With a view to doubling its African portfolio in order to tap growing visits by both African and Chinese travelers, Hayatt Hotels Corp is planning to open its first hotel by the end of 2018 in Ethiopia. In October, Hayatt Corp said it would invest an estimated USD 200 million to open new hotels in Africa.
Thirty Five Thai companies composed of food industry, auto spare part manufacturing, and construction are exploring prospective business opportunities in Ethiopia.
A business-to-business meeting was held between the companies’ delegation and Ethiopian business people in Addis Ababa.
Speaking at the opening of the meeting, Addis Ababa Chamber of Commerce and Sectoral Association President, Elias Geneti told the delegation about the opportunities and incentives in Ethiopia. He said that Ethiopia has several sectors in which Thai companies could engage. He also briefed the companies about the country’s capacity in the agricultural sector.
The Meat and Dairy Industry Development Institute is drafting a proclamation to prohibit live goat and sheep exports with a view to encouraging exports of processed meat and ensuring quality. The proclamation is expected to be enacted by the end of this fiscal year.
Ethiopian Airlines, the largest Aviation Group in Africa and SKYTRAX certified Four Star Global Airline, is pleased to announce that it has been crowned “Best African Airline” at Arabian Travel Awards 2018, the second edition of Arabian Travel Awards, held on September 20, 2018 in Dubai.
The winners of the award were determined based on the votes of travellers.
Regarding the award, Mr. Tewolde GebreMariam, Group CEO of Ethiopian Airlines remarked, “We are honored to have been voted the ‘Best African Airline’ at the Arabian Travel Awards 2018, a testimony that our product and services are meeting the high expectations of customers from the Middle East.
Ethiopian currently flies to 12 destinations in the Middle East and thrice daily from Dubai with ultramodern aircraft, connecting travelers from the Middle East to over 60 destinations in Africa and over 115 worldwide.
Ethiopian Airlines announced that the Bole Airport new passenger terminal, which is being constructed at a cost of USD 345 million in the east and west directions of the airport’s existing terminal, had started a partial service provision. The airline is constructing the new terminal as part of an expansion project which is being undertaken to ease congestion at the existing terminal and properly serve the ever increasing passengers. Upon completion, the terminal will have the capacity to accommodate 20 million passengers per year while the existing terminal’s capacity is only 11 million.
The government of Ethiopia is undertaking an assessment to expedite the full or partial privatization of the state-owned Ethiopian Shipping and Logistics Enterprise. Earlier, the government had announced that it would open the logistics sector for domestic and foreign companies.
The Ethiopian Industrial Inputs Development Enterprise (EIIDE), which was established four years ago, said the low performance of the manufacturing sector was attributable to its inefficient capacity. The manufacturing sector shows low performance mainly because of shortage of inputs supply.
Prime Minister Abiy Ahmed visited the Integrated Agro Industrial Park which is located in Central Eastern Oromia, Bulbula area and which is one of the four projects commissioned by the government. The Premier also visited the rural transformation center which is also being constructed in Shashemene, Oromia.
The Federal Supreme Court is designing a new system which will set up mediation courts for civil disputes which will help in settling cases before they reach the regular courts. The legal framework is expected to come into force before the end of the current fiscal year.
The mediation courts, which will allow the disputants to settle their case within three months, will be established at the first instance and high court levels. The disputing parties will choose the mediators.
Source: Addis Fortune
A revenue of USD Eighty Two million was generated from coffee and tea exports in August achieving 87% of the goal. In August, Ethiopia exported 24,891 tons of coffee, tea and spices of which coffee accounts for the 23,694 tons export. Coffee export, which produced USD 80.61 million, also took the revenue’s majority share.
The income generated from the export of the three agricultural products in July was 15.3% and 1.58% higher in volume and value, respectively.
In the 2017/18 fiscal year, USD 2.8 billion was generated from exports, meeting only 54.1% of the government’s performance target. The International Monetary Fund said the country’s export performance could not fully cover its two-month import bill.
Source: Addis Fortune
The Lagos based W Hospitality Group ranked Ethiopia as the leading country in hotel expansion in East Africa. Details of the survey will be discussed at the Africa Hotel Investment Forum (AHIF) which will be held n Nairobi in October.
The hotel development pipeline in Ethiopia is almost 50% up on last year’s strong figures, with Addis Ababa accounting for 86% of the total, almost 5,000 rooms in 25 hotels. Africa Business Communities reported that there were plans to expand the hotel industry to different cities such as Hawassa, Bahir-Dar, Bishoftu, and Gondar.
The Ethiopian Development Research Institute urged policy makers and practitioners to help infant micro and small manufacturing enterprises gain access to finance, market, and work space. The institute issued a baseline survey report titled “Main Features of Micro and small Manufacturing Enterprises in Ethiopia” which was conducted on manufacturing MSEs operating in 10 large cities. The authors of the report selected 8,174 samples from the total enterprises found in these cities.
The CEO of Ethiopian Shipping and Logistic Services Enterprise, Roba Megersa, said the enterprise was renovating dry ports including Kombolcha, Mekelle, and Semera ports, with a view to lodging import-export commodities which pass right through Assab and Massawa ports.
Ethiopian Commodity Exchange (ECX) said it was set to commence a new service which allowed traders to use warehouse receipts which would be given out by the organization as collateral when they needed short term loans from the banks.
The Ethiopian Diaspora Association is set to hold a Diaspora mobilizing conference on investment with a view to encouraging the Ethiopian Diaspora to participate in industry, hotel and tourism, and other areas. More than 1000 people are expected to participate in the conference which is organized in collaboration with the Ministry of Culture and Tourism, Ethiopian Customs and Revenue Authority, and the Ethiopian Investment Commission.
