Latest Ethiopian News - Business

Ethiopian Tourism Sector Challenges But Promising

Ethiopian-TourismFebruary 18, 2017 - In the midst of challenges faced by the tourism industry in the country, Ethiopia attracted 800,000 visitors last year, earning the country much-needed foreign exchange of USD 5.6 billion, according to the Reporter. This is decreased number from 2015 when the country hosted 900,000 tourists, the report indicated.

Jumia Travel, an online hotel-booking site, released its annual tourism report on Ethiopia at the Golden Tulip Hotel on Thursday, February 16th. The report highlighted challenges and achievements of the tourism industry in Ethiopia.

"Even though the challenges are many, prospects for the future are ins

Ethiopian Ministry Licenses Indian Mining Company

Ministry-licenses-indian-mining-coFebruary 17, 2017 - The Ministry of Mines, Petroleum and Natural Gas issued a license to MSP Steel & Power Ltd., an India-based company, in small scale mining production in Oromia regional state.

The Ministry licensed the company to engage in the extraction of minerals in West Arsi Zone of Oromia regional state for a period of 10 years, the Ministry told ENA.

According to the contract agreement, the company is expected to extract 1.5 million kilo grams of magnetite and Ilmenite on an area of 10.2429 square meters.

The license can be renewed for a period of not more than 5 years upon the request

French Multinational Hotel Group to Open Three Hotels in Ethiopia by 2021

Accor-Hotels-to-enter-ethiopiaFebruary 16, 2017 - French multinational hotel group and Europe's largest operator, AccorHotels, will open three hotels in Ethiopia by 2021, becoming the latest international chain to tap into the growing business and tourism sectors in the country, according to Reuters.

Looking to counter subdued growth in Europe, AccorHotels and others have been expanding in emerging markets such as Ethiopia, where visitor numbers have been rising by more than 10 percent a year for the past decade, albeit from a very low base.

The Horn of Africa country is the continent's second most populous nation and has one of the fast

Foreign Investment in Ethiopia Declines Following Unrest

FDI-ethiopia-declinesFebruary 15, 2017 - Foreign direct investment in Ethiopia dropped by 20 percent in the first half of the country’s fiscal year after violent anti-government protests in which foreign-owned businesses were targeted, according to Bloomberg.

The country attracted $1.2 billion in the six months through the end of December, compared with $1.5 billion in the same period a year earlier, Fitsum Arega, commissioner of the Ethiopian Investment Commission, said in a phone interview Monday from the capital, Addis Ababa. He said the government may miss its annual target of $3.5 billion, with $3.2 billion more likely to be attainable.

The gov

Dangote Plans to Expand Investments in Ethiopia

Dangote-to-expand-investments-ethiopiaFebruary 13, 2017 - The richest man in Africa, Aliko Dangote, is planning to invest in the Sugar industry in Ethiopia, according to the Reporter.

The Ethiopian government has invited the Nigerian business tycoon to invest in the sugar manufacturing sector. Dangote Industries has built the biggest cement factory in East Africa in Ethiopia that started production in June 2015.

Deep Kamara, managing director Dangote Industries Ethiopia, told The Reporter that in a recent discussion between Prime Minister Hailemaraim Dessalegn and Aliko Dangote investment in the sugar sector was a point of discussion. “While they were discussing

Ethiopia Gets USD 1.2B Foreign Direct Investment in First Half

Ethiopia-gets-1.2B-FDIFebruary 12, 2017 - Ethiopia attracted 1.2B US dollars in foreign direct investments (FDI) in the first half this budget year, the Ethiopian Investment Commission (EIC) said, according to ENA.

FDI inflows in the first half showed a slight reduction compared to the same period last year, Fitsum Arega, Commissioner of EIC told ENA.

The country targeted to attract FDI worth close to 3.5 billion US dollars in this Ethiopian fiscal year (2016/17), according to the Commissioner.

Fitsum further said the government has given over 100 million birr financial support for horticulture companies affected by the recent unrest in Oromia

Ethiopian Airlines Gets Record Profit of 6B Birr

Ethiopian-gets-6B-birr-profitFebruary 11, 2017 - Ethiopian Airlines made a record high net profit of six billion birr (273 million dollars) in the 2015-2016 fiscal year ending June 2016, according to the Reporter.

