Latest Ethiopian News - Business

Ethiopia Sets $US30 Billion Textile Export Target for 2030

Ethiopia-Sets-Lofty-textile-targetJuly 25, 2017 - Ethiopia has set a target of $US30bn in export earnings by 2030 for the country's fledging textile and garment sector. The Ethiopian Ministry of Industry made the remarks during a workshop to promote the Ethiopian textile industry.

Ethiopia has nearly 175 textile units, however, the country is in the throes of developing several major textile parks. Indeed, Ethiopia attracted investments of US$1.2 billion in the first six months of the current Ethiopian budget year despite being under a state of emergency. Among the investment, money poured in from ten leading Chinese companies, half wh

Chinese Investors Created 28,000 Jobs in Ethiopia

Jobs-created-by-Chinese-InvestorsJuly 22, 2017 - The number of jobs created by Chinese investors in Ethiopia has reached more than 28,000, according to Xinhau. According to the report, a total of 28,391 jobs were created by 279 Chinese companies in Ethiopia during the period of January 2012 to January 2017, of which 20,072 were permanent while the remaining 8,319 were temporary jobs. “Out of these jobs, over 19,000 were created in Ethiopia’s manufacturing sector as Ethiopia is leading its African peers by attracting companies from China both in numbers and financial capital, with a total number of 276 projects both under implementation and operation phase during the stated p

Development Bank of Ethiopia Forming Asset Management Company

Development-Bank-EthiopiaJuly 22, 2017 - The Development Bank of Ethiopia has finally got the go-ahead from the National Bank of Ethiopia to establish a company which will mainly deal with management of assets under its ownership, according to the Reporter.

The bank has been in consultation with the central bank as well as the Ministry of Trade to get the permission for this service.

The new company, which is called Ethiopian Capital and Investment PLC, has been established with a capital of 10 million birr, where DBE owns 99.9 percent of the company.

This has come following DBE’s legal and institutional limitation to administer factories and companies

Toyota Targeting Ethiopian Market

Toyota-targeting-Ethiopian-MarketJuly 22, 2017 - Toyota Tsusho Corporation, a Japanese company, globally known in automotive manufacturing, has targeted Ethiopia as its new African destination in the coming few years, according to the Reporter.
Yoshihiko Yokoi, vice president of Toyota Corporation, who is also chairman of Japanese Association of Corporate Executives, told The Reporter that Ethiopia will be the next destination for the company he is leading and for other Japanese investors, as well.
As a startup, Toyota has already finalized a deal to joint venture with another Japanese company and enter the Ethiopian market, the vice president tol

Ethiopian Airlines Taking Over Nigerian Market

Ethiopian-Winning-Nigeria-MarketJuly 21, 2017 - Ethiopian Airlines is winning the hearts of Nigerian passengers, according to business daily.  Ethiopian Airline’s relatively cheaper fares, easy connectivity and, most recently, concerted efforts by the airline at becoming a one-stop-shop for tourists in Africa are the reasons for it's success in Nigeria.

According to Business Daily’s investigations, an economy class return ticket to Dubai on Ethiopian Airlines, costs N161,408, while same goes for N260,534 on Emirates Airlines. Furthermore, an economy class return ticket to London by connecting flight on Ethiopian Airlines, costs N159,840 it goes

Ethiopia’s Coffee Export Registers 20Pc Growth

Coffee-export-grows-20pcJuly 18, 2017 - One of Africa's largest coffee producers, Ethiopia announced a 20pct boost in its coffee export during the past three months. The Ethiopian Coffee and Tea Development and Marketing Authority hailed the performance as "a very great achievement" compared to the previous years' performance, in which the quantity of coffee product exported has grown up by 11.5 percent while the income generated from coffee export has increased by 20 percent.

Germany, Saudi Arabia, the United States, Belgium, Sudan and South Korea are amongst of the top importers of the Ethiopia.

The authority has introduced va

Ethiopia Bags the Highest Revenue from Privatization in Its History

Ethiopian-PrivatizationJuly 18, 2017 - The government of Ethiopia announced that revenue from privatization has grown by 5 folds. By the beginning of the fiscal year, the Ethiopian Ministry of Public Enterprises (MoPE’s) plan was to collect 2.11 billion Birr from privatization; however, according MoPE’s latest report it has earned 12.6 billion Birr during the period. The performance was the highest Ethiopia ever saw.