The Ministry of Labour and Social Affairs (MOLSA) said it would complete developing the implementation plan for overseas employment by the end of September. According to the Minister of Labour and Social Affairs Hirut Woldemariam (PHD), MOLSA is closely working with the national committee and representatives of host countries to stop illegal immigration. She said a new system was developed to give detailed information to the applicants.
Africa insurance Company, which is one of the oldest private insurance companies in Ethiopia, was able to collect Birr 585 million from life and general insurance premiums and earned Birr 32 million from life insurance during the past fiscal year despite economic challenges in the insurance industry.
With a view to encouraging more countries to ratify the African Continental Free Trade Area (AfCFTA), an advocacy campaign is launched by the African Union before the deadline to implement the agreement ends in January 2019.
The International Trade Centre (ITC) developed a business guide to help the private sector and policymakers better understand the agreements.
According to AU’s Commissioner of Trade and Industry, Albert Muchanga, the bloc is confident of getting the 15 remaining member states to ratify the agreement by December.
Until now, the agreement is ratified by Kenya, Rwanda, eSwatini, Chad, Niger, Guinea and Ghana while only Egypt, Kenya and Uganda ratified the Common Market for Eastern and Southern Africa (COMESA). The AfCFTA needs 22 ratifications to enter into force and 14 are required for the TFTA.
Chileshe Kapwepwe, COMESA’s Secretary General, said overlapping activities between the
The Ethiopian Railways Corporation (ERC) plans to expand public services, lessen project delays, and increase resource utilization by presenting opportunities for public private partnership (PPP) to take part in railway.
The corporation’s CEO, Dr. Berhanu Beshah said though Ethiopia successfully constructed the first Light Rail Transit in East Africa and the Addis Ababa-Djibouti cross-border electrified standard gauge railway, the country still struggles with serious challenges including lack of capacity noting that “we need to further strengthen our capacity in planning, implementation, and maintaining various projects as well as expanding existing projects, and building new partnership to realize our ambitions.”
PVH Corp., an apparel giant and owner of brands such as Calvin Klein, Tommy Hilfiger, Van Huesen, Warner’s, Izod, Arrow, Speedo, Olga, and Geoffrey Beene, won the 2018 ACE award for its leading role as a best-in-class investor in the apparel manufacturing facility in Ethiopia. The US secretary of state awarded PVH the Sustainable Operations Award for helping to contribute to the growth and sustainable development of the local economies in which it operates.
By allocating Birr 220 million, Addis Ababa City Road Traffic Management Agency is prepared to imporve accident-prone roads. The money will be used to fix and maintain traffic lights, safety devices, signage, and marking.
Traffic lights will be positioned at 31 proposed road junctions at a cost of Birr 54 million. The maintenance work includes repainting 50Km of lanes and zebras, and fixing road studs along 82 different streets. The enhancement and maintenance work will take up Birr 128 million and at a cost of Birr 39 million, lane dividers and pedestrian crossings will be covered.
The Bank of Abyssinia opened its new branch in Ferensay Legasion, Addis Ababa. The new branch is named after Wami Biratu who was once one of the best long-distance runners in Ethiopia. Wami Biratu officially opened the Branch and thanked the Bank for recognizing his achievements by naming a branch after him.
When the bank began its services in 1996, it had only one branch. Currently, it has 296 branch networks nationwide, of which 142 are in Addis Ababa.
Source: Capital Ethiopia
The Ministry of Foreign Affairs stated that Ethiopian leather product companies took part in an international expo on leather products which was held in Paris.
Under the sponsorship of JICA (Japanese International Cooperation Agency) a group of companies including Tikur Abay Shoes S.C Ramsay S.C, and Ethio- Leather Industry PLC (ELICO), exhibited leather bags, shoes and other leather outfits for the first time.
A new tax appeal commission started operation after it took over its duties from the dissolved tax council under the Office of the Attorney General. The commission will directly report to The Prime Minister who appointed Mulugeta Ayalew as its head. Other five nominees to be the members of the commission are awaiting approval from the Premier. The board members can only serve for three years and two consecutive terms.
Addis Ababa City Administration is planning creating 161,000 job opportunities, for the unemployed in 2017/18 fiscal year. Addis Saving and Credit Institution and Youth Revolving Fund jointly appropriated Birr 2.4 billion for the program.
China National Textile and Apparel Council (CNTAC) said it was interested to invest in Ethiopia. A delegation consisted of 52 members discussed with President Mulatu Teshome about investment opportunities in the country. Sun Ruizhe, CNTAC’s president said he came to Ethiopia to undertake a feasibility study on textile on large scale textile investments. He said, “Many Chinese textile entrepreneurs are interested to invest in Ethiopia because we have clear understanding of government policy, high efficiency, incentives and privileges and also the comparative advantage of developing textile industry in Ethiopia.”
Ethiopian Airlines, the largest Aviation Group in Africa and SKYTRAX certified Four Star Global Airline and Air Côte d'Ivoire,the national flag carrier of Côte d'Ivoire, have entered into a codeshare agreement effective May, 2018.
Under the new codeshare partnership, passengers originating from West African countries, especially from Lagos, Bamako, Cotonou, Accra and Lomé will board Air Côte d'Ivoire flights and enjoy fast and seamless connection to Newark on-board Ethiopian direct service to Newark via Abidjan.
The Ethiopian government is prepared to commence an Electronic Government Procurement (EGP) system to increase the effectiveness of public procurement procedures.
