Local banks, experts wary of foreign banks entry

Local banks, experts wary of foreign banks entry

By Yared Nigussie Foreign banks entry to Ethiopia began during his imperial majesty Hailesilassie I regime. During the Italian invasion of Ethiopia in 1935, the Italians established branches of their main Banks namely Banca d’Italia, Banco di Roma, Banco di Napoli and Banca Nazionale del lavoro and started operation in the main towns of Ethiopia….

Gov’t seeks to boost mining sector share in Ethiopia’s GDP

Gov’t seeks to boost mining sector share in Ethiopia’s GDP

The government disclosed that it has a plan to boost mining sector share in the Gross Domestic Product (GDP) of the country. Mining contributes only 1% to the GDP of Ethiopia. “We’ve a plan to increase mining’s sector to 17% in ten years,” Takele Uma (Engineer), Minister of Mines said Thursday while the International Mining…

Coca Cola Beverages contemplates to acquire sugar factory in Ethiopia

Coca Cola Beverages contemplates to acquire sugar factory in Ethiopia

By Kaleyesus Bekele Considering the critical sugar shortage in the local market, Coca Cola Beverages Africa-Ethiopia is contemplating to buy one of the state owned sugar factories which the Ethiopian government floated for sale. Soft drink makers use sugar as the main industrial input to produce soft drinks. Though the Ethiopian government has built ten…

Ethiopia seeks 1 trn Birr for recovery, reconstruction

Ethiopia seeks 1 trn Birr for recovery, reconstruction

By Yared Nigussie The government disclosed that estimated cost of reconstruction and recovery for Ethiopia in the aftermath of the war that has been actively held for two years amounted at least 1 trillion Birr. Ethiopia’s federal government and regional forces from Tigray agreed last week Wednesday, November 2, 2022 to cease hostilities after talks…

Gov’t admits textile industries ‘significantly’ affected by AGOA’s withdrawal

Gov’t admits textile industries ‘significantly’ affected by AGOA’s withdrawal

Ethiopian government has admitted that textile industries have been significantly affected by Ethiopia’s withdrawal from AGOA. In November 2021, the United States suspended Ethiopia from the African Growth and Opportunity Act (AGOA), tariff and quota free access to the US market, in response to the war in the Tigray region, and its consequences. Minister of…

EthSwitch to implement shared security operation center for financial sector

EthSwitch to implement shared security operation center for financial sector

  EthSwitch Share Company, Ethiopia’s National Switch, has commenced a project to implement a shared Security Operation Center (SOC) for the financial and payment industry. Project’s commencement was disclosed on Thursday during a program held at Inter-Luxury Hotel, organized by EthSwitch for the financial industry executives and other stakeholders. The project will be co-implemented By…

Ethiopian, Travelport renew partnership

Ethiopian, Travelport renew partnership

By Kaleyesus Bekele Ethiopian Airlines and Travelport International Operations Ltd today signed an agreement that would enable them to extend their partnership for the coming five years. Travelport is a UK based company that provides airlines with passenger booking and air ticket sales system. Airlines use Global Distribution System (GDS) to work with ticket agents…

PepsiCo deepens its commitment to Ethiopia with $40 mln cash injection

PepsiCo deepens its commitment to Ethiopia with $40 mln cash injection

CAPE TOWN, South Africa, 1 November 2022, /African Media Agency/- PepsiCo is finalizing an investment proposal of approximately USD 40 million (2 billion Birr)to expand its Senselet snacks business in Ethiopia, and is considering the possibility of further investments in the country to expand the company’s portfolio beyond snacks. Senselet is a wholly owned PepsiCo…

Ambassador Ito Takako: “There’s increasing interest of Japanese businesses to invest in Ethiopia”

Ambassador Ito Takako: “There’s increasing interest of Japanese businesses to invest in Ethiopia”

Ethiopia and Japan, nations with ancient history and civilization, have long relations dating back to 1930 where the two countries signed a Treaty of Amity and Commerce. This was followed by a visit of Ethiopian Foreign Minister Heruy WeldeSillassie in 1931 to Japan to create economic cooperation. When it comes to their investment relations, Japanese…