Private sector urged to “own and drive” Africa’s continental trade agreement

Private sector urged to “own and drive” Africa’s continental trade agreement

The private sector is recognized as an indispensable stakeholder in the African Continental Free Trade Agreement (AfCFTA), especially given its ability to catalyze sustainable economic development and job creation. “Africa’s private sector accounts for 80 percent of total production, two-thirds of investment, and three-quarters of credit, and employs 90 percent of the working-age population,” said…

“African countries need to enhance their negotiation capability to utilize Chinese development aid”: Scholars-Chinese development aid lacks transparency

“African countries need to enhance their negotiation capability to utilize Chinese development aid”
: Scholars
-Chinese development aid lacks transparency

By Kaleyesus BekeleScholars who have done researchers on Chinese Africa economic relations disclosed that African countries have to enhance their negotiation capability to utilize Chinese development aid.This was disclosed at a panel discussion jointly organized by Forum for Social Studies (FSS) and the Chr. Michelsen Institute of Norway under theme “The Role of Chinese Development…

Mamo Miheretu replaces Dr. Yinager Dessie as central bank’s governor

Mamo Miheretu replaces Dr. Yinager Dessie as central bank’s governor

By Kaleyesus BekelePrime Minister Dr. Abiy Ahmed appointed Mamo Miheretu as governor of the National Bank ofEthiopia (NBE) replacing Dr. Yinager Dessie.Mamo Miheretu , the architect of the national home grown economic reform program, was thePrime Minister’s adviser on policy matters. He is also CEO of the Ethiopian Investment Holdings, the state owned investment conglomerate.Though…

Ministry in talks with international companies to develop gas reserves

Ministry in talks with international companies to develop gas reserves

By Kaleyesus Bekele The Ministry of Mines disclosed that it is holding talks with various international oil firms to develop the natural gas reserves found in the Ogaden basin.  Briefing journalists on the ministry’s six month performance report Minister of Mines Engineer Takele Umma said that his ministry was holding discussion with giant global oil companies on ways how it can develop the natural…

Ethio Telecom nets 8 billion birr

Ethio Telecom nets 8 billion birr

By Kaleyesus Bekele The state owned telecom operator, Ethio Telecom, has earned a net profit of 8.18 billion birr in the first half year of the 2022-2023 budget year.  At a press briefing held on Thursday at Ethiopian Skylight Hotel, CEO of Ethio Telecom, Frehiwot Tamru said that the company’s net profit is almost equivalent to the profit made in the last budget year. Ethio Telecom made…

Hawassa Industry Park searches alternative markets to mitigate the impact of AGOA withdrawal 

Hawassa Industry Park searches alternative markets to mitigate the impact of AGOA withdrawal 

-Exports 32 million dollar worth of garment in five months By Kaleyesus Bekele Manufacturing companies that are operating in the HawassaIndustrial Park are looking for alternative markets to mitigate the adverse impacts of Ethiopia’s withdrawal from the US AGOA trade opportunity.  Africa Growth and Opportunity Act (AGOA) is a trade opportunity that the US government granted Sub-Saharan-African countries to export their products free of tax and quotato the US…

Ethiopian, Boeing partner to ferry humanitarian aid

Ethiopian, Boeing partner to ferry humanitarian aid

Ethiopian Airlines and Boeing once again partnered to bring humanitarian aid to those in need – this time using the airline’s three recently delivered 737-8 airplanes to transport more than 12,000 pounds of supplies to Addis Ababa, Ethiopia. “Ethiopian Airlines has a long history of collaborating with Boeing on humanitarian flights,” said Mesfin Tasew, Group…

African airlines to post a loss of 638 million USD in 2022

African airlines to post a loss of 638 million USD in 2022

The International Air Transport Association (IATA) projected that African airlines will post a net loss of 638 million USD in 2022.This was disclosed at the annual IATA Global Media Day held in Geneva,Switzerland this week. According to the association, passenger demand growth of 27.4 percent is expected to outpace capacity growth of 21.9 percent. Over…

Airbus reaffirms commitment to sustainable aviation

Airbus reaffirms commitment to sustainable aviation

By Kaleyesus Bekele, Toulouse, FranceThe European aircraft maker, Airbus SAS, expressed its commitment towards therealization of sustainable aviation.Airbus is holding “Airbus Summit 2022” under the theme Gathering pace towardssustainable aerospace in Toulouse, France and Munich, Germany fromNovember30-December 1, 2022.Opening the two day summit the Airbus Chief Executive Guillaume Fauryexpressed the company’s commitment towards the realization…

Derba Cement to build second plant

Derba Cement to build second plant

By Kaleyesus Bekele Derba Cement is going to build second cement manufacturing plant at a cost of 300 million dollars. The company has selected the Chinese construction company, Sinoma International Engineering to build the new line. CEO of Derba Cemenet Haile Assegidie and Han Xuefeng, Regional Marketing Director, Sinoma International Engineering, signed the agreement on…