| Ethiopian Tourism Income Hits USD 1.6B in First Half
February 10, 2017 - Ethiopia generated revenues of more than 1.6 billion US dollars from tourism in the first half of this Ethiopian budget year (2016/17), according to ENA report.
A total of 439, 359 foreign tourists visited the country in the reported period, Gezahegn Abate, Public and International Relations Director at Ministry of Culture and Tourism told ENA.
The number of visitors in this first half decreased by 39, 531 tourists, while the revenues declined by 145 million US dollars compared to same period last fiscal year due to the unrest occurred in some parts of the country, he said.
| Ethiopian Exports Fall Short of Expectations
January 30, 2017 - The Ministry of Industry (MoI) reported to parliament that exports of manufactured products only performed half as well as expected over the last six months of the 2016/17 budget year, according to Capital. The nation earned USD 198.5 million in export revenues which is 56.5 percent of Ethiopia’s goal of USD 349 million. Non major export products rose 3.9 percent.
Manufacturing has been expected to be a staple of Ethiopia’s resurgence. Textile and leather products along with agro processed products like meat and dairy are major areas, along with import substitutio
| Corruption and Waste Plagues AA Condo Development - Report
January 30, 2017 - Ethiopian invested billions of birr in construction materials for the 20/80 condos over the last 10 years. However, lack of proper auditing has led to corruption and waste, according to Capital.
Steel bars, cement and bathroom products like toilets have been purchased from many suppliers but no clear auditing has been conducted to indicate which materials were used where, or how many of them were wasted or moved to other places.
According to a source in the Addis Ababa Housing Project Office (AAHPO) the office has been planning an audit but no tangible work has occurred as of yet.
| Ethiopia Inaugrates Omo River Hydro Power Plant
December 16, 2016 - Ethiopia inaugurated on Friday a 1.5-billion-euro ($1.57 billion) hydropower plant along the Omo River in the country's south that will nearly double total electricity output to 4,238 megawatts (MW), according to Reuters.
With a capacity of 1,870 MW, Gilgel Gibe 3 - built by Italian construction firm Salini Impregilo SpA - is expected to boost the Horn of Africa country's nascent manufacturing sector as well as electricity exports to neighbouring nations.
Work on the plant began in 2006 but its completion was delayed partly due to funding constraints. In the end, China's Export-Import Bank stepped in to fund 60 p
| Unrest Threatens Ethiopian Airlines Success Story
December 12, 2016 - Ethiopia, indelibly linked with images of grinding poverty and famine, has quietly built one of Africa’s rare corporate success stories with the continent’s only consistently profitable airline shuttling passengers from around the world through its hub in Addis Ababa, reports Bloomberg.
Yet just as state-owned Ethiopian Airlines starts to vie with the likes of Dubai-based Emirates, outbreaks of violence around ethnic and human-rights protests have claimed an estimated 500 lives since June, threatening to deter travelers and undermining the political stability that helped it flourish. It’s also grappling with the
| Huawei, CET to Build Intelligent Power Grid in Ethiopia
December 12, 2016 - Chinese telecom giant Huawei and China Electric Power Equipment and Technology (CET) have signed a Memorandum of Understanding (MoU) with the Ethiopian Electric Utility to build better connected intelligent grid in Ethiopia.
As part of the agreement inked on Tuesday in Ethiopia’s capital Addis Ababa, the two Chinese companies will share their experiences with the EEU, and help the East African country build a smart grid system.
The two Chinese companies also made a donation to the EEU of a smart power distribution pilot project, which will be tested and verified so as to check its competence in the Ethiopian context.
| Ethiopia Vows to Protect Foreign Companies
October 26, 2016 - Ian Derry was shocked when he got the news. A group of men had ransacked his company’s factory and burned down several buildings. A decade of work, tonnes of produce, tens of millions of dollars invested in equipment – it was all gone in the span of a few hours.
Derry is the director of africaJUICE, a Dutch company whose fruit processing plant in Ethiopia was one of almost a dozen factories attacked during the most recent outburst of protests by the Oromo ethnic group. Now foreign agri-businesses like his face a tough choice: stay, despite the risk, or leave and lose their investment.
| A Joyous Day in East Africa as the Ethiopia-Djibouti Rail Connection Is Inaugurated
Oct. 10, 2016 — Railway Gazette reports today on the inauguration of the 756-kilometer standard-gauge Chinese-built railway linking Ethiopia with Djibouti. Ethiopia’s Prime Minister Hailemariam Desalegn and Djibouti President Ismail Omar Guelleh officially inaugurated the linking of t
| Ethiopia to overtake Kenya as Eastern Africa’s top economy
October 10, 2016 - Ethiopia’s economy is expected to overtake Kenya’s this year, buoyed by massive government spending on infrastructure that has kept the Horn of Africa nation on the list of the world’s fastest-growing economies in the past 10 years.
The International Monetary Fund’s (IMF) latest statistical estimates indicate that Ethiopia’s gross domestic product (GDP) is forecast to grow from 61.62 billion US dollars in 2015 to 69.21 billion US dollars th
| Ethiopia Losing Foreign-Investment Appeal as Attacks Spread
October 10, 2016 - Ethiopia’s attraction as a favorite new destination for foreign investors is fast dissipating as businesses owned by Nigerian billionaire Aliko Dangote and Dutch fruit processors come under attack in growing political unrest.