Di Yuan Ceramics Plc. made its first export from Ethiopia to Somaliland on May 08, 2018 selling 4,000 square meters of ceramic fields.
According to the company’s Sales Manager, William Wieng, the effective marketing chain the company built led to a USD 1 million worth ceramic order from four African countries-Somaliland, Kenya, Djibouti and Sudan.
Ethiopia earned USD 2.1 billion USD from exported products against the estimated 3.66 billion USD. According to Wondimu Flate, PR Head at the Ministry of Trade, a 1.58 billion USD deficiency was observed during the first three quarters of the current fiscal year.
Inflation declined in Ethiopia to 13.7 percent despite the price uplift in clothing, footwear, house repair and maintenance equipment.
According to the Central Statistical Agency (CSA), the previous month (March) inflation declined by 1.5 percent as a result of price fall for food items that showed a 3.9 percent drop. Non-food inflation had a modest rise of 0.8 percent.
The Ministry of Trade (MoT) formed a technical committee to conduct a preliminary assessment to revise the Ethiopian StandardIndustrial Classification (ESIC). The classification is primarily used to avoid overlapping responsibilities and ease the process of registering business activities at government offices. Issues related with professional competency certifying bodies, newly added codes, and overlaps in coding and classification are some of the basic reasons that led the Ministry to revise the clarification for the second time.
The Main Department of Immigration and Nationality Affairs of Ethiopia is testing a system to facilitate passport provision to citizens.
Eczacibasi, a well known Turkish company, is keen to invest in Ethiopia. During a meeting between the State Minster for Foreign Affairs, Dr. Akililu Hailemicheal, and the representatives of the company, the investors mentioned that they use Ethiopia as a main gate to invest in Africa.
Ethiopia’s Ministry of Education inaugurated new university in Amhara State. The newly inaugurated university is Debark University.
Ethiopian Investment Commission (EIC) was awarded as the “best investment promotion agency in East Africa” during Annual Investment Forum (AIM) held in Dubai, United Arab Emirates (UAE). It was Eyerusalem Amdemariam, Consul General of Ethiopia in the UAE that received the award on behalf of the Commission.
Agriculture and Rural Development Bureau of Tigray State, one of the 9 federal division of Ethiopia, forecasted 28 million quintals of crop will be harvested from this season.
Addis Ababa – Djibouti railway line, which will connect Ethiopia with Djibouti, is said to commence trial service by the first week of October. The railway will connect the landlocked Ethiopia with Port Djibouti.
As part of its quest to make economic inroads in investment in Africa, the Dubai Chamber of Commerce and Industry has embarked on a four-day trade mission to Nairobi and Addis Ababa to highlight its strategy for the continent.
Belayab Motors PLC, one of Ethiopia’s leading vehicle assembly companies, has announced that it has signed a local assembly partnership agreement with KIA Motors Corporation (KMC), world’s fastest-growing car manufacturing company.
Ethiopian Sugar Corporation (ESC) has announced the 2 Omo Kuraz sugar factories are set to commence production by the coming January.
Ethiopian Airlines signed Cooperative Memorandum of Understanding (MoU) with Guangdong Airport Authorities in areas of increasing passenger flight frequency, launching new routes and joint promotion of Ethiopia cargo for additional frequency in Guangzhou.
Artistic Printing Enterprise, one of the public enterprises in Ethiopia, has been privatized by a joint venture formed between Feleke Trading PLC and Corporate Computer Center PLC. The joint venture is declared to have won the bid after submitting a bid price of 329 million Birr.
Ethiopian Airlines, the fastest growing and most profitable African airline, is pleased to announce that it will add a thrice weekly service, on top of its daily flights, to Guangzhou as of October 8, 2016. Hence forth, Ethiopian will operate eleven weekly flights to/from Guangzhou.
Ethiopian Railways Corporation (ERC) disclosed it is conducting feasibility studies to commence the construction of more than 2400 kilometers of railway projects across Ethiopia.
Ethiopia’s Government aims to set up wind power projects that can create 1,500 Megawatts during the second Growth and Transformation Plan Period (GTP II). The government intends to work on the projects by its own capacity.
Ethiopia developed around 2.7 million hectares of land by irrigation in the just concluded fiscal year. This was disclosed by the Ministry of Farming and Natural Resources (FNR).
Africa’s first and most technologically advanced aircraft Airbus A350 XWB will be launched on the London Heathrow route as of 14th August 2016.
New meter taxis, 15 in number, are set to commence giving service in Ethiopia’s capital, Addis Ababa, soon. The service provider, Addis Meter Taxi, was founded by 50 investors in 2015 an investment capital of almost 25 million Birr.
Ethiopian Maintenance, Repair and Overhaul (MRO), one of the finest aircraft, engine and components maintenance and overhaul centers in Africa and the Middle East, has achieved another milestone. It has successfully completed the modification of the first 10 Ethiopian Boeing 787 Dreamliners with more flatter and reclined bed position of business class seats which lays almost to full flat bed.
Federal Manufacturing Industry Development Agency (FMIDA) disclosed it has prepared 7 billion Birr to be dispersed as loan for more than 17,000 enterprises this fiscal year. The enterprises are said to be engaged in manufacturing sector of Ethiopia’s economy.
Hailemariam Desalegn, Prime Minister of Ethiopia, inaugurated 2 roads that connect Addis – Adama Expressway with the capital city. The roads have a total length of 28.1 kilometers.
Ministry of Trade disclosed Ethiopia generated 2.86 billion USD from the export sector in the just concluded fiscal year.
