Latest Ethiopian News - Business

Italy to Help in Textile Industry Development in Ethiopia

Italy-Textile-EthiopiaSeptember 24, 2017 - The Ethiopian Textile Industry Development Institute and the Italian Trade Agency signed a cooperation agreement for the enhancement of textile industry development in Ethiopia. Small, medium and large scale Ethiopian enterprises operating in the textile industry will be the key beneficiaries of the assistance through the 'Italy-Ethiopia textile technology center' project.

The agreement includes 200,000 Euros assistance for technology and equipment dedicated to local training.
General Director of Ethiopian Textile Industry Development Institute Seleshi Lemma said the assistance will hel

Ethiopia’s First Natural Gas Development Project Behind Schedule

Ethiopian-Natural-GasSeptember 23, 2017 - Due to complex negotiations with the Djiboutian government on gas pipeline construction to the port of Djibouti, Ethiopia’s first natural gas development project in the Ogaden basin in Somali Regional State is lagging behind schedule, reports the Ethiopian newspaper The Reporter.

The Chinese firm Poly-GCL signed petroleum development agreement with the then Ethiopian  Ministry of Mines in November 2013 that would enable the company develop the natural gas reserves in the Ogaden basin and prospect for additional oil and gas deposits. Poly-GCL has been undertaking various petroleum exploration and reserve est

Ethiopia Launches Tax Research Network

Ethiopian-Tax-Research-NetworkSeptember 20, 2017 - The Ethiopian Tax Research Network (ETRN) was officially launched today by the International Centre for Tax and Development (ICTD) with funding from the Bill and Melinda Gates Foundation, reports FBC. The Network comprises the Ethiopian Ministry of Finance and Economic Cooperation, Ethiopian Revenues and Customs Authority, Ethiopian Civil Service University, Ethiopian Development Research Institute and UK’s Department for International Development (DFID) as members.

The Network is aimed at supporting the exchange of tax knowledge in Ethiopia, with stakeholders including tax practitioners and researc

Ethiopia: Hawasa Emerges Top City for FDI Jobs

Hawassa-Industrial-ParkSeptember 19, 2017 - Ethiopia’s southern city, Hawassa, has become top in terms of creating jobs from foreign direct investment in the first half of 2017, fDi Intelligence reveals. The Ethiopian city has created 6,546 jobs during the specific period putting it at the top among Middle East and African countries, according to fDi Intelligence.
The Hawassa industrial park, which started operation four months ago, has helped the town to create more jobs.
The park, which is the largest apparel and textile park in Africa, is expected to employ 60,000 Ethiopians upon fully operational.

France, Ethiopia Sign $70.5 Million Grant Loan Agreement

Addis-Ababa-Abattoirs-EnterpriseSeptember 14, 2017 - Ethiopia and France signed a 70.5 million loan and grant agreement to support the relocation and expansion of Addis Ababa Abattoirs Enterprise, one of the largest abattoirs (slaughterhouses) in Ethiopia, reports Ethiopian News Agency.

The agreement was signed by Finance and Economic Cooperation State Minister Admasu Nebebe and France's Ambassador to Ethiopia Frederic Bontems.

During the agreement ceremony, the Ethiopian State Minister Admasu said the agreement aims at providing standard abattoirs service for both Ethiopian and international markets by relocating and modernizing Addis Aba

Ethiopian Meat Industry Attracting Global Players – Government

Ethiopia-meat-exportsSeptember 12, 2017 - Ethiopia’s meat industry has been attracting new investors from various countries, reports ENA. The sector has been steadily growing and domestic and foreign investors are showing interest, according to the Ethiopian Meat and Dairy Industry Development Institute. The performance of the sector during the first two year of the Ethiopian GTP-II – the second five-year development plan- the country has obtained  207.4 million USD from the planned 266 million USD.

Currently, companies from China, India, France and Pakistan are engaged in the sector mainly meat processing. Some 12 modern abattoirs includ

Ethiopian Insurance Corporation to Build 1.2 Billion Birr HQ

Ethiopian-Insurance-CorporationSeptember 12, 2017 - The Ethiopian Insurance Corporation (EIC), the giant insurer in the country, has finalized preparations to construct two multipurpose buildings with a cost of 1.2 billion Br. The two buildings are expected to accommodate the entire corporation’s staff working in the East District. The Ethiopian Insurance giant has already completed the design of the nine-story buildings. The multipurpose buildings will have shops, residences and offices.

