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Latest Ethiopian News - Business

Ethiopia to Build Four New Industry Parks

Ethiopia-4-industry-parksSeptember 4, 2018 - Ethiopia announced plans to build four industrial parks by the end of the year, according to Ethiopian Investment Commission.

Belachew Mekuria, the commissioner of the Ethiopia Investment Commission, said the government expects to start building parks at Jimma, Adama, Arerti, and Dire Dawa, reports Xinhua, China’s state news agency.

According to the report, parks in Jimma and Arerti are expected to be built by China Communications Construction Company (CCCC), and Dire Dawa and Adama Industrial Parks by China Civil Engineering Construction Corporation (CCECC).

According to the plan, Arerti I

Ethiopian Police Raids Shops for Illegal Currency Trade

By Staff Reporter

Black-market-raid-addis-ababaAugust 28, 2018 - The government of Ethiopia has closed more than 100 businesses which were allegedly involved in black foreign exchange market in the busiest commercial area around National Theater in the capital city, Addis Ababa.

The closure was carried out with the assistance of members of the federal police who seized tens of thousands of Birr, Dollar and other currency notes following unannounced search raid. They searched pockets, safe boxes and drawers of shop keeprs and owners who were normally licensed to sell ready made clothes.

The government in Addis Ababa led by D

METEC Terminated from Ethiopian Grand Dam Project

METEC-Ethiopia-GERD-TermintedAugust 27, 2018 - The Ethiopian government has terminated the Ethiopian military-affiliated Metals and Engineering Corporation (METEC) from the Grand Ethiopian Renaissance Dam (GERD) project due to numerous delays in completing the project.

During the first press conference he held since he was elected Prime Minister, Dr. Abiy Ahmed had complained about the delay METEC has caused on the project, leading Salini Impregilo, the main contractor for the project, to demand extra compensation for the delays.

METEC was the contractor for the electromechanical and hydraulic steel structure divisions of the project. The Prime M

Ethiopia Seizes Over One Billion Birr Worth of Contraband Last Year

By Staff Reporter

Coffee-Contraband-EthiopiaAugust 24, 2018 - The Ethiopian Revenue and Customs Authority seized over 1 billion Birr worth of contraband goods as they were being smuggled into and out of the country during the past Ethiopian fiscal year.

In a briefing on Friday, Communication Director of the Authority, Ephrem Mekonnen said 827.4 million worth of the contraband goods were seized while they were smuggled into the country.

Further, 179 million Birr worth of the contraband goods were captured as they were smuggled out of the country via the porous border.

The incoming contraband goods include clothes, different c

Azeb Asnake Sacked as CEO of Ethiopian Electric Power

Azeb-Asnake-sackedAugust 23, 2018 - Reports indicate that Azeb Asnake, Chief Executive Officer (CEO) of the Ethiopian Electric Power (EEP), has been relieved of her duties as CEO.

She was replaced by Dr. Abrham Belay, former Deputy Director General of Information Network Security Agency (INSA), according to information released by Misker Negash, EEP’s external relations director.

No reason was given for the dismissal or the manner in which it took place. It is well known that the new leaders of Ethiopia are unhappy by the progress of big projects such as the Ethiopia's Grand Renaissance Dam. Also there has been allegations of rampant corruption wi

Foreign Direct Investment to Ethiopia Reached 4.1 Billion USD Last Year

By Staff Reporter

FDI-Inflow-EthiopiaAugust 22, 2018 - Ethiopia attracted more than $4 billion foreign direct investment (FDI) during the last Ethiopian fiscal year which ended on July 8, 2018.

In a presser on Wednesday, Meles Alem, spokesperson for the country’s Ministry of Foreign Affairs, said the nation had managed to attract 156 big companies during the year with a combined capital of over $4.1 billion.

Despite continued unrest and poor metrics for doing business in Ethiopia, including severe government red tape, FDI inflow to the country has accelerated in recent years, making Ethiopia one of the top performing African countries

Oil Companies Evacuate Personnel from Ethiopian Somali Region

Oil-Companies-EthiopiaAugust 11, 2018 - Oil companies engaged in exploration projects in Ethiopian Somali region have evacuated their staff to Addis Ababa, according to the Reporter.

This follows the deteriorating security situation in the region where conflict erupted in the regional capital, Jigjiga, and other places. Civilians have been killed and houses, business establishment and churches have been looted and torched in Jigjiga and other small towns in the region.

According to the Reporter, Poly GCL Petroleum Investments, the Chinese company engaged in oil and gas exploration and development projects in the Ogaden basin, has evacuate

Ethiopian Airlines Reports Soaring Profits

By Staff Reporter

Ethiopian-Record-ProfitsEthiopian Airlines has earned record high net profit of 6.87 billion Birr ($229 million) during the past Ethiopian fiscal year which ended on July 8, 2018.

Group CEO of the Ethiopian Airlines Tewolde Gebremariam in a briefing on Friday said the national carrier has managed to register historical success in financial, commercial, operational and customer service sectors.

The Flag carrier has transported 10.6 million passengers in the reported period, up by 21 percent from the total number of passengers it carried in the previous fiscal year. Domestic passengers to 20 destinations constituted 1.6 m

Ethiopian Airlines Rolls Out Stopover Packages to Promote Tourism

Ethiopian-Tourism-PackageAugust 3, 2018 - Ethiopian Airlines announced that it is rolling out travel package where travelers can spend time discovering Ethiopia as part of their travel itinerary. Best of all, according to the press release sent to Ezega, there is no additional cost for trip interruption. Here follows the full text of the press release.

