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Latest Ethiopian News - Business

Number of Ethiopian State Officials Running Public Enterprises Cut in Half

Number-of-officials-cut-in-halfMarch 21, 2017 - The newly formed Ministry of Public Enterprises announced that it has changed board management of public enterprises, according to the Reporter.  In a meeting that was held on Wednesday in the presence of senior members of the executive and legislative branches of government, the ministry disclosed the number of ministers and state minsters running public enterprises as board chairpersons and members has been limited not to exceed 50 percent.

Girma Amente (PhD), Minister of Public Enterprises told reporters that the new modus operandi (directive) has be

Turkish Investors Interest in Ethiopia Growing - Ambassador

Turkish-Investors-Keen-on-EthiopiaMarch 15, 2017 - Turkish companies’ interest in investing in Ethiopia is growing, says the country's Ambassador to Ethiopia, according to ENA.

President Mulatu Teshome held discussion with Turkish business delegation on Wednesday.

After the discussion, Ambassador Fatih Ulusoy said companies are interested to engage in the areas of construction materials, textile and garment as well as energy.

The Ambassador added, Turkey’s presence has always been very strong in the textile field and there are still many companies from Turkey that interested in moving their investments to Ethiopia.

Ethiopian Premier Lays Cornerstone for Agro-Industry Park in Southern Ethiopia

Cornerstone-agro-processing-SNNPMarch 14, 2017 - Prime Minister Hailemariam Desalegn laid cornerstone for the Integrated Agro-Industrial Park to be developed around Yergalem town in SNNP regional state, according to ENA.

Speaking at the occasion, the Premier said that the park will enable farmers improve quality and amount of production thereby transform the agriculture sector.

Farmers who were producing for only household consumption two decades ago when the extension program started, are now managed to harvest surplus that even pave the way for the opening of agro-industries, Hailemariam said.

He also added that the nation has reached at

Ethiopian Export Earnings Fell Far Short of Expectations

Ethiopian-exports-fell-short-expectationsMarch 11, 2017 - Ethiopia's seven-month export report reveals that the country's export performance fell short of expectations set for this period, according to the Reporter. According to plan, the country was expected to generate USD 2.48 billion in export earnings during the current fiscal year, but the result fell far short at only 1.4 billion dollars, showing a deficit of 57 percent. The numbers also show a shortfall of USD 37.5 million in export revenue compared to the same period last year.

Based on the analysis of the ministry, commodities that have shown a 50 percent o

Chinese Footwear Company Plans Major Expansion in Ethiopia

Chinese-footware-company-plans-major-expansionMarch 9, 2017 - Huajian Group, Chinese shoe manufacturing company, plans to create 100,000 new jobs in Ethiopia, according to FBC. Zhang Huarong, president the company, pledged that his company will help the country to become a new international manufacturing hub, according to the report.
 
“Chinese companies’ investment in Africa is a win-win solution for both sides. By building factories in Ethiopia, our company has created significant fiscal revenue for local authorities and offers more job opportunities for citizens. In return, we have enjoyed cheaper production costs and

Ezana Mining Becomes Ethiopia's Second Largest Gold Miner

Ezana-becomes-second-largest-gold-minerMarch 7, 2017 - After a decade of exploration and building a gold processing plant in northern Ethiopia, Ezana Mining has become Ethiopia’s second large scale gold mining company, according to Capital. Ezega Mining is one of the sister companies in the Endowment Fund For Rehabilitation of Tigray (EFFORT).

The company plans to start trial operation this month at its Terakimti facility, in northern Tigray region, near Shire Endaselassie Town, 1067km from Addis Ababa.

A top official at the company told Capital that they will begin full scale production during the third week of April after the trial is evaluated

Qatar Company Seeks Land for Hospitality Project in Addis Ababa

Ezdan-Holding-Group-to-invest-ethiopiaFebruary 22, 2017 - Ezdan Holding Group, a giant company from Qatar, is looking at a plot of land around the African Union (AU) for its real estate venture project, according to Capital.

During a visit last year Sheikh Dr Khalid bin Thani bin Abdullah Al Thani, Chairman of Ezdan Holding Group, which is affiliated with the ruling family, expressed a desire to invest in the hospitality and real estate sector around AU.