EIC has been struggling to clear the land for the past ten years. Currently, it has started conducting soil tests."Although we leased the land a decade ago,

Ethiopian Government Orders Private Banks to Cover ESLSE Forex Needs

Ethiopian-ShippingSeptember 12, 2017 - In unprecedented move, the National Bank of Ethiopia (NBE) directed all of the private banks to sell 15 million dollar worth of foreign currency to Ethiopian Shipping Logistics Services Enterprise (ESLSE) to cover port payments to Djibouti, according to Ethiopian English weekly newspaper Addis Fortune.

The money will be used to pay the debt of the Enterprise for the port of Djibouti. The order comes amidst the shortage of foreign exchange throughout Ethiopia, which put businesses in a tight situation, and a decline in Ethiopia’s export earnings and remittance, which are the primary source of foreign curren

Ethiopian Sugar Factories to Start Operation – Officials

Sugar-factoriess-start-operationSeptember 9, 2017 - Sugar factories across Ethiopia will become operational this budget year and fully meet the domestic demand, Ethiopian Government stated. Ethiopia’s Public Enterprises Minister, Dr. Girma Amente said there are encouraging improvements in the production of sugar, though the projects are late by two years in meeting the plan to export sugar.

“Of course we are late, but we are leaping forward,” the Ethiopian official stressed. According to the Minister, the recent export of sugar to Kenya was mainly meant to assess the market for future venture.

Yet, Dr. Girma said, meeting the

Ethiopian Airlines Enjoys Record Profits

Tewelde-Gebremariam-Ethiopian-AirlinesSeptember 8, 2017 - The Ethiopian flag carrier, Ethiopian Airlines, significantly increased its profit for 2016, buoyed by 18 percent jump in passenger numbers.

Ethiopian’s revenue for 2016 came out to $261.9 million, significantly up from $150.9 million the previous year. However, despite the success, the Ethiopian chief executive officer Tewolde Gebremariam says that more could have been achieved had it not been for the high currency fluctuations, leaving more than $220 million from Ethiopians stuck in several African countries that had forex challenges.

Ethiopian booked a currency loss of $18.1

Ethiopian Commodity Exchange CEO Resigns

ECX-CEO-ResignsSeptember 2, 2017 - Ermias Eshetu, the CEO of the Ethiopian Commodity Exchange (ECX), has tendered his resignation letter to the board of directors of the trading enterprise, according to the Ethiopian English weekly newspaper the Reporter.

The resignation of Ermias stunned many as it came at a time when the CEO was attempting to restructure the Ethiopian Commodity Exchange and introduce new trading services and working procedures. Though the resignation of the CEO is not yet made public, however, the newspaper reported that the board of directors of ECX is holding an in-depth evaluation on the executive management including the CEO. Sourc

Ethiopia’s Reppie Waste Energy Facility To Be Commissioned in December 2017

Reppie-Waste-Energy-FacilitySeptember 1, 2017 - The 50-megawatt (MW) Reppie Waste to Energy facility, which Ethiopia claims to be the first of its kind in Africa, will be commissioned in December, according to Ethiopian government officials. “The facility in the Ethiopian capital Addis Ababa is 94.3-percent complete as of July,” said Bizuneh Tolcha, minster at Ethiopia’s Ministry of Water, Irrigation and Energy (MoWIE). 

The project is being built on Ethiopia's largest landfill commonly called "Koshe" (meaning dirty in Ethiopia's official working language Amharic), lying on 5.3 hectares of land. The landfill in recent ye

Ethiopian Airlines Signs Up for Sabre Passenger Reservations Technology Solution

Ethiopian-signup-SabreAugust 31, 2017 – Africa’s largest airline group, Ethiopian Airlines, has renewed its passenger reservations system with global travel technology provider, Sabre Corporation, according to press release sent by the airline. The airline also signed up for a suite of new technology solutions to support its continued growth as a world-class carrier. 

Ethiopian Airlines has been using Sabre’s technology for its core reservations, network planning and e-commerce since 2005. Despite the daunting challenges in African aviation, Ethiopian Airlines has continued with thriving successes and has become the leading aviation group in Afric

Ethiopia Announces Plan to Build 51M USD Ethanol Plant

Wonji-Sugar-Factory-EthanolAugust 29, 2017 - An ethanol plant is to be built at Wonji Shoa sugar factory at a cost of 51 million US dollars, Fana broadcasting corporate reported. The construction of the first phase of the plant will be commenced in early upcoming Ethiopian New Year, which starts next month, and the second phase after next year.

