In a move designed to bolster the security and stability of the Ethiopian financial sector, the National Bank of Ethiopia (NBE) announced a series of revisions to its regulatory framework. Accordingly, it revised five of its directives. The revisions encompass a broad range of areas. Banks will now face stricter limitations on the total amount …
Minister of Industry Ato Melaku Alebel reported a 10.1% growth in the sector over the past ten months. In a performance review presented to Prime Minister Abiy Ahmed this growth surge is largely attributed to the Ethiopia Tamrit Movement, a program focused on promoting domestic production and reducing reliance on imports. The Minister specifically highlighted …
Ethiopia’s Industry Grows by 10.1%, Ministry of Industry Read More »
The Ethiopian Investment Commission (EIC) and Gada Special Economic Zone (SEZ) signed a Memorandum of Understanding (MoU) today, facilitating the project’s official launch. Inaugurated last month with Prime Minister Abiy Ahmed’s participation, the Gada SEZ is envisioned as a multi-purpose economic hub designed to attract domestic and foreign investment across logistics, manufacturing, agro-processing, and real …
Ethiopia is ranked the third most attractive investment destination in Africa for the 2023/24 fiscal year, according to the Ethiopian Investment Commission (EIC). This improvement in the investment climate is attributed to a series of reforms. Hana Arayaselassie, the EIC Commissioner, stated that government efforts were paying off. The “Invest Ethiopia” conference in the fiscal …
Ethiopia Becomes Third Most Attractive Investment Destination in Africa, EIC Read More »
The Amhara Region’s Mineral Resources Bureau revealed that the region produced nearly 19,950 kilograms of opal and gold over the past nine months. Mr. Tamrat Demse, Deputy Head of the Bureau, credits recent efforts focused on exploration and development. These initiatives include extensive research conducted by universities to attract investors and elevate the mining sector’s …
Amhara Region Mines 19,950 Kilograms of Opal and Gold Read More »
Minister of Foreign Trade and Development of Finland, Ville Tavio, met today with Foreign Affairs State Minister of Ethiopia, Ambassador Mesganu Arga. During their constructive dialogue, Minister Tavio expressed Finland’s intent to deepen and expand its trade and development cooperation with Ethiopia. Ambassador Mesganu, in turn, invited Finland to actively engage in Ethiopia, particularly in …
Finland Expresses Desire to Strengthen Trade, and Development Cooperation with Ethiopia Read More »
Ethiopians in the diaspora and foreign nationals of Ethiopian origin have legally transferred an average remittance of over 4.5 billion USD annually during the last five years, the Ethiopian Diaspora Service revealed. The participation of the diaspora in the calls for national development of the country is ever-growing, it was learned. The last 100-day project …
Japan’s Ambassador to Ethiopia Shibata Hironori said that strong efforts are being made to encourage more Japanese investors to invest in industrial parks and Free Trade Zones in various investment sectors in Ethiopia. The ambassador discussed with Industrial Parks Development Corporation (IPDC) CEO Aklilu Tadesse. On the occasion, the ambassador said “We are trying to …
Japanese Investors Invited to Engage in Ethiopia’s Industrial Parks, Free Trade Zones Read More »
Ethiopia exported 43,481.02 tons of coffee in May this year, exceeding its target by 105%. The export was accompanied by a revenue increase, generating USD 209.54 million, which surpassed the planned income by 107%. May’s figures also show improvement compared to exports from the same month in the last two fiscal years. This positive trend …
Ethiopia’s Coffee Exports Show Strong Performance in May Read More »
Ethiopia’s government has proposed a budget of Birr 971.2 billion for the upcoming fiscal year, a significant increase of 21.1% compared to the 2023/24 budget. This draft plan was presented to the parliament by Finance Minister Ahmed Shide. The proposed budget outlines how the government intends to spend its resources. The largest portion, 46.5% or …
Government Proposes Birr 971.2 Billion Budget for Upcoming Fiscal Year Read More »