Export revenue from industrial parks falls short of expectations in the 2023/24 fiscal year. The Ethiopian Investment Commission (EIC) reported a total export value of USD 115.2 million, 46% of the targeted amount. This shortfall is largely attributed to Ethiopia’s suspension from the African Growth and Opportunity Act (AGOA) in January 2022. AGOA, a key …
Ethiopia: Exports from Industrial Parks Decrease Read More »
In a significant development, the Ethiopian Chamber of Commerce and Sectoral Associations (ECCSA) elected a new president and leadership team during its general meeting on July 18, 2024. The meeting was held under the directive of the Ministry of Trade and Regional Integration. Sebsebe Abafira, former President of the Oromia Chamber of Commerce and Sectoral …
Ethiopian Chamber of Commerce Elects New President Read More »
Wegagen Bank has introduced a new digital loan service called “Efoita,” designed to benefit various segments of society. The service is primarily intended to support business expansion and provide working capital for entrepreneurs in micro, small, and medium enterprises. It also aims to offer emergency loans to salaried employees. The launch of this digital loan …
Ethiopia: Wegagen Bank Launches Digital Loan Service Read More »
The Addis Ababa City Council approved a Birr 230.39 billion budget for the city’s administration in the current fiscal year. This decision was reached after the council’s fourth regular meeting, which concluded yesterday with the approval of various appointments. The budget dedicates Birr 146.48 billion for capital expenditure, Birr 74.5 billion for regular expenditure, and …
Addis Ababa Approves Birr 230 Billion Budget for 2024/25 Read More »
Some 3.8 billion USD was earned from exports this Ethiopian Fiscal Year, according to the Ministry of Trade and Regional Integration. Performance evaluation of the 2016 Ethiopian Fiscal Year and the plan for this year of the ministry is underway in Jigjiga, Somali region. Speaking on the occasion, Trade and Regional Integration Minister Kasahun Gofe …
A new joint report by the United Nations Development Programme (UNDP), the United Nations Economic Commission for Africa (UNECA), the African Development Bank (AfDB), and the African Union Commission (AUC) has found that Africa is off track to meet the majority of its sustainable development targets for 2030. The 2024 Africa Sustainable Development Report (ASDR), …
Prime Minister Abiy’s “Dine for Ethiopia” initiative has made significant strides in developing the country’s tourism destinations, according to the Office of the Prime Minister (PMO). The office mentioned those tourist destinations built through the “Dine for Ethiopia” initiative such as Halala Kella, Chebera Churchura, Wonchi, and Gorgora, each highlighting the unique natural endowments of …
The horticulture sector has experienced a decline in foreign exchange earnings this year, with a decrease of USD 123 million compared to the previous year, according to Minister of Agriculture Girma Amente. The Minister reported that this year’s horticulture exports generated USD 535 million, down from USD 658 million last year. Despite being the second-largest …
Ethiopia attracted USD 3.82 billion in foreign direct investment (FDI) during the recently concluded fiscal year, according to the Ethiopian Investment Commission. Ethiopian Investment Commissioner Hanna Arayaselassie highlighted efforts to improve the business climate, promote investment, facilitate activities, provide one-stop services, and work on regulations as key areas of focus during the fiscal year. Priorities …
The Federal Documents Authentication and Registration Service (DARS) announced that it generated Birr 2.5 billion in revenue from its verification and registration services during the 2023/24 fiscal year. Over the last fiscal year, 919,941 cases were handled across various service sectors, with 726,535 of these cases being processed online. More than 6,000 customers are served …