Ethiopian Electric Power (EEP) disclosed Gilgel Gibe III hydroelectric project has commenced generating power. According to the CEO of EEP, Azeb Asnake (Engineer), the plant for the time being is generating 800 megawatts of electric power.
Ethiopia is targeting to produce more than 65 tons of gold in the just started fiscal year from 3 different states, even if gold export fell to meet its target last fiscal year. The production is said to take place in State of Tigray, State of Oromia and State of Benishangul Gumuz.
The telecom monopole in Ethiopia, Ethio Telecom, requested the government to expand to some parts of Eastern Africa.
Ethiopia’s Ministry of Mines, Petroleum and Natural Gas (MMPNG) is negotiating with the Chinese company POLY – GCL Petroleum Group for the construction of Ethio-Djibouti natural gas pipelines.
Ethiopian Roads Authority (ERA) aims to construct as well as maintain around 23,000 kilometers of road across Ethiopia during the just started fiscal year.
Ethiopia secured a 75 million Euro loan from France after concluding a loan agreement. The loan is said to be utilized for building the National Load Dispatch center with its back up replica and Bus Rapid Transit.
Ministry of Mines, Petroleum and Natural Gas disclosed Ethiopia made 309 million USD from the sales of different minerals in the international market.
Ethiopian Airlines has contracted Lufthansa Technik to provide comprehensive component support for the airline’s future Airbus A350 fleet. The corresponding Total Component Support TCS agreement will run for a period of ten years and includes 14 aircraft. The contract comprises component maintenance, repair and overhaul as well as access to a pool of spares.
Ethiopia’s Public Procurement and Property Disposal Service earned 193 million Birr from the disposal of used materials in the just concluded fiscal year. The revenue was generated from the sales of scraps metals, vehicles and other office materials.
Ethiopian Roads Authority (ERA) disclosed a total of 1,412 kilometers of roads were constructed all over Ethiopia in the just concluded fiscal year. Nonetheless, the Authority’s plan was to construct about 1,557 kilometers of road, meaning the performance was 93 percent of the target set.
Agricultural Land Investment Administration Agency has served 7 commercial farm developers with warning letters. The commercial farm developers who occupy 37,500 hectares of land in Ethiopia, are served with the letters for leaving land unutilized for so long.
Ministry of Agriculture and Natural Resource (MANR) disclosed it has prepared 13 million hectares of land across Ethiopia to be cultivated in Meher season.
The federal legislature of Ethiopia, House of Peoples’ Representatives (HPR), promulgated a new income tax law today July 26, 2016.
The World Bank has granted 6 million USD to one of public universities in Ethiopia, Haromaya University. The grant is to assist the higher learning institution’s effort to become one of the leading research center of excellence in the African Continent.
Geological Survey of Ethiopia (GSE) disclosed in the just concluded fiscal year 20 new areas rich in mineral resources were identified.
Ministry of Foreign Affairs disclosed during the first 10 months of the just concluded fiscal year, Ethiopia earned 4 billion USD in remittance.
Southern Nations Nationalities and Peoples’ State (SNNP) Culture and Tourism Bureau disclosed the state has been visited by more than 1 million tourists from abroad as well as Ethiopia in the just concluded fiscal year.
Japan Tobacco International paid 510 million USD for the purchase it made for the 40 percent stake it acquired in the National Tobacco Enterprise (NTE). The payment was made for Ethiopia’s government on July 15, 2016.
Ethiopia’s Information Network Security Agency (INSA) disclosed it has commenced an integrated cyber-security solution for banks. The system is said to protect banks from cyber-attacks.
The Chinese telecom company ZTE concluded installation work for 1,234 kilometers of optical ground wire, also known as OPGW lines, in Ethiopia. The contract for the installation, which was worth 37 million USD, was signed on May 2013 between the Chinese telecom giant and Ethiopian Electric Power.
The African Development Bank has approved a USD 104 million loan to the Government of Ethiopia for a project which will sustainably extend power to industries, small businesses to enhance job creation and improve access to basic services in the country’s Tigray and Afar regions.
The New York and London based Fitch Rating projected Ethiopia’s economic performance for the coming year. Fitch in its report underlined the increasing debt risks from public enterprises.
Ethiopian Revenue and Customs Authority (ERCA) collected more than 22 billion Birr from Ethiopia’s capital, Addis Ababa, in the just concluded fiscal year. The authority collected the revenue as tax.
Ethiopia’s telecom monopole, Ethio Telecom, disclosed it made 20.8 billion Birr of gross profit in the just concluded fiscal year. Such was disclosed during a discussion held to evaluate 2015/2016 performance and make plans for the coming fiscal year.
Lottery draw is going to be held by the end of the current month to handover about 40,000 condominium houses which are built in Ethiopia’s capital, Addis Ababa.
Ethiopian Commodity Exchange (ECX) has started trading red kidney beans and mung beans on its floor. The commodity exchange commenced the service on July 12, 2016.
Zamra Construction agreed with Addis Ababa Youth Sport Bureau to construct a zonal stadium in Ethiopia’s capital, Addis Ababa, at an outlay of 500 million Birr. The stadium is going to be constructed at Ayat locality, in Bole Sub City.
Industry Parks Development Corporation (IPDC) signed construction agreement with Chinese Civil Engineering Construction Corporation (CCECC) for the construction of industrial park in Adama, Ethiopia. The agreement was signed on July 10, 2016.
Metal and Engineering Corporation of Ethiopia (METEC) signed a Memorandum of Understanding (MoU) with the government of Somalia to build industrial capacity of the latter. The agreement was signed on July 9, 2016.
