFI Mineral Gets Extended Funding for Ethiopia Project

KEFI-Minerals-Extended-Funding-EthiopiaOctober 9, 2017 - KEFI Minerals PLC stated the period between July to September was "exceptionally busy", with extended funding for KEFI's Tulu Kapi Gold Project in Ethiopia.  KEFI said the aim of closing the funding package to be supplied by Oryx Management Ltd by the end of 2017 remains on track.

Oryx has appointed a placing agent for the issue of listed bonds, submitted its draft financing agreement to the Ethiopian authorities for approval and is forming its Finance Special Purpose Vehicle which will be the bond issuer.

These arrangements are intended to reduce the residual capital requirement for d

Chinese Tourist Number Steadily Increasing – Ethiopian Ministry

Chinese-Tourists-EthiopiaSeptember 29, 2017 - Ethiopia received 41,660 Chinese tourists in 2015, up from 35,383 in 2012, stated Kasshaun Ayalew, an expert at Ethiopia Ministry of Culture and Tourism (MoCT).  The Ethiopian expert also said that although Chinese tourist number was lower than those of American and British tourists, the two largest groups of tourists received by Ethiopia, Chinese tourists tended to stay longer and spend more.

Ayalew said despite Ethiopia facing political turbulence in 2015 and 2016, the number of Chinese tourists visiting its attractions had increased in contrast to western tourists.The ministry, however, said hospitality ins

Italy to Help in Textile Industry Development in Ethiopia

Italy-Textile-EthiopiaSeptember 24, 2017 - The Ethiopian Textile Industry Development Institute and the Italian Trade Agency signed a cooperation agreement for the enhancement of textile industry development in Ethiopia. Small, medium and large scale Ethiopian enterprises operating in the textile industry will be the key beneficiaries of the assistance through the 'Italy-Ethiopia textile technology center' project.

The agreement includes 200,000 Euros assistance for technology and equipment dedicated to local training.
General Director of Ethiopian Textile Industry Development Institute Seleshi Lemma said the assistance will hel

Ethiopia’s First Natural Gas Development Project Behind Schedule

Ethiopian-Natural-GasSeptember 23, 2017 - Due to complex negotiations with the Djiboutian government on gas pipeline construction to the port of Djibouti, Ethiopia’s first natural gas development project in the Ogaden basin in Somali Regional State is lagging behind schedule, reports the Ethiopian newspaper The Reporter.

The Chinese firm Poly-GCL signed petroleum development agreement with the then Ethiopian  Ministry of Mines in November 2013 that would enable the company develop the natural gas reserves in the Ogaden basin and prospect for additional oil and gas deposits. Poly-GCL has been undertaking various petroleum exploration and reserve est

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


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