"Ethiopian Airlines, the largest Aviation Group in Africa and SKYTRAX certified Four Star Global Airline, is pleased to announce that, starting from August 1, 2018, it has rolled out stopover packages without any additional airfare that cater for all leisure needs with a view to promote tourism into Ethiopia.&quo

Ethiopian Airlines Wins SKYTRAX Best Airline in Africa Award

Ethiopian-Airlines-AwardJuly 19, 2018 - Ethiopian Airlines, the largest Aviation Group in Africa and SKYTRAX certified Four Star Global Airline, is pleased to announce that it has won SKYTRAX World Airline Award for the Best Airline in Africa for second successive year, according to press release sent to Ezega.com.

According to the statement, Skytrax is the most respected global air transport rating organization that conducts the world’s largest annual airline passenger satisfaction survey where customers make their own personal choices as to which airline they consider to be the best.

Group CEO Ethiopian Airlines, Mr. Tewolde GebreMar

Ethiopian Government Considers Taking Measures Against Currency Black Market

By Staff Reporter

Ethiopia-Black-MarketJuly 13, 2018 - The government of Ethiopia is considering taking measures against those individuals who are involved in dollar exchange in a black market, sources disclosed to Ezega.

The move comes after the country’s new Prime Minister Abiy Ahmed last week told parliament that his government had injected new dollars into the Ethiopian market to deal with the crisis.

Following his remark, the dollar exchange rate in Ethiopia’s black market has gone down to almost comparable levels with the exchange rate at the country’s commercial banks.

The exchange rate at the black market had

Ethiopian Export Revenue Misses Target

Ethiopian-export-misses-targetMay 14, 2017 - Ethiopian exports missed earnings target of USD 3.66 billion over the past nine months, according to the Reporter. The country secured only USD 2.1 billion, according to the report. This is 4.3 percent better compared with the preceding year’s nine-month report, but still short of the target for the year as was the case last year as well.

The report by the Ministry of Trade indicated that looking at the plans, export earnings from most of the commodities ranging from oil seeds, coffee, horticulture and cereals have witnessed a low performance year. 

From the total revenu

In Rapid Expansion, Ethiopian Airlines Orders More Planes

Ethiopian-Airlines-expansionMay 7, 2018 - Revising a 15-year strategy set in 2010, Ethiopian Airlines plans to buy more planes to step up its rapid expansion, according to FBC.
 
The plan was to double its fleet to 120 airplanes and become Africa’s biggest airline by 2025, but the airline already has 100 planes flying to dozens of destinations throughtout the world.

The state-owned carrier has also outpaced regional competitors Kenya Airways and South African Airways to become Africa’s largest airline by revenue and profit, according to the International Air Transport Association.

&

KFC to Enter Ethiopian Market

KFC-entering-EthiopiaFebruary 10, 2018 - Kentucky Fried Chicken (KFC), one of the largest restaurant chains in the US, to launch the Kentucky Fried Chicken (KFC) franchise in Ethiopia within a year. KFC’s franchise restaurants in Addis Ababa will be run by Ethiopia’s most recognized coffee shop brand Kalid’s coffee.  
 
“We are in the final stages of negotiation to bring the brand here in Ethiopia. We have settled on most of the details and we are closer to having to sign the final document within weeks. We are excited,” said Elias Ketema Kalid’s representative.

The company behind KFC, the Kentucky based

Ethiopian Airlines to Start Direct Flight to Chicago

Chicago-direct-flight-EthiopianFebruary 5, 2018 - Ethiopia’s flag carrier, Ethiopian Airlines Group, announced that it will start its direct flight from Addis Ababa to Chicago effective as of June 02, 2018. Regarding the launch of the service, Mr. Tewolde GebreMariam, Group CEO of Ethiopian Airlines, remarked: “Chicago will be our 4th destination in the U.S. and our 7th in the Americas. It is the third biggest city in the U.S. and one of the most important global aviation hubs. We will be filling a critical air connectivity vacuum as our flights will be the only direct service between Chicago and Africa.”

The Ethiopian will connect to C

Ethiopian Government Charges Steel Bar Producers for Price Fixing

Steel-price-fixing-ethiopiaJanuary 28, 2018 - Ethiopian Trade Competition and Consumer Protection Authority charged 21 local steel bar producers for price fixing following Ethiopia’s birr devaluation. The Ethiopian producers and importers, according to the charges, are guilty of fixed selling prices on the same day the devaluation was announced.

The Ethiopian Trade Competition and Consumer Protection Proclamation prohibit such price fixing arrangements between any market actors in Ethiopia.

“An agreement between or concerted practice by business persons or a decision by association of business persons in a horizontal relationship shall

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

Ethiopian Construction Mogul to Invest in Solar Park

Samuel-Tadesse-Sunshine-EthiopiaJanuary 7, 2018 - Samuel Tafesse the founder of  Sunshine Construction announced plans to build a solar park in Ethiopia. “At the moment, we are exploring opportunities in power generation,” the 60-year old entrepreneur told Forbes Africa. “I wouldn’t want to give away too much but we have currently teamed up with Globeleq – one of Africa’s leading power companies to establish a 100 MW IPP solar park in Ethiopia," said Samuel.

Ethiopia has begun to embrace solar energy as an option to address its surging energy needs and also as a means to cut soaring energy costs as it aspire

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

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