The Chinese corporation CGCOC Hansom Group established a new company in Ethiopia which dubbed Hansom Kinfengda Manufacturing PLC and owns a manufacturing plant which produces special type of corrugated pipes. The pipes are said to be used for residential wastes, industrial wastes and water discharges.
Ethiopia’s federal legislature House of Peoples’ Representatives (HPR) approved the proposed 274.3 billion Birr budget for the coming fiscal year. The budget plan shows a 21 percent increase from last year’s approved fiscal budget.
Development Bank of Ethiopia (DBE) disclosed it has extended a total of 7.5 billion Birr loan in the 11 months of the just concluded fiscal year. Nonetheless, the target was to extend 9.4 billion Birr.
Ethiopian Investment Commission (EIC) disclosed in the 11 months of the past fiscal year 48 investment projects went operational all over Ethiopia. The projects have a total registered capital of 745 million Birr.
Mati Mutiplex Cinema disclosed it intends to expand and open branches across major state cities in Ethiopia. New cinema branches are going to be opened in Adama, Hawassa, Dire Dawa and Gonder. This is in addition to the Mekele and Bahir Dar branches which the Mati Multiplex is currently operating.
Ethio – Israeli Business Forum was held on July 7, 2016 in Ethiopia’s capital, Addis Ababa. The Forum was opened with prime ministers of Ethiopia and Israel being present.
Ethiopia’s first industrial park, Hawassa Industrial Park, is scheduled to be inaugurated on Wednesday, July 13, 2016. Located 275 kilometers south of the capital, the industrial park is expected to create job opportunities for 60,000 people in 2 shifts. The Park is expected to host textile and garment manufacturing factories.
Ethiopian Airlines, the fastest growing airline in Africa, is pleased to announce that it has commenced scheduled thrice weekly flights to New York-Newark from Addis Ababa on 03 July 2016, via Lomé, Togo.
Ethiopian Airlines, the leading airline in the continent has now renewed its leadership status in the African aviation industry by operating the first African Airbus A350 XWB. What is more, Ethiopian has many more state-of-the-art aircraft in its operation and in order.
Mesfin Industrial Engineering’s (MIE) new car assembly line built in Tigray State of Ethiopia has been inaugurated on July 1, 2016. The plant will be assembling Peugeot automobiles.
Federal Urban Job Creation and Food Security Agency disclosed in the concluding fiscal year 1.8 million jobs were created by micro and small enterprises (SMEs).
Ethiopian Airlines, the largest airline in Africa, is pleased to announce that it has received its 14th B787 Dreamliner named "Colonel Robinson", leased from AWAS, on 01 July 2016 carrying humanitarian aid.
The first Ethiopian Real Estate Expo in the North America is scheduled to be held for 2 days; from September 17, 2016 to September 18, 2016. The aim of the expo is to create a linkage between investors and real estate developers in Ethiopia.
Ethiopia concluded various cooperation agreements with Mozambique on June 29, 2016. The agreements were signed by Ethiopia’s Prime Minister, Hailemariam Desalegn, and President of Mozambique, Filipe Nyusi before having bilateral talks.
Ethiopian Railways Corporation (ERC) announced Ethio-Djibouti railway is readied for full service by next year. Installation work for the railway is now 98 percent finalized.
Ethiopian Railways Corporation (ERC) disclosed around 30 passenger locomotives have arrived at Endobi Station, which is along the Ethio-Djibouti railway line. The locomotives are said to have the capacity to travel up to 120 kilometers per hour and carry from 113 – 168 passengers at a time.
Ethiopia decided to build 11 public universities across the country that will be administered by the Ministry of Education (MoE).
European Union (EU) Business Forum to Ethiopia concluded an agreement with Ethiopian Investment Commission (EIC) in the aim of strengthening business and investment ties between the Union and Ethiopia.
During his visit to Kenya, Ethiopia’s Prime Minister, Hailemariam Dessalegn, concluded an oil pipeline deal with Kenya’s President, Uhuru Kenyatta. The deal is for the construction of crude pipeline from Lamu, a coastal town in Kenya, to Ethiopia’s capital, Addis Ababa.
Here is another remarkable event at Ethiopian; the fastest growing and the leading pan-African Airline has broken a Guinness World Record for making the largest ever human image of an Airplane on June 29, 2016.
Following the call made by Ethiopian Revenues and Customs Authority (ERCA) a month ago, Modjo Dry Port confiscated 223 containers. ERCA made the call for 823 containers owned by importers and gave them a 4 days window. 600 containers were removed leaving 223 containers to be confiscated by ERCA.
Ethiopia’s flag carrier, Ethiopia Airlines, disclosed it would start daily flights between Addis Ababa and Muscat, Oman. The service will launch on July 1, 2016.
European Investment Bank (EIB) concluded an agreement with Ethiopia for the establishment of a country in Addis Ababa.
Ethiopian Airlines, the fastest growing and the largest African airline, stands as 1st Airline in Africa to take delivery of Airbus A350XWB on 28 June, 2016, in Toulouse, France.
Metals and Engineering Corporation (METEC) disclosed it built more than 75 manufacturing workshops all over Ethiopia.
Businesses in Ethiopia will no longer be required to present minimum capital statements in order to be registered, if a proclamation to amend the Commercial Registration and Business Licensing Proclamation is approved by the federal legislature, House of Peoples Representative (HPR).
The England based consumer products manufacturer, Unilever, has opened its factory in Ethiopia. The factory is said to be located in Easter Industry Zone, Dukem.
Ethiopia’s capital, Addis Ababa, will receive its first bike taxi service by next month. Such was disclosed by the city’s transport coordination office.
