Latest Ethiopian News - Economy

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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