Economy

-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…

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…

As part of phase-III 4G LTE service network expansion strategic plan, Ethio telecom launched 4G LTE services in 67 towns and upgraded 4G LTE network expansions in 27 towns. The 4G LTE service, which started in Addis Abeba two years ago, is now available in 181 towns and cities across Ethiopia. “We are also committed…

Ethio Telecom and CNET software technologies signed an agreement to implement telebirr and CNET integrated payment system that would enable the CNET Software Technologies partners’ to get their customers settle service charges and transactions using telebirr, a mobile money platform. Specifically, the implementation of telebirr & CNET integrated payment system will play crucial roles for…

In observance of International Women’s Entrepreneurship Day, Deputy Chief of Mission (DCM) Fiona Evans, launched a year-long nationwide project for the Academy for Women Entrepreneurs (AWE) 2022 in the U.S. Embassy, Addis Abeba. In her remarks, DCM Evans highlighted the importance of partnership between the United States and Ethiopia. “Empowering women entrepreneurs benefits not only…

-Invites companies to present expression of interest for second license The Federal Government of Ethiopia today floated a tender that would enable it to partially privatize the state owned Ethio Telecom. In a press conference held today officials of the Ministry of Finance disclosed that international firms can submit their proposals for the acquisition of…

Prime Minister Abiy Ahmed (PhD) said Tuesday that Ethiopia’s economic growth is expected to expand by 7.5% in the 2022/23 fiscal year. He responded to Members of Parliament (MPs) that the projection shows 1.1% point improvement in economic growth rate registered the previous year. Prime Minister Abiy said: “Ethiopia’s economy held up under pressure and…

A modern mining geochemistry laboratory is going to be built in Ethiopia. The Ministry of Mines signed an agreement with SGS, a renowned verification, testing, and Certification Company, for the construction of the laboratory which costs $50 million.