Business News - Ethiopian News

Hyundai, the Latest Entrant to Ethiopian Automobile Market

Haile-Gebresilassie-HyundaiFebruary 22, 2019 (Ezega.com) - South Korea’s Hyundai Motor Company is the latest vehicle manufacturer to set up camp in Ethiopia after Volkswagen. The plant, which is expected to assemble more than 10,000 vehicles annually, is the first in East Africa region.

Despite second-hand vehicles dominating the country’s market, Hyundai is optimistic locally-assembled cars will be attractive due to the costly nature of imported vehicles, where high duties are levied.

According to Haile Gebrselassie--- the former Olympic gold medal champion who’s partnered with the South Korean company--- the assembly plant will

Ethiopian Tourism Revenue Fell Short of Target

Tourism-revenue-misses-targetFebruary 20, 2019 (Ezega.com) - Ethiopia bagged $1.4 billion tourism revenue in the second quarter of the year 2018, falling short of its projected target of $2.7 billion.

Ethiopia’s Minister of Culture, Dr. Hirut Kassa disclosed that the country managed to attain 53% of its target by earning $1.4 billion in the first half of the fiscal year (July-December) last year.
Pertaining the figures, around 380,000 foreign tourists visited the country’s different attraction sites in the said period.

For a long time, Ethiopia has been a destination for international tourists. It has luxurious hotels, attracti

Ethiopia Awards GERD Pre-commissioning Work to Chinese Company

EEP-awards-GERD-Project-CGGCFebruary 18, 2019 (Ezega.com) - The Ethiopian government has signed up a contract with a Chinese company to execute the pre-commissioning activities of the Grand Ethiopian Renaissance Dam (GERD) at a cost of 40.1 million US dollars.

The Ethiopian Electric Power (EEP) signed the agreement with China Gezhouba Group Co. Ltd (CGGC), which is expected to work aggressively in partnership with other companies in order to complete the project on schedule.

CEO of EEP Dr Abrham Belay and Representative of China Gezhouba Group Co. Ltd Ethiopia, Mr Wang, signed the agreement in Addis Ababa.

During the occassion, Dr Abrham

Ethiopia Finalizing Reforms in Mining Sector

Mining-sector-EthiopiaFebruary 5, 2019 (Ezega.com) - According to a statement by the Minister of Mines and Petroleum, Samuel Urkato, Ethiopia is in the final stages of reforming the underdeveloped oil and mining industries. In the next two months, it will have finalized everything as the country hopes to attract more foreign investors.

Regarding the changes instituted, the government has already cut taxes for mining companies as the government aims to ease the dollar deficiency in the country. Urkato said promoting the sector is a priority for the country and they’ll further adopt other tax incentives.

Mining

Ethiopian Airlines Revamping Network; Increasing Flights to Chicago, Washington

Ethiopian-Airlines-Revamping-NetworkJanuary 29, 2019 (Ezega.com) - Ethiopian Airlines that’s the largest aviation entity in the continent and a SKYTRAK licensed 4-star carrier, stated it will revamp its operations in America; opening up new destinations, increasing flights and changing entryways by the summer of 2019.

The new U.S. network intends to offer travelers between America and the rest of Africa the shortest routes and the best connectivity, whether they are on official state visits, vacation or business.
Consequently, flights to Washington D.C. will be increased to ten per week. The three additional flights will depart Addis Ab

Ethiopian Airlines Inaugurates 5-Star Hotel Near Bole International Airport

Ethiopian-Skylight-HotelJanuary 28, 2019 (Ezega.com) - Ethiopian Airlines inaugurated a huge five-star hotel complex near Bole International Airport today.

Prime Minister Abiy Ahmed officially opened the hotel complex, along with the Chairperson of the African Union Commission (AUC), Moussa Faki Mahamat, and senior Ethiopian government officials and public figures.

The hotel, named Ethiopian Skylight Hotel, is located just outside the Bole International Airport perimeter. It was built with the an outlay of 65 million USD, according to reports.

The new hotel was built on a 40,000 square meter lot and has 373 rooms with 27 presidential and exe

Ethiopia Misses Export Targets By Wide Margin

Ethiopia-misses-export-targetsJanuary 26, 2019 (Ezega.com) - Ethiopia has missed export targets by wide margins, according to the Ministry of Trade and Indutry (MoTI) report.

According to the Minister of Trade and Industry, FetleworkGebregziabher, Ethiopia missed the export target of USD 1.96 billion by miles, realizing only 62 percent (USD 1.21 billion) of that target.

According to Fetlework, Ethiopia’s export performance was USD 135 million less than what it had been in the previous year, the same report period. The minister raised specific items such as Khat and Tantalum that fetched better export revenue, at least higher thanw hat was

Ethiopian Airlines Announces Self Check-In, Boarding Pass By Email

Ethiopian-Airlines-Self-Check-inDecember 28, 2018 (Ezega.com) - Ethiopian Airlines just announced that it is allowing self check-in through mobile or computer systems or at kiosks, so its customers do not have to go to the airport and wait inlines. With self check-in, passangers can complete check-in process ahead of time and just drop checked-in luggages before proceeding to security and the gates of departure.

In the press release sent to Ezega.com, Ethiopian Airlines also announced that domestic passengers can also get boarding pass by email 3 hours before their departure.

Here follows the full text of the press release Ethiopian Airlines s

Ethiopia to Establish Customs Police to Fight Contraband

Adanech-Abebe-customs-ministerDecember 5, 2018 - Ethiopia announced that it will establish customs police to fight contraband trade, according to Ethiopian News Agency.

The Council of Ministers recently approved a proclamation for the establishment of the customs police as part of the fight against illegal trade that has beenflourishing over the years.

The new customs police will operate under the Federal Police of Ethiopia.

Ethiopian Minister of Revenues, Adanech Abebe, said the new police force will specifically work to control contraband trade, which is significantly affecting the country’s economy and a threat to the country.

Addis Ababa City to Get Massive Multi-Use Residential-Commercial Center

Eagle-Hills-Mega-MallNovember 19, 2018 - Addis Ababa will get a mixed-use mega mall project built in the La Gare area over 360,000 square meters of land and at a cost of 50 billion birr, according to FBC report.

According to the report, the mega mall will have 4,000 apartments, 3 hotels, office buildings and outdoor service areas, surrounding a park.

Prime Minister Abiy Ahmed laid down the cornerstone for the construction of this ultra-modern city mall project.

Also in attendance were Deputy Prime Minister Demeke Mekonnen, Deputy Mayor of Addis Ababa city, Engineer Takele Uma, and other senior government officials.

The mas

Ethiopian GDP to Grow 8 Percent, Foreign Currency Reserves Dangerously