Ministry of Trade (MoT) disclosed Ethiopia might reach a record high volume of annual coffee export by the end of the current fiscal year. During the past 11 month Ethiopia exported 174,000 tons of coffee, which is 96 percent of the intended 180,000 tons.
Ethiopia has signed an agreement with African Road Maintenance Fund Association (ARMFA) enabling the later to open a regional office in Addis Ababa.
2,415 small and micro enterprises (SMEs) found in Ethiopia are to be awarded by the Federal Job Opportunity and Urban Food Security Agency.
Ethiopian Roads Authority (ERA) disclosed it will inaugurate roads it built at an outlay of over 10 million Birr. The roads are found in states of Amhara and Oromia and they will be inaugurated this week.
The Chinese electric company, Dongfang Electric Corporation Limited (DECL), concluded an agreement with Ethiopian Electric Power Utility (EEPU) for the development of wind farm in Aisha area of Somali State, Ethiopia.
Ethiopian Railway Corporation (ERC) CEO, Getachew Betru (Dr. Engineer) disclosed the Sebeta-Mieso-Dewele railway line will commence operation by September 2016. According to him the railway that will ultimately link Ethiopia with Djibouti is now 95 percent complete.
Ethiopia’s flag carrier Ethiopian Airlines is set to order 10 to 15 regional jets that will deploy on short haul flights.
Ethiopia’s draft income tax proclamation is said to equip Ethiopian Revenue and Customs Authority (ERCA) with significant powers. The powers are said to be given to the Authority in the aim of expanding its tax collection power.
Ethiopian Airlines, the leading airline in connecting Africa with the rest of the World, continued its aviation technology leadership with yet another first African Airbus A350 XWB. In its successful 70 years of history, Ethiopian has so many firsts in African aviation industry. The A-350 XWB will be the first airbus aircraft in Ethiopian fleet and the first of its kind in Africa.
Dichoto – Galafi – Elidar – Bolho road’s construction, which is being undertaken by Defense Construction Enterprise, has been started.
Ethio-Canada Business Forum has been launched in Ethiopia’s capital on Thursday, June 16, 2016. The Forum is said to be aimed at advancing business, trade as well as investment between Ethiopia and Canada.
Ethiopia’s Ministry of Trade disclosed the country earned 2.31 Billion USD from the export of agricultural, manufacturing and mining products during the first 10 months of the current fiscal year. However according to Public Relations Head at the Ministry, Amakale Yimam, the performance is below the target, which is 3.34 billion USD.
Horticulture Development Agency disclosed Ethiopia secured over 230 million USD from horticulture export during the first 10 months of current fiscal year.
Ethiopia concluded an 18 billion Birr loan agreement with the World Bank on June 15, 2016. The loan is said to be utilized by Ethiopia to expand infrastructure.
Ethiopia’s public notary office, Document Authentication and Registration Agency, disclosed it has started giving online sales contract service. According to the new Agency’s Director, Meressa Gebreyohannes, the online sales contract service is only for transactions concerning houses and cars.
Auctioned Ethiopian Commodity Exchange (ECX) seats have attracted a record high price of 2.8 million Birr for 1 seat. The auction was for 5 seats, 19th to 23rd, and the bid was opened on Wednesday, June 8, 2016 in Ethiopia.
The Chinese pharmaceutical manufacturing company, Humanwell Healthcare, is set to invest 2 billion Birr in Ethiopia and construct a plant.
Ethiopia’s Ministry of Agriculture and Natural Resource Development disclosed it has imported 817,000 metric tons of fertilizer. The imported fertilizers are aimed to be distributed to farmers during the coming rainy season.
Ethiopian Airlines, the largest and fastest growing airline in Africa, is pleased to announce that it will commence early check-in services for all flights at Terminals 1 & 2, Addis Ababa Bole International Airport, as of 15 June 2016.
Central Statistics Agency of Ethiopia (CSA) disclosed year on year inflation rate has rose to 7.9 percent in month of May. According to the Agency’s report inflation rate for March was 7.4 percent.
Ethiopia’s Council of Ministers decided to promote Document Authentication and Registration Office (DARO) to an agency.
Women investors in the Ethiopia’s capital, Addis Ababa, have established Women Investors’ Forum. The forum is established in the aim of solving obstacles they face.
Ethiopia International Mining Conference is scheduled to be held in Addis Ababa at the Millennium Hall from June 18 – 20, 2016. The event is said to be organized by Ethio Mining International Expo.
Ethiopian Airlines Aviation Academy (EAA), the largest and one of the most technologically advanced Aviation Learning Institutions in Africa which is recognized as ICAO Center of Excellence with full membership of ICAO TRAINAIR Plus and IATA authorized global training center, is pleased to announce that it has graduated 25 Pilots, 35 Aviation maintenance technicians, 43 Cabin Crew and 244 Commercial and Ground Service professionals at a colorful ceremony held at Ethiopian Aviation Academy on June 09, 2016.
Ethiopian Airlines, the largest African airline, in collaboration with the Boeing Company is pleased to announce that it will host ‘Africa 787 Supplier Technical Summit’ from 7-9 June 2016.
Arjo Didesa sugar factory which is found in Oromia State, Ethiopia, commenced production.
South African business delegation team visiting Ethiopia, held business-to-business meeting with Addis Ababa Chamber of Commerce and Sectoral Associations (AACCSA) on June 7, 2016. The meeting was focused on ways to promote business opportunities.
Ethiopian airlines, the leading African carrier is pleased to announce that its Group CEO Mr. Tewolde GebreMariam has been re-appointed to the IATA (International Air Transport Association) Board of Governors for a three year-term at the 72nd IATA Annual General Meeting (AGM) held in Dublin, Ireland.
