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Latest Ethiopian News - Business

Ethiopia Earns 31.2 million USD from Textile, Garment Exports

Ethiopia-garment-exportDecember 12, 2017 - Over the last three months Ethiopia has earned 31.2 million USD from textile and garment export, disclosed the Ethiopian Textile Industry Development Institute. The Institute also stated that the foreign currency generated from the textile sector has been steadily growing.

Institute Communication Directorate Director Bantihun Gessesse told The Ethiopian Herald that textile products have entered into Germany, Italy, China and United States through AGOA.

The burgeoning of the textile industries triggers the expansion of cotton farming by public, private sector and small scale farmers. Currently, the total cott

Ministry of Mines Issues Gold and Silver Mining License to Ethio-Canadian Company

Gold-Silver-Mining-EthiopiaDecember 6, 2017 - Ethiopian Ministry of Mines, Petroleum and Natural Gas disclosed that it has issued a large-scale gold and silver mining license for the Ethio-Canada company, Harvest Plc.

The Ethiopian Minister of Mines, Petroleum and Natural Gas, Motuma Mekassa, and Wubshet Kassaye, manager of Harvest Plc, signed the agreement which will run for a period of six years and subjected for renewal for up to ten years.

The company was licensed to carry out mining activities in western Tigray zone, norther part of Ethiopia, on 2.7682 square kilometers of land at a cost of over 65.29 million US dollars, according to the minis

Former ECX CEO Becomes Head of New Television Station

Ermias-Eshetu-TVDecember 3, 2017 - African Renaissance Television Service (ARTS), a new television station under formation, announced the hiring of Ermias Eshetu, the former CEO of Ethiopia Commodity Exchange, as its new CEO.

Ermias tendered his resignation to the board of directors of ECX back in September this year. Ermias, a native of Ethiopia, received his Master’s degree in International Business from Manchester School of Management, and continued to work at several multinational Fortune 500 companies including Alcatel, IBM, and Orange, developing and implementing successful business strategies.

“Having founded many businesses of his own, Erm

Ethiopian Industry Parks Created 40,000 Jobs - Government

Industry-parks-creating-jobsDecember 2, 2017 - Ethiopian Investment Commission (EIC) reported that the 5 industrial parks operating in Ethiopia have created around 40,000 job opportunities.  The industrial parks are Bole lemi, Hawassa, George shoe, Eastern industrial and Velocity. Out of these parks, Bole lemi and Hawassa industrial parks are owned by the Ethiopian government.

From these 5 industrial parks, Bole Lemi is the biggest one and it employs 14,000 people. According to Mekonnen Hailu, EIC’s public relations head, the number of job opportunities would increase following the recently inaugurated 9 sheds in kembolcha and 15 sheds in Mekelle indu

Ethiopian Central Bank Issues New Directive on Foreign Currency

Ethiopia-National-Bank-ForexNovember 30, 2017 - The National Bank of Ethiopia (NBE) has issued new directives on foreign currency related issues to promote foreign direct investment and export, reports FBC. NBE Foreign Exchange Director, Yenehasab Tadesse revelaed this during a dialogue organized by the Ethiopian Investment Commission on foreign currency and immigration related issues.

According to Yenehasab, the bank has issued a directive to all banks to allocate 40 percent of their foreign currency to priority sectors. The priority sectors can also obtain up to 60 percent external loan and sub-price credit that allow investors to get machinery and equipment from abroad.

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Ethiopian Tax Authority Collects 63 Billion Birr Tax; Missed Target

Ethiopian-Tax-Authority-misses-targetNovember 24, 2017 - Ethiopia’s government has collected 63 billion Birr from tax in the first quarter of the current fiscal year, disclosed the Ethiopian Revenue and Customs Authority (ERCA).According to Moges Balcha, Director General of ERCA, the tax collected had missed the target set for the period at the beginning of the current fiscal year, 72 billion Birr. The target for the fiscal year was 230 billion Birr, he added.

It was only 60 percent of the entire 16,000 taxpayers that reported profit that presented their taxable income, Moges added. Around 28 percent of these taxpayers, reported loss, he furthered.

Ethiopia Earns 959 Million US Dollars from Tourism

Ethiopia-TourismNovember 20, 2017 - Ethiopian Ministry of culture and tourism reported that Ethiopia earned 959 million US dollars from tourists who visited the country in the first quarter of this Ethiopian fiscal year (July-September, 2017).

More than 256,000 tourists from the US, China, Germany and different African country visited the country in the reported period, according to the Ministry of Culture and Tourism (MoCT).

The quarterly revenue increased by 9.9 percent compared to the same period the preceding year since peace and stability have returned to normalcy in areas affected by conflict, said Gezahegn Abate, Public and International Relations Dire

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

Ethiopia Anticipates 11% Economic Growth

Ethiopian-Economic-GrowthNovember 10, 2017 - Ethiopia’s government has forecast an overall 11 percent economic growth this Ethiopian fiscal year. The forecast by Ethiopian National Plan Commission is based on the performance of the first quarter of the budget year and an increase by 0.1 percent to that of last year.

In his presentation to HPR Budget and Finance Standing Committee today, National Plan Minister Dr. Yinager Dessie said Ethiopia’s economic growth has resulted in minimizing poverty and expansion of social services.

However, the country has been facing challenges in the export sector since the past four years.

The product mos

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

Ethiopia's PrivateBanks Oppose New Central Bank Directive

National-Bank-DirectiveNovember 2, 2017 - Following the devaluation of Ethiopian birr by 15 percent, the National Bank of Ethiopia (NBE) issued a directive for commercial banks to channel all the windfall earnings they generated from the sale of foreign currencies to the central bank.

Ethiopian commercial banks believe the directive could harm them, but NBE says it will help stabilize the economy.

Some experts argue that the move by the NBE to take all windfall earnings from them is not reasonable.

On the other hand, NBE told commercial banks to reduce the amount of loan they give for local purposes, except for the export trade.

At the beginning of the

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.

Th

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 Launches 15-Year Cotton Development Strategy

Ethiopian-CottonOctober 14, 2017 - As part of its effort to augment its textile sector, Ethiopia’s government has launched a 15 years National Cotton Development Strategy aimed at positioning Ethiopia as the top cotton producer in Africa.  The implementation of the strategy would enable Ethiopia to become top cotton producer in Africa from the current 10th place.

The strategy was launched with the view of tackling the challenges faced following ever growing demand for cotton in the country. The strategy is designed to increase the size of land cultivated with cotton to 250,000 hectares and one million hectares after five years and in 2032 respectively

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.

Ethiopi

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

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