According to Wondafrash Assefa, public relations head of Ethiopian Ministry of Public Enterprises, the difference in the target and performance was due to the fact that the deals were unpredictable. “They are already under a joint

Ethiopia’s Tulu Kapi Gold Mine Gets $135mln Finance

KEFI-MineralsJuly 18, 2017 - KEFI Minerals, London-listed gold and copper deposits exploration and Development Company, has agreed a finance package for the construction of its gold mine project in Ethiopia. The new agreement is expected to augment Ethiopia’s gold production. Gold is Ethiopia's main mineral export and has been mined since ancient times, primarily as alluvial or free gold. At present, Ethiopia has a single large-scale gold mine, Lega Dembi, in the southern area of the country, owned by Midroc (98%) and the Ethiopian government (2%).

KEFI’s Tulu Kapi project in the South western part of Ethiopia has a probable Ore Reserve of 1.0 million ounc

Ethiopia Constructing Its First Ever Pharmaceutical Industrial Park

Pharmaceutical-ParkJuly 15, 2017 - Ethiopia’s first ever pharmaceutical industrial park is expected to be completed in eight months of time. The park, which is under construction around Kilenito area, is the outcome of Ethiopia’s pharmaceutical manufacturing development strategy.
Up on its completion, the park would cut the sharply growing Ethiopia’s medicine import expenditure, Ethiopian Pharmaceutical Fund and Supply Agency Public Relations Head Adinna Berie expressed her conviction.

"The park will prove the market potential for investors that could join it and attract foreign currency to the cou

Ethiopia Plans to Double Its Industrial Parks by 2018

Ethiopian-Industry-Park-double-2018July 14, 2017 - The number of industrial parks in Ethiopia will grow to 15 by June 2018, said Arkebe Oqubay, Board Chairperson of Ethiopian Industrial Park Corporation (EIPC). Ethiopia's aim in building more industrial parks is to enable the manufacturing sector to contribute to 20 percent of Ethiopia's GDP and 50 percent of the export volume by 2025.

As part of its efforts to boost manufacturing and export, Ethiopia has already commissioned seven industrial parks with Mekelle and Kombolcha being the latest additions commissioned earlier this month.

Mekelle and Kombolcha industrial parks were both built by Chi

Ethiopia to Inaugurate Two Industrial Parks in September

Two-Industry-Parks-in-SeptemberJuly 11, 2017 - In a bid to materialize its vision of becoming Africa’s light manufacturing hub, Ethiopia will inaugurate two additional Industrial parks in September 2017, Tadesse Haile, state minister of economic affairs at the office of the Ethiopian Prime Minister Hailemariam Desalegn, disclosed.

The two industrial parks are the Dire Dawa Industrial park 446 kilometers east of Ethiopia's capital city Addis Ababa and the Adama Industrial Park 99 km east of Addis Ababa.

Dire Dawa Industrial Park and Adama Industrial parks are both being built by China Civil Engineering Construction Company

Ethiopia Inaugurates Two Industrial Parks in Two Days

Kombolcha-Industry-ParkJuly 8, 2017 - Ethiopia, the East African nation striving to be the hub of light manufacturing by 2025, inaugurated a new industrial park in Kombolcha town, a town 367km north-east of Addis Ababa. At the inauguration ceremony, Ethiopian Prime minster Hailemariam Desalegn stated that the culmination of the first phase of the industrial park will have an immense role for Ethiopia’s economy, industrial growth and job creation efforts.     

The park, which was built at a cost of 90 million US dollars in Amhara regional state, is located less than 480kms from Port Djibouti.

The industrial park has alread

Ethiopia’s Oil Giant Celebrates Completion of New Headquarters

National-Oil-Company-Opens-New-HQJuly 8, 2017 - National Oil Company (NOC), one of the key players in Ethiopia’s oil market, celebrated the completion of its landmark 20 story building in Addis Ababa. The new building is one of the tallest buildings in Ethiopia.

NOC prides itself for being the leading company in import and distribution of petroleum products to a wide range of customers in the different economic sectors of Ethiopia. Since its inception about 10 years ago, NOC has captured a confirmed overall market share of 37% with 155 service stations and broad base of corporate consumers across Ethiopia. 