Once completed, the new Ethiopia’s ethanol plant will produce 60,000 liters of ethanol per day using molasses, a by-product of sugar, from Wonji Shoa sugar factory, the report noted.  Fincha and Metehara are the two sugar factories in Ethiopia that are currently producing ethanol from molasses.

Ethiopian Airlines Adding New Destinations in China

Ethiopian-Airlines-expanding-service-ChinaAugust 26, 2017 - Ethiopian Airlines is finalizing feasibility studies on Shenzhen in south, Chongqing in the west, and Zhengzhou in Central China as its next destinations, according to Ethiopian News Agency.  As the China-Africa relationship continues to grow, fueled by the Belt and Road Initiative, Ethiopian Airlines is planning to add more routes to China in the near future.

Currently, Ethiopian serves 56 cities in Africa and the new routes would connect them with the world's second largest economy and Africa's biggest trade and investment partner. Ethiopian and Chinese governments are al

Ethiopia Registers Progress in Foreign Remittance Inflow

Ethiopia-increases-remittance-inflowAugust 26, 2017 - A study funded by the European Union and supported by Caribbean and Pacific Group of States revealed that Ethiopia has made fast progress in remittance flow in recent years. Presenting the study in Ethiopia, DMA Chief Executive Officer Leon Isaacs said the growth over the years represents more than 5.3 percent of the Ethiopia's GDP.

He said subsequent directives such as zero charge tariff on transfer services issued by the National Bank of Ethiopia (NEB) to improve remittance flow has supported Ethiopia to increase remittance flow.

Despite the success, 78 percent of the t

Ethiopia to Revive Tourism Sector Following Lift of State of Emergency

Land-of-originsAugust 23, 2017 - Ethiopia, which was under emergency rule for the most part of last year, is working to compensate for last year’s tourism sector performance by increasing tourist inflow, Ethiopian News Agency reports. Ethiopia’s plans aims at boosting the sector’s performance so as to fill the gap in terms of revenue.

The plan for the current Ethiopian fiscal year, being developed with the participation of stakeholders, has been drafted with this consideration, said Gezahegn Abate, PR Director at the Ministry.
Last year, the country has earned over 3.3 billion USD revenue, 88 percent of the plan, despite the interl

Ethiopia Obtains 3.4 Billion USD in Grants, Loans

Ethiopia-Grants-Loans-3.4BAugust 19, 2017 - During the 2016/17 Ethiopian Fiscal, Ethiopia has obtained 3.4 billion U.S. dollars in grants and loans from multilateral and bilateral partners, Xinhua reports.  According to Haji Ibsa, Communications Director at Ethiopia Ministry of Finance and Economic Cooperation said the financial assistance will be used to execute new or ongoing projects. The foreign loans and grants covered 18 percent of the 12.7 billion U.S. dollars Ethiopia’s budget for the 2016/17 fiscal year.

In recent years Ethiopia has been able to mobilize greater amount of tax and non-tax revenue, allowing it to cover more than 80 percent of its

Ethiopian Airlines Becomes Springboard for Ethiopian Tourism

Ethiopian-Airlines-TourismAugust 17, 2017 - Following the opening of several international routes by Ethiopian airlines, tourist arrivals in Ethiopia in 2017 could reach 918,010, a 5.7 percent increase over 868,780 registered in 2016.

According to a report released by British accounting watchdog PricewaterhouseCoopers (PwC), the international routes opened by the national Air carrier Ethiopian Airlines (ET) contribute to the projected growth of Ethiopia’s tourism sector. With a view to boost tourist arrivals in Ethiopia and increase the Ethiopian’s domestic and international routes, Addis Ababa Bole International Airport is undergoi

Ethiopian Airlines Refits Boeing 767-300Rs

Ethiopian-767-300ERsAugust 15, 2017 - The Ethiopian flag carrier, Ethiopian Airlines Group, refurbished its Boeing 767-300ERs with new seating and in-flight entertainment systems. Ethiopian Airlines has six 767-300ERs, which it uses on Indian, Middle Eastern and African routes. The aircrafts have been fitted with new flat-bed seats in a 2-2-2 configuration in its Cloud Nine business cabin, high-resolution 17-inch screens and in-seat power outlets, together with improved lighting.

Passengers in the main cabin will have new seats and multiple channels of inflight audio and video entertainment accessible with their personal electronic devices.The improvements were ess


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