Nexara

Kumtek Industrial PLC, a Turkish company in Ethiopia, has announced plans to expand its operations in the country, the company’s Executive Manager, Sindu Habtemariam, revealed today. The company, which has been operating in Ethiopia for five years, currently manufactures household and electronic appliances, smart poles, tele towers, and construction materials at its hub in Sebeta …

Turkish Manufacturer announces a plan to expand its presence in Ethiopia Read More »

The House of People’s Representatives, in its 14th regular session, approved a new proclamation to regulate the petroleum trading system. The legislation was passed with a majority vote, two votes against, and one abstention. The Chairperson of the Standing Committee on Trade and Tourism Affairs, Aisha Yahya, explained that the new law mandates uninterrupted fuel sales …

Ethiopian Parliament Approves Proclamation to Regulate Petroleum Trade Read More »

The Petroleum and Energy Authority has announced that fuel tankers engaged in illegal activities, such as hoarding fuel under the pretense of price revisions or intending to sell it on the black market, will be suspended from operation for three months. According to Bekelech Kuma, Executive Director of Communication and Public Relations at the Petroleum …

Ethiopia: Fuel Tankers Caught in Black Market Operations Face Three-Month Suspension Read More »

The Ethiopian Diaspora Service has announced that over USD 2.5 billion in foreign exchange was received from the diaspora over the past five months. Ambassador Fitsum Arega, Director General of the service, revealed that the surge was largely attributed to macroeconomic reforms, particularly those implemented by the National Bank of Ethiopia. According to Ambassador Fitsum, …

Ethiopia: Diaspora Remittances Exceed USD 2.5 Billion in Five Months Read More »

Ethiopia’s Ambassador to Italy, Demitu Hambisa, had a discussion with the Deputy Secretary General of the Italian Ministry of Foreign Affairs and International Cooperation, Giorgio Silli. The bilateral talks focused on political and economic issues. The two sides discussed ways to bring the bilateral relations and economic cooperation of the countries to a higher level. …

Ethiopia, Italy Discuss Ways to Enhance Economic Cooperation Read More »

The Commercial Bank of Ethiopia (CBE) has announced that it has transacted 5.3 trillion Birr through its digital services in the first half of the current fiscal year. The bank reported that 79 percent of its money transfer transactions are now carried out through digital platforms. Digital banking enables customers to access banking services conveniently …

CBE transacts 5.3 trillion Birr through digital channels in last six months Read More »

Utopia Technology has unveiled Ethiopia’s first integrated electric car financing system, the “Utopia Green Fund,” alongside a dedicated app designed to facilitate access to electric vehicles. This groundbreaking initiative aims to promote sustainable transportation and make electric cars more accessible to the Ethiopian public. The Utopia Green Fund combines interest-free lease payments with savings options, …

Innovative Electric Car Financing System launched Read More »

The Ministry of Trade and Regional Integration announced adjustments to fuel prices, effective January 07, 2025.  The price hike applies to gasoline, kerosene, white diesel, light black diesel, heavy black diesel, and jet fuel prices. Gasoline, a widely used fuel for private and public transportation, now costs Birr 101.47 per liter, marking an 11.3% increase, …

Ethiopia: Ministry Increases Fuel Prices Read More »

The representatives of the Ethiopian business community are anticipated to visit Saudi Arabia next week and explore opportunities in order to strengthen economic relations between the two countries. Ethiopian Ambassador to Saudi Arabia, Muktar Kedir conferred with Vice Minister of Foreign Affairs Vice Minister of Foreign Affairs of Saudi, Engeener Waleed El-Khereiji. Accordingly, the two …

Ethiopia’s business, trade delegation to visit Saudi Arabia next week Read More »

Ethiopia Coffee and Tea Authority (ECTA) is ramping up efforts to expand the share of specialty coffee in its export portfolio, aiming to boost revenues from its higher market value. ECTA’s Market Intelligence Lead, Cheru Koru, highlighted the stark price difference between regular and specialty coffee. While regular coffee fetches approximately USD 3,500 per ton, …

Ethiopia Targets Growth in Specialty Coffee Exports Read More »