He recently arrived as part of a delegation to pay a second visit to the city, meeting with top government officials, including Prime Minister Hailemariam Dessalegn. Sources at Addis Ababa City Administrat

Agro Processing Park Inaugurated in Humera

Humera-Agro-Processing-LaunchedFebruary 21, 2017 - The Humera integrated agro industrial park, the second of its kind in Ethiopia, was officially launched by Prime Minister Halemariam Desalegn, according to ENA.

This is part of the country's initiative to develop agro processing parks which enables the nation to process agricultural products with the aim of exporting value added items.

In his remark the Ethiopian Premier said that the agro processing park will enable the country to value add to its livestock, fruits &vegetables, cereal  and oilseed products that has been exported mostly as unprocessed.

The nation that has b

Genale Dawa III Power Project Nears Completion - Ethiopian Ministry

Genale-Dawa-III-near-completionFebruary 21, 2017 - The Ministry of Water, Irrigation and Electricity announced 91 percent completion of Genale Dawa III hydropower project, according to ENA.
 
The project, being built on Genale River at a cost of 451 million US dollars, will raise Ethiopia’s total electricity installed generation capacity to 4, 541MW from 4,260 MW now, once completed.

Dr. Engineer Sileshi Bekele, Minister of Water, Irrigation and Electricity visited the progress of the project recently.

“The project has reached at 91 percent completion status. Electrical and mechanical works which allow the dam to generate p

Investment Commission Finalizing New Industrial Parks Regulation

Ethiopia-industrial-parkFebruary 20, 2017 - Ethiopian Investment Commission (EIC) said it is finalizing a draft Industrial Parks Regulation that will mainly enable businesspersons to get one-stop services in the various parks across the country, reports ENA.

This was disclosed at a half-day consultative workshop on the draft regulation organized by the commission today.

Investment Commissioner Fistum Arega said the regulation will bring together government organizations scattered at various locations so that they can conveniently serve investors.

It will also help to manage and develop industrial parks, establish system and monitoring, and ensure the

Ethiopian Tourism Sector Challenges But Promising

Ethiopian-TourismFebruary 18, 2017 - In the midst of challenges faced by the tourism industry in the country, Ethiopia attracted 800,000 visitors last year, earning the country much-needed foreign exchange of USD 5.6 billion, according to the Reporter. This is decreased number from 2015 when the country hosted 900,000 tourists, the report indicated.

Jumia Travel, an online hotel-booking site, released its annual tourism report on Ethiopia at the Golden Tulip Hotel on Thursday, February 16th. The report highlighted challenges and achievements of the tourism industry in Ethiopia.

"Even though the challenges are many, prospects for the future are ins

Ethiopian Ministry Licenses Indian Mining Company

Ministry-licenses-indian-mining-coFebruary 17, 2017 - The Ministry of Mines, Petroleum and Natural Gas issued a license to MSP Steel & Power Ltd., an India-based company, in small scale mining production in Oromia regional state.

The Ministry licensed the company to engage in the extraction of minerals in West Arsi Zone of Oromia regional state for a period of 10 years, the Ministry told ENA.

According to the contract agreement, the company is expected to extract 1.5 million kilo grams of magnetite and Ilmenite on an area of 10.2429 square meters.

The license can be renewed for a period of not more than 5 years upon the request

French Multinational Hotel Group to Open Three Hotels in Ethiopia by 2021

Accor-Hotels-to-enter-ethiopiaFebruary 16, 2017 - French multinational hotel group and Europe's largest operator, AccorHotels, will open three hotels in Ethiopia by 2021, becoming the latest international chain to tap into the growing business and tourism sectors in the country, according to Reuters.

Looking to counter subdued growth in Europe, AccorHotels and others have been expanding in emerging markets such as Ethiopia, where visitor numbers have been rising by more than 10 percent a year for the past decade, albeit from a very low base.

The Horn of Africa country is the continent's second most populous nation and has one of the fast

Foreign Investment in Ethiopia Declines Following Unrest

FDI-ethiopia-declinesFebruary 15, 2017 - Foreign direct investment in Ethiopia dropped by 20 percent in the first half of the country’s fiscal year after violent anti-government protests in which foreign-owned businesses were targeted, according to Bloomberg.

