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Latest Ethiopian News - Economy

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

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

Ethiopia to Allow Private Railway Companies - Report

Private-Railway-in-EthiopiaJune 28, 2017 - Draft law which aims at allowing private investors to engage in railway transportation service has been prepared, according to the Reporter. If passed by the law maker, the draft bill, dubbed Railway Transportation Administration, allows investors to use the national railway infrastructure. In other words, private companies are now allowed to give services on the already built railway infrastructures. This is in the midst of Ethiopia Railway Corporation’s (ERC) debt mounting at a staggering level, which reached 120 billion Birr.

The draft proclamation was presented to the lower house, House of Peopl

Chinese-led Project to Turn Ethiopia’s Biggest Dump into Economic Driver

Garbage-to-energyJune 19, 2017 - A Chinese-led waste-to-energy project will start generating power in September in Ethiopia's biggest garbage dump, which will help fuel the country's rapidly growing economy.

The Reppi Waste-to-Energy project in Kolfe Keranio, a sub-city of the capital Addis Ababa, is slated to be opened in September, China's People's Daily newspaper reported on Monday.

The project is a significant part of the cooperation between China and Ethiopia, as the country is seeking to develop its green energy capacity, Azeb Asnake, CEO of Ethiopian Electric Power told the People's Daily.

The Re

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 Over 5 Billion Birr on Road Projects

Ethiopia-to-spend-over-5B-on-RoadsJanuary 26, 2017 - Ethiopian Roads Authority (ERA) has signed over five billion birr road construction and upgrading agreements with local and international contractors today, according to ENA.

Director-General of Ethiopian Roads Authority, Araya Girmay, signed the agreements with Ethiopian, Chinese and Russian contractors.

During the occasion, the director-general said that the 357kms roads to be constructed and upgraded are in Oromia, Somali, Southern Nations Nationalities and Peoples, and Benishangul-Gumuz regional states.

The projects will connect rural areas with regional cities and towns, it was indica

Chinese Governor Held Talks with Ethiopian Officials

Chinese-Governor-to-Invest-Industry-ParkJanuary 24, 2017 - A delegation led by the governor of Guangdong Province Zhu Xiao Dan has met with top government officials, according to Capital.

The companies who accompanied the governor have agreed to invest in the Huajian Group Industry Park that came from Guangdong, which is the leading GDP contributor for China.

Currently the construction of the industrial park is being undertaken by the Chinese contractor CCCC and will accommodate up to 50,000 employees.

The light manufacturing industrial park now has 11 enterprises, that signed deals on Thursday September 1 at a conference held at the H

Ethiopia Considering Partial Privatization for Shipping Enterprise - PM

Ethiopia-considering-selling-shipping-enterpriseJanuary 17, 2017 - During  his latest press conference Prime Minister Hailemariam Desalegn confirmed that his government is in the process of selling shares of the Ethiopian Shipping and Logistics Services Enterprise (ESLSE), which is the only state run company that owns commercial boats in Africa, to an undisclosed company, according to Capital.

The PM explained that  the costs of inland transportation out way the costs of transportation by sea because of logistical issues and the cost of moving freight in Ethiopia.  He pointed out that, “the newly inaugurated

Cars Too Expensive in Ethiopia

cars-too-expensive-in-ethiopiaJanuary 16, 2017 - Owning a car for many Ethiopians - even those with ready cash to spend in one of the world's fastest-growing economies - remains a pipe dream.

"I have been saving for nearly four years now, and I still can't afford to buy even the cheapest vehicle here," a frustrated Girma Desalegn tells me.

He has been shopping around for a whole week in capital, Addis Ababa, and has still not found an affordable car.

He is looking to buy a second-hand car imported from the Gulf states or Europe - but even they are prohibitively expensive because the government classifies cars as luxury goods

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