Celebrating the structural compl

Ethiopian to Start Thrice Weekly Service to Kaduna, Nigeria

Ethiopian-start-service-KadunaJuly 7, 2017 - Tewolde GebreMariam, CEO of Ethiopian Airlines, announced plans to start scheduled thrice weekly services to Kaduna, Nigeria, as of August 1st, 2017. With the addition of Kaduna, Ethiopian totally operates 23 weekly flights to Nigeria’s main cities, namely; Abuja, Lagos, Enugu and Kano. Ethiopian Airlines flight service to Nigeria dates back to the 1960’s, soon after the country got independence.

Kaduna, located in north-western Nigeria, is a trade center and a major transportation hub for the surrounding agricultural areas with its rail and road junction.

Group CEO Et

Ethiopian Airlines Graduates Aviation Professionals

Aviation-academy-graduatesJuly 6, 2017 - The 61 years old Ethiopian Aviation Academy has graduated 81 aviation maintenance technicians, 186 cabin crew and catering professionals, and 70 commercial and ground service professionals.
Seven years of successful execution of the airline’s vision 2025 has made it the largest and the best airline in the continent of Africa. The sharp focus on the four Pillars of Vision 2025; fleet, HRD, infrastructure, and systems is one of the most important success factors, said Busera Awel, chief commercial officer at Ethiopian

Operating successfully since its establishment in 1956, Ethiopian Av

Ethiopian Food Inflation Slows, Headline Inflation Ascends

Food-inflation-slowsJuly 6, 2017 - The Ethiopian Central Statistics Agency (CSA) reported that food inflation slowed to 11.2 percent in June from 12.3 percent in the previous month, reports Reuters. The authority has attributed the slowdown to the decline the prices of vegetables, pulses, potatoes and other tubers. Nevertheless, the price of fruit has increased in June when compared to May.

According to the report by CSA, food inflation slowed to 11.2 percent in June from 12.3 percent. Non-food inflation, on the other hand, has increase from 4.7 percent in May to 6.7 percent in June. This was attributed to the rise in the prices of clothing and footwear as

Kia Motors Establishes New Training Center in Addis Ababa

KIA-MotorsJuly 3, 2017 - Kia Motors, the South Korean oldest vehicle manufacturer, established a new training center in the Lideta area of Addis Ababa, according to Biz Community.

The center is supported by about $1.8 million investment by KIA Motors and the Korea International Cooperation Agency (KOICA). The new Kia-KOICA Green Light Auto Mechanic Training Centre enables trainee mechanics to work towards a range of vocational qualifications, according to the report.

The centre employs residents from the local community and plans to take on around 60 young trainees each year. In addition to raising employment levels, the Green Light Project-backed facility inc

Ethiopian Airlines Gives Hope for Country’s Flower Exporters

Ethiopian-flower-exportJuly 1, 2017 - Ethiopian Airlines opened its new air cargo terminal, which is comparable to Amsterdam Schiphol, Singapore Changi, or Hong Kong terminals, according to Tewolde GebreMariam, CEO of the Ethiopian.

Airfreight annual throughput at Addis Ababa rose from 175,600 tonnes in 2014 to 211,700 last year while Nairobi volume fell from 259,100 to 231,700 tonnes in the same period, according to data from ICAO.

With a total area of 150,000 square meters, the new terminal handles one million tonnes sensitive products such pharmaceuticals, Life Science products and fresh flowers per annum.

Ethiopia is home to one of the largest r

Ethiopia Launches First International Remit to Pay Service

KifiyaJune 29, 2017 - Mastercard and digital service provider Kifiya have partnered to introduce a simple, secure and convenient digital solution that will allow citizens to pay for all bills in one location in Ethiopia. The partnership will impact millions of Ethiopian citizens living abroad, as well as those living in the East African country.

The digital solution, accessible on computer and mobile devices, will further streamline the experience of paying for bills by letting citizens both within and outside the country’s borders make immediate digital payments – a major benefit for citizens of Ethiopia, which has one of the continent’s highest proportions of

Bole International Airport Gets a Facelift

Bole-International-airportJune 29, 2017 - Expansion work on Addis Ababa Bole International Airport is expected to be finished just in time for the 30th Ordinary Summit of the African Union starting January 2018, reports Xinhua.

Fully funded by China's Exim Bank, the 345-million-U.S.-dollar airport expansion project will increase its annual passenger handling capacity from the current 7 million to 22 million.

The project lying on 74,000 square meters is being constructed by China Communications Construction Company Limited (CCCC).

CCCC is also building an industrial park dedicated to producing construction materials 140 kms east of Addis Abab


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