Ethiopian Airlines Group CEO Tewolde Gebremariam told The Reporter in an exclusive interview that the airline registered record high operating revenue of 55 billion birr and a net profit of six billion birr. The revenue increased by 10.3 percent while net profit has shown a whopping increase of 70 percent.  In the 2014-2015 fiscal year, the airline made 49.4 billion birr revenue and a net profit of 3.5 billion birr.<

Qata Investors Planning Real Estate Development in Ethiopia

Qatar-investors-starting-real-estate-developmentFebruary 10, 2017 - A Qatari investor has expressed interest to engage in real estate development in Ethiopia during the discussion held with Prime Minister Hailemariam Dessalegn, according to ENA.

Sheik Dr. Khalid Thani Al-Thani, Chairman of the Ezdan Holding Group said “we are doing big projects here in Ethiopia. I hope by April (2017) we will be announcing the size and the project that will be built in downtown.”

Disclosing the type of investment, the Chairperson said, “It is like a shopping center, five-star hotel and some accommodations.”

The premier assured the investors

Companies to Launch $850 Million Hydroelectric Power Project

Companies-launching-hydro-projectFebruary 6, 2017 - President Mulatu Teshome said his government would provide all the necessary support for investors that engage in power generation, according to FBC.
 
The President made the pledge upon holding discussion with a delegation from Globeleq and Contingent companies at the National Palace today.

He assured members of the delegation that Ethiopia would support all investors, including the Globeleq and Contingent British companies, which engage in power generation in the country.

A member of the delegation and Cambridge Industries Limited Corporate Affairs and General Counselor,

Ethiopia to Spend 5B Birr Building Two Textile Parks

Ethiopia-to-build-two-textile-parksJanuary 28, 2017 - Ethiopia will build two new industrial parks for the textile and garment industry, according to Wlata. The Industrial Parks Development Corporation (IPDC) of Ethiopia has awarded construction of these parks to Chinese firms.

CGCOC will construct the Bole Lemi II industrial park, an extension of the Bole Lemi I, while CCCC will build the Jimma industrial park.

The Bole Lemi II Industrial Park will be constructed at a cost of 3.5 billion birr in southern part of Addis Ababa. IPDC has selected CGCOC to undertake the construction which will take 12 months, while the South Korean firm DOHWA w

Global Brands Showing Interest in Ethiopian Shoe Industry

shoe-business-in-ethiopia-thrivingJanuary 28, 2017 - Ethiopian shoemakers are propping up business relationships with renowned international brands that are eyeing to source bulks of shipments from Ethiopia, according to the Reporter.

Wondu Legesse, director general of the Leather Industry Development Institute (TIDI) told The Reporter that in an effort to upscale the marketability of the country’s footwear products, the institute under the guidance of the Ministry of Industry has collaborated with Made by Ethiopia, a local firm formed by a group of leather and footwear manufacturers, to launch a massive marketing campaign to prom

Ethiopia to Spend Over 5 Billion Birr on Road Projects

Ethiopia-to-spend-over-5B-on-RoadsJanuary 26, 2017 - Ethiopian Roads Authority (ERA) has signed over five billion birr road construction and upgrading agreements with local and international contractors today, according to ENA.

Director-General of Ethiopian Roads Authority, Araya Girmay, signed the agreements with Ethiopian, Chinese and Russian contractors.

During the occasion, the director-general said that the 357kms roads to be constructed and upgraded are in Oromia, Somali, Southern Nations Nationalities and Peoples, and Benishangul-Gumuz regional states.

The projects will connect rural areas with regional cities and towns, it was indica

Chinese Governor Held Talks with Ethiopian Officials

Chinese-Governor-to-Invest-Industry-ParkJanuary 24, 2017 - A delegation led by the governor of Guangdong Province Zhu Xiao Dan has met with top government officials, according to Capital.

The companies who accompanied the governor have agreed to invest in the Huajian Group Industry Park that came from Guangdong, which is the leading GDP contributor for China.

Currently the construction of the industrial park is being undertaken by the Chinese contractor CCCC and will accommodate up to 50,000 employees.

The light manufacturing industrial park now has 11 enterprises, that signed deals on Thursday September 1 at a conference held at the H

Chinese Companies Awarded Construction of Industry Parks in Ethiopia

Ethiopia-awards-construction-industry-park-chinese-firmJanuary 21, 2017 - The Ethiopian Industrial Parks Development Corporation (IPDC) awarded the construction of three industrial parks in Addis Ababa and Jimma at a ceremony, which was held at Sheraton Addis, to three Chinese construction firms, according to the Reporter. The total cost of the project is a staggering 10.5 billion birr.