One of Ethiopia’s public enterprises, Ethiopian Mineral, Petroleum and Biofuel Corporation (EMPBC), has gone operational after being established with a capital of 15 billion Birr.
KEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia, announces that the previously preferred Engineering, Procurement and Construction (“EPC”) contractor has been replaced with marke tleader Lycopodium Ltd resulting in better proposed financial terms and an unchanged timetable.
Ethiopia’s Council of Ministers proposed 274 billion Birr budget for the coming fiscal year, 2016/2017.
The World Bank Board of Executive Directors today approved a 300 million USD International Development Association (IDA) credit to improve mobility along selected corridors in Addis Ababa and the effectiveness of road safety compliance systems throughout Ethiopia.
Ethiopia inaugurated new international airport which it dubbed Kebri Dehar International Airport and built in Somali State at an outlay of 500 million Birr.
Ethiopia earned 80 million USD from the export of mutton and chevon in the past 10 months of the current fiscal year. Such was disclosed by Ethiopian Meat Producer-Exporters Association (EMPEA).
Engine manufacturing plant found in Tigray State of Ethiopia is said to launch trial production of engines. Such was disclosed by Major Assefa Yohannes, General Manager of the Ethiopian Power Engineering Industry.
Ethiopian Roads Authority (ERA) disclosed the construction of Akaki-IT Park (Goro) and Akaki-Lebu asphalt roads has been completed. The roads will connect Ethiopia’s capital with Addis-Adama Expressway.
In the aim of boosting investment cooperation and establishing industrial parks, Ethiopia and 2 companies from Jiangsu Province, China, signed Memorandum of Understandings (MoUs) on June 1, 2015.
Ethiopia’s Ministry of Mines, Petroleum and Natural Gas (MoMPNG) disclosed the country will start producing metal in 2 years time.
National Bank of Ethiopia (NBE) approved Yewondessen Eteefa for the Chief Executive Officer (CEO) position of Ethiopia Reinsurance.
Ministry of Culture and Tourism (MoCT) disclosed Ethiopia has earned 2.6 billion USD from tourism in the first 9 months of the current fiscal year.
The 2 Horn of Africa nations, Ethiopia and Sudan, agreed to implement cooperation projects which includes establishing economic zones and free markets among the 2 countries.
Naoh Real Estate disclosed it will inaugurate Best Western Hotel in 6 weeks time. The hotel was built after Great Abyssinia PLC, Mother Company of Noah, signed agreements with Best Western International Inn back in 2014 for the construction of 2 hotels in Ethiopia.
Two new malt barley varieties with the potential to triple average yield in Ethiopia have been released in May 2016 by the Holetta Agricultural Research Center as a result of decades of research collaboration with ICARDA. The two varieties, HB1963 and HB 1964, can yield up to 6 tonnes per hectare (t/ha) as opposed to the average yield of 2 t/ha in Ethiopia. The varieties also offer excellent malting quality, making them attractive buys for the malting and brewery industry, thus allowing smallholders to use the new malt barley as a cash crop and generate income from it.
Youngone Corporation, South Korean textile and footwear manufacturer, disclosed it aims to invest in the textile industry of Ethiopia.
Chinese business delegation team from Hebel Province, China, disclosed its interest to invest in the agro-processing sector of Ethiopia.
Ethio-South Korea Business Forum was held in the capital of Ethiopia, Addis Ababa, on Friday, May 27, 2016 with the presence of Prime Minister Hailemariam Dessalegn and President Park Geun-hye of South Korea. Other participants of the forum were diplomatic as well as business representatives of the 2 countries.
Ethiopia’s President, Mulatu Teshome, met and held discussions with Chief Executive Officer (CEO) of Turkish Airline, Temel Kotil. During the discussion the President noted the airlines of Ethiopia and Turkey should work together in order to strengthen the economic bondage of the 2 nations.
5 different local companies concluded road construction agreements with Ethiopian Roads Authority (ERA). The contracts are in total worth 5.6 billion Birr and the companies will be building 7 roads in Ethiopia.
Bangladeshi textile and garment company, by the name DBL, concluded 15 million USD loan agreement with Swedfund to establish an integrated textile factory in Ethiopia. In addition to this DBL also secured 55 million USD loan from Ethiopian Development Bank (EDB).
Sheger express busses are expected to commence service on Friday, May 27, 2016 for residents of Ethiopia’s capital.
Ethiopia Roads Authority concluded agreements worth a total of 2.8 billion Birr with 4 different companies for projects found in 4 different states. 3 of the parties to the contracts are local firms while 1 is a foreign firm.
Report by Central Statistics Agency (CSA) disclosed agricultural raw material import of Ethiopia shows an increase of 67 percent. The report also showed 90 percent of pharmaceutical products in the market are imported.
Tourism sector of Ethiopia missed its target for the first 9 months of the current fiscal year by only generating 2.7 billion USD from 712,111 tourist.
Ministry of Trade of Ethiopia disclosed it will increase Addis Ababa’s wheat flour and sugar supply as the demand for food items keeps on rising.
Ethiopia’s earning from the leather export has declined, Ethiopian Leather Industry Development Institute (LIDI) disclosed.
Ethiopian Airlines, the fastest growing and the largest African airline, is pleased to announce that it will start thrice weekly services to Istanbul with the latest B737-800 New Generation with Sky Interior, as of its Winter schedule.
The World Bank Board of Executive Directors approved a 200 million USD International Development Association (IDA)* credit to support the growth and development of Small and Medium Enterprises (SMEs) in Ethiopia.
