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Latest Ethiopian News - Business

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

Ethiopia's Banking Sector Gets New Entrant

Dalol-Bank-EthiopiaDecember 27, 2017 - A new bank under establishment called Dalol Bank SC is subscribing shares by public offering to become the newest entrant to Ethiopia’s banking industry, reports Ethiopian English weekly newspaper Addis Fortune. The company has issued shares with 1,000 par value with the minimum number of shares an individual can buy being 25.

When the bank joins the market, dominated by the state owned Commercial Bank of Ethiopia, it will become the 17th private bank and the 19 bank in the entire country.

According to the National Bank of Ethiopia’s directives the minimum capital requirement for banks is 500 Million

Ethiopia Launches $276 Million Business Financing Project

Ethiopia-Investment-EU-WBDecember 27, 2017 - Secured from the World Bank Group (WBG) and the European Investment Bank (EIB), the $276 million is set to be channeled to competent  entrepreneurs engaged in the construction, mining, textile, agro-processing, tourism and the like.

A lease financing project targeting some 3000 entrepreneurs operating Small and Medium Enterprises (SMEs) engaged in manufacturing industries is set to provide USD 276 million.

The project component was launched two years ago under the Federal Small and Medium Manufacturing Development Agency with the aim of introducing a lease financing scheme in a view to serve “the

Ambo Mineral Water, East African Bottling to Pay 500 Million Birr Fine

East-African-Bottling-Co-FineDecember 23, 2017 - Following months of legal wrangling, the Administrative Tribunal with the Ethiopian Trade Practices and Consumers Protection Authority, presiding over the illegal merger case between two Ethiopian beverage giants Ambo Mineral Water PLC and the East African Bottling Company, ruled against the duo. The administrative tribunal has also ordered the two companies to pay half a billion birr in penalty fees.

The ruling states that both companies would pay five percent of their annual income of last year. According to sources close to the case, last year’s annual turnover of East African Bottling alone is estimated in the neighbo

Ethiopia, AfDB Sign 2.7 Billion Birr Loan Agreement

AfDB-Ethiopia-LoanDecember 21, 2017 - African Development Bank (AfDB) and the Ethiopian government  signed  2.77 billion birr agreement which will be used for Addis Ababa Power Supply Improvement Project, reports Ethiopian News Agency. During the signing ceremony,Ethiopian Finance and Economic Cooperation State Minister, Dr. Admasu Nebebe said the project will help to create sufficient and reliable electric power transmission and distribution capacity.

Of this, some 2.35 billion birr and about 415.66 million birr is in the form of loan and grant, respectively, and will be used to address existing constraints in electric infrastructure and meet the growing demand in th

Ethiopia Inks Agreement to Build $4 Billion Geothermal Power Plants

Geothermal-Plant-EthiopiaDecember 20, 2017 - Ethiopia signed an agreement to build two geothermal power plants at a combined cost of $4 billion, to be run by the country’s first privately-owned utility.The Corbetti and Tulu Moye plants will produce a combined 1,000 MW of power upon completion in eight years time in the volcanically-active Rift Valley in southern Ethiopia.  As Ethiopia’s first privately-owned utility, the project will be operated by the developers for a period of 25 years.

Ethiopia is eager to meet rising energy demand from its industries as well as becoming the continent’s biggest exporter of energy.

“No

Ethiopian Centeral Bank Issues New Directive on Letter of Credit

CBE-EthiopiaDecember 14, 2017 - Ethiopian centeral bank, National Bank of Ethiopia (NBE), has issued a new rule for banks regarding approving of letters of credit (LC). The new directive dictates that Ethiopian banks should use the given price of items when allocating hard currency. In other words, the LC amount should correspond to the actual price of the to be imported items.

As it stands, importers are not under obligation to submit the price of the imported items at exporting countries market. Thus importers would ask for hard currency for some amount at banks and fill the rest from different sources; mainly from parallel sources or black markets.

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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