The government declared a six-month state of emergency Sunday to deal with the violence accompanying protests by ethnic Oromo and
| Ethiopian Horticulture Exporters Eye Seoul Market
June 20, 2013 - Ethiopian vegetable and fruit exporters are considering expanding into the South Korean market, with the launch of direct flights to Seoul by Ethiopian Airlines, according to Capital. The export market for Ethiopian produce is currently limited to Europe and the Middle East, while there is huge demand in other parts of the world.
Direct flights between Addis Ababa and the Korean capital are scheduled to begin tomorrow, Monday 17th of June. Market experts see it as a great opportunity for Ethiopian exporters.
| Ethiopian Economy to Grow 6.5% This Year, Projects IMF
May 13, 2013 - The International Monetary Fund (IMF) projected that Ethiopia’s Gross Domestic Product (GDP) will grow around 6.5 percent for 2013/14 with inflation continuing its downward trend, contesting the government’s official projection of 11.4 percent, according to Capital.
The report entitled ‘Regional Economic Outlook: Sub-Saharan Africa - Building Momentum in a Multi-Speed World’ was released this week at the headquarters of the IMF Ethiopia regional office.
The report states that with 5 percent growth in 20
| Ethiopia to Resume Tantalum Production
May 17, 2013 - Ethiopian Minerals Development Enterprise (EMDE) recently asked its board of directors and the Privatisation and Public Enterprises Supervisory Agency permission to resume production and export of tantalum concentrate from its Kenticha tantalum mine, according to the Reporter.
| Ethiopian Airlines Seeks Compensation for Dreamliner Grounding
May 8, 2013 —The chief executive of Ethiopian Airlines said May 7 that his company will seek compensation from Boeing for the grounding of its 787 Dreamliner planes, according to media reports.
Tewolde Gebremariam told The Associated Press that his company will soon start discussions with Boeing over compensation.
A Boeing spokesman, Daniel Mosely, said the company has been in close communication with its customers regarding compensation since January, when Dreamliners around the world were grounded because of overheating lithium batt
| Ethiopian Becomes First Carrier to Resume Dreamliner Flight
| Chinese Company to Build Transmission Lines for Grand Dam
April 26, 2013 - Ethiopia signed a contract Friday worth nearly $1 billion with a Chinese energy company to build two transmission lines linking the country's largest dam to the country's central power grid. The Ethiopian Electric Power Corporation (EEPCo) signed the deal with China Electric Power Equipment and Technology Company (CET) in the Ethiopian capital.
The three-year project, which will be fully funded by the Export-Import Bank of China, will start immediately. EEPCo's CEO said the deal was a major step for Ethiopia's energy sector. "This is another milestone in (realising) Ethiopia's development objectiv
| Singapore Business Delegation Visits Ethiopia
April 17, 2013 - A Singapore business delegation visited Ethiopia with the aim of assessing investment opportunities in the country, according top Capital.
At a press conference held on Tuesday, the business delegation along with the Ethiopian Chamber of Commerce and Sectoral Associations (ECCSA), discussed several investment opportunities which would benefit both countries. “We haven’t exactly pinpointed specific areas where we will have investment agreements, but there are companies willing to invest in the areas the Ethiopian government is promoting such as Agro-processi
| Ethiopian Hopes to Be the First Indigenous Oil Explorer
April 8, 2013 - - Tewedros Ashenafi hopes his Ethiopian exploration outfit will become the first indigenous company to make a basin-opening discovery in sub-Saharan Africa's 21st Century oil and gas boom, according to Reuters.
His privately-held SouthWest Energy holds 46,000 square kilometres of exploration acreage amounting to almost 4 percent of the vast, land-locked east African country.
It is looking to drill three wells in 2013 and 2014 in its Jijiga basin blocks on Ethiopia's border with Somalia in
| Ethiopian Airlines to Construct Cargo Storage Costing USD 200m
March 19, 2013 - Ethiopian Airlines is to construct cargo storage and work area facility for both dry and perishable goods at a cost of up to USD 200 million, reports Capital. In addition, on March 9, the airline inaugurated a new warehouse for perishable goods that can accommodate four aircrafts’ cargo simultaneously, at a cost of 75 million birr.
The new warehouse covers a total area of 3,700 sqm and is built in line with the highest international standard making Addis Ababa a major cargo hub. This warehouse has a controlled temperature ranging from 2 to 4 degree centi
| Ethiopia to Supply Power to Five East African Countries
December 23, 2012 - Five East African countries are expected to become beneficiaries of the Eastern Electricity Highway project which is expected to see these countries using Ethiopia’s surplus electric power for their domestic uses, reports Capital. The five countries expected to be connected in this power pool are Kenya, Burundi, Tanzania, Uganda and Rwanda.
This was revealed at the occasion of the USD 243 million loan agreement signed on December 14 between the Ethiopian government and the World Bank for the financing of a section of Eastern Electricity Highway