One of Ethiopia’s higher education institute, Jimma University, commenced online post graduate program on health education.
Restaurants, lodges and motels in Ethiopia are going to be rated by the Ministry of Culture and Tourism. The rating is going to be based on the level of services they provide for which they will be rated from 1 to 5 stars.
Ethiopia’s textile export earnings in the past 9 months has shown significant decline by only generating 65 million USD. The target for the period was 110 million USD.
Fame Impex Trading PLC disclosed it will distribute the global brand McVitie’s Digestive Biscuits in Ethiopia.
Third bid is announced by Ethiopia Investment Commission (EIC) for the sheds in the Hawassa Industrial Park.
WAFA Marketing and Promotion PLC disclosed it has organized trade and investment forums in the United States (US) and Canada cooperating with Ethiopia’s Amhara State and stakeholders.
Ethiopia’s flag carrier, Ethiopian Airlines, is planning to expand to India with new flights and also carry out aircraft upgrade.
Commercial Bank of Ethiopia (CBE) bagged gross profit of 10.9 Billion Birr in the first 9 months of the current fiscal year.
Abyssinia Springs and Nestlé Waters formed a joint venture (JV) for the purpose of carrying out bottled water business in Ethiopia. According to their agreement, Nestle will have majority stake in the JV.
One of Ethiopia’s railway projects, Addis Ababa – Meiso – Dewele railway line will go operational in September, Ethiopian Railways Corporation (ERC) announced.
Ethiopia’s Ministry of Urban Development and Housing (MUDH) announced it will transfer more than 40,000 condominiums to the beneficiaries during the current fiscal year.
Ethio-Sudan business forum is being held in Addis Ababa, Ethiopia. The forum is expected to boost the economic ties between the 2 East African nations.
Trade mission from the United Kingdom arrived in Ethiopia’s capital, Addis Ababa, on May 10, 2016 for a 3 days visit. The visit is organized following the success of UK-Ethiopia Trade and Investment Forum held in London a year ago.
9 months report of Ethiopia’s export takes further decline both in meeting targets and comparison to last fiscal year’s performance. The report, which is expected to be presented to the House of Peoples’ Representative (HPR) by the Ministry of Trade (MoT), reveals export earnings from agriculture, manufacturing and mining sectors have declined.
Ethiopia will receive 120 million USD loan from Export-Import (EXIM) Bank of China for the expansion project of Addis Ababa Bole International Airport passenger terminal.
Teachers in Ethiopia’s capital, Addis Ababa, will be able to get free transport service from the city busses starting from May 9, 2016. The teachers will be able to get the service upon presenting identification Cards that will be given to them.
Year on year inflation rate of Ethiopia has dropped to 7.4 percent in April from 7.5 percent in March.
National Bank of Ethiopia (NBE) disclosed aggregate capital of banks in Ethiopia has increase by 19 percent during the 2014/2015 fiscal year.
In the aim of increasing Ethiopia’s benefit from tea and coffee, Ethiopian Coffee and Tea Development and Marketing Authority is re-established. The re-establishment took place following the promulgation of a proclamation in December.
Addis Credit and Saving Institution (ACSI) disclosed it extended 1.4 billion Birr loan in the first 9 months of the current fiscal year.
Ethiopia will start the construction of 4 industrial parks late this month. The announcement was made by Board Chairman of Ethiopian Industrial Parks Development Corporation, Arkebe Equbay (Dr.).
Tigray State of Ethiopia disclosed it collected 2.6 billion Birr in the first 9 months of the current fiscal year. The money was collected from tax and non-tax revenues.
Sri Lanka is going to establish a diplomatic mission in Ethiopia’s capital Addis Ababa where African Union (AU) is sited.
2 mining companies concluded extraction agreements with Ministry of Mines, Petroleum and Natural Gas (MoMPNG) on April 27, 2016 to mine in Ethiopia. The companies are Letto Mining Ltd and Lozbez Mining Plc.
Ethiopia’s federal legislature, House of Peoples’ Representative, discussed a draft proclamation to establish an independent body that will be bestowed with an exclusive power to conduct investigation on aircraft accidents and incidents.
Ethiopia’s Ministry of Foreign Affairs (MFA) signed a Memorandum of Understanding (MoU) with Eastern and Southern African Trade and Development (PTA Bank) for the later to establish regional office in Addis Ababa.
Ethiopia has prepared a draft regulation which is said to compel mining companies to make financial contributions for the development of the areas they are carrying out mining. The draft document is prepared by the Ministry of Mines, Petroleum and Natural Gas.
Ethiopia’s federal legislature, House of Peoples’ Representative, ratified a 33 million Birr loan agreement which will be used to modernize the government’s financial administration system.
Ethiopian Electric Power will conclude a contract with TBAE Co. Ltd., a Chinese company, for the construction of high-power transmission lines and distribution stations in Ethiopia’s capital, Addis Ababa. The construction is said to cost 98 USD.
In the 9 months of the current fiscal year, Ethiopia purchased goods and services worth 15 billion Birr from local and foreign suppliers.
Agri-CEFT has disclosed it will undertake an expansion project on its tea processing and packaging factory at an outlay which is close to 120 million Birr. The expansion will take on a 19,000 square meters of land which is found in the private Huajan Industry Zone.
Office Chérifien des Phosphates (OCP) Group announced it intends to build a fertilizer plant in Ethiopia. The announcement was made when the company’s Chairman and CEO, Dr. Mostafa Terrab, met and held talks with Hailemariam Dessalegn, Prime Minister of Ethiopia.
Ethiopia announced the rental fee it will ask for sheds in the Hawassa Industrial Park.