The country attracted $1.2 billion in the six months through the end of December, compared with $1.5 billion in the same period a year earlier, Fitsum Arega, commissioner of the Ethiopian Investment Commission, said in a phone interview Monday from the capital, Addis Ababa. He said the government may miss its annual target of $3.5 billion, with $3.2 billion more likely to be attainable.

The gov

Dangote Plans to Expand Investments in Ethiopia

Dangote-to-expand-investments-ethiopiaFebruary 13, 2017 - The richest man in Africa, Aliko Dangote, is planning to invest in the Sugar industry in Ethiopia, according to the Reporter.

The Ethiopian government has invited the Nigerian business tycoon to invest in the sugar manufacturing sector. Dangote Industries has built the biggest cement factory in East Africa in Ethiopia that started production in June 2015.

Deep Kamara, managing director Dangote Industries Ethiopia, told The Reporter that in a recent discussion between Prime Minister Hailemaraim Dessalegn and Aliko Dangote investment in the sugar sector was a point of discussion. “While they were discussing

Ethiopia Gets USD 1.2B Foreign Direct Investment in First Half

Ethiopia-gets-1.2B-FDIFebruary 12, 2017 - Ethiopia attracted 1.2B US dollars in foreign direct investments (FDI) in the first half this budget year, the Ethiopian Investment Commission (EIC) said, according to ENA.

FDI inflows in the first half showed a slight reduction compared to the same period last year, Fitsum Arega, Commissioner of EIC told ENA.

The country targeted to attract FDI worth close to 3.5 billion US dollars in this Ethiopian fiscal year (2016/17), according to the Commissioner.

Fitsum further said the government has given over 100 million birr financial support for horticulture companies affected by the recent unrest in Oromia

Ethiopian Airlines Gets Record Profit of 6B Birr

Ethiopian-gets-6B-birr-profitFebruary 11, 2017 - Ethiopian Airlines made a record high net profit of six billion birr (273 million dollars) in the 2015-2016 fiscal year ending June 2016, according to the Reporter.

Ethiopian Airlines Group CEO Tewolde Gebremariam told The Reporter in an exclusive interview that the airline registered record high operating revenue of 55 billion birr and a net profit of six billion birr. The revenue increased by 10.3 percent while net profit has shown a whopping increase of 70 percent.  In the 2014-2015 fiscal year, the airline made 49.4 billion birr revenue and a net profit of 3.5 billion birr.<

Qata Investors Planning Real Estate Development in Ethiopia

Qatar-investors-starting-real-estate-developmentFebruary 10, 2017 - A Qatari investor has expressed interest to engage in real estate development in Ethiopia during the discussion held with Prime Minister Hailemariam Dessalegn, according to ENA.

Sheik Dr. Khalid Thani Al-Thani, Chairman of the Ezdan Holding Group said “we are doing big projects here in Ethiopia. I hope by April (2017) we will be announcing the size and the project that will be built in downtown.”

Disclosing the type of investment, the Chairperson said, “It is like a shopping center, five-star hotel and some accommodations.”

The premier assured the investors

Companies to Launch $850 Million Hydroelectric Power Project

Companies-launching-hydro-projectFebruary 6, 2017 - President Mulatu Teshome said his government would provide all the necessary support for investors that engage in power generation, according to FBC.
 
The President made the pledge upon holding discussion with a delegation from Globeleq and Contingent companies at the National Palace today.

He assured members of the delegation that Ethiopia would support all investors, including the Globeleq and Contingent British companies, which engage in power generation in the country.

A member of the delegation and Cambridge Industries Limited Corporate Affairs and General Counselor,

Ethiopia to Spend 5B Birr Building Two Textile Parks

Ethiopia-to-build-two-textile-parksJanuary 28, 2017 - Ethiopia will build two new industrial parks for the textile and garment industry, according to Wlata. The Industrial Parks Development Corporation (IPDC) of Ethiopia has awarded construction of these parks to Chinese firms.

CGCOC will construct the Bole Lemi II industrial park, an extension of the Bole Lemi I, while CCCC will build the Jimma industrial park.

The Bole Lemi II Industrial Park will be constructed at a cost of 3.5 billion birr in southern part of Addis Ababa. IPDC has selected CGCOC to undertake the construction which will take 12 months, while the South Korean firm DOHWA w

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