IPDC will construct the Bole Lemi II Industrial Park, the extension of Bole Lemi I at a cost of 3.5 billion birr in southern part of Addis Ababa. Bole Lemi II is dedicated for textile and garment industry. The corporation has selected CGCOC to undertake the construction which will take 12

Ethiopian Airlines to Open 7 New Destinations in 2017

Ethiopian-airlines-to-open-7-new-destinationsJanuary 18, 2017 - Ethiopian Airlines has announced that it has planned to launch seven new destinations within five months in 2017, of which three are in Africa, a press release issued by the Airline indicated, according to ENA report.

Ethiopia will launch new service to Victoria Falls (Zimbabwe), Antananarivo (Madagascar), Conakry (Guinea), Oslo (Norway), Chengdu (China), Jakarta (Indonesia) and Singapore (Singapore).

In addition to these stations, Ethiopian would have services from Addis Ababa to 98 different international cities located across the world.

Group CEO Ethiopian Air

Capital Inadequacy of Commerical Bank of Ethiopia Alarms Government

CBE-capital-inadequacy-shocks-ethiopian-governmentJanuary 17, 2017 - A shocking decline of the Capital Adequacy Ratio (CAR) at the largest state-owned bank, Commercial Bank of Ethiopia (CBE) – currently at the lowest critical level of four percent – has prompted the government to deposit a security bond worth 26.5 billion birr, according to Reporter.

The security bond is intended to raise the bank's paid up capital. In a bid to apply it quickly, the government has tabled a draft proclamation on Tuesday before the House of People’s Representatives (HPR). The bill proposes an issuance of the security bond worth 26.5 billion birr. If approv

Ethiopia Considering Partial Privatization for Shipping Enterprise - PM

Ethiopia-considering-selling-shipping-enterpriseJanuary 17, 2017 - During  his latest press conference Prime Minister Hailemariam Desalegn confirmed that his government is in the process of selling shares of the Ethiopian Shipping and Logistics Services Enterprise (ESLSE), which is the only state run company that owns commercial boats in Africa, to an undisclosed company, according to Capital.

The PM explained that  the costs of inland transportation out way the costs of transportation by sea because of logistical issues and the cost of moving freight in Ethiopia.  He pointed out that, “the newly inaugurated

Ethiopian Premier Accuses Allana Potash of Tax Evasion

Ethiopia-pm-accuses-allana-potash-of-tax-evasionJanuary 16, 2017 - Prime Minister Hailemariam Dessalegn on Monday accused Allana Potash, the Canadian company which was engaged in potash mineral exploration and development project in the Afar Regional State, of tax evasion, according to Reporter.

In a press conference held in his office on Monday morning Prime Minister Hailemariam was asked about the state of the Ethiopian mining sector and the exit of prominent mining companies such as Allana Potash and Israel Chemicals Ltd (ICL).

Hailemariam said that the case of Allana was related to tax evasion. “Allana owes the Ethiopian government some two billion birr

Cars Too Expensive in Ethiopia

cars-too-expensive-in-ethiopiaJanuary 16, 2017 - Owning a car for many Ethiopians - even those with ready cash to spend in one of the world's fastest-growing economies - remains a pipe dream.

"I have been saving for nearly four years now, and I still can't afford to buy even the cheapest vehicle here," a frustrated Girma Desalegn tells me.

He has been shopping around for a whole week in capital, Addis Ababa, and has still not found an affordable car.

He is looking to buy a second-hand car imported from the Gulf states or Europe - but even they are prohibitively expensive because the government classifies cars as luxury goods

Ethiopia Forms Committee to Combat Black Market Currency Trading

ethiopia-to-combat-currency-black-marketJanuary 13, 2017 - The government formed a special committee under the Prime Minister’s Office to combat the currency trading on the black market and outflow of hard currency from the country, according to Capital.

The Financial Intelligence Centre (FIC), which is the monetary intelligence unit established under the ‘Prevention and Suppression of Money Laundering and Financing of Terrorism’ proclamation conducted a study about illegal money transfer which is considered to be the major activity on the black market.

Beside illegal transfers, expats who receive their salary in hard currency and foreigners who come

12345678910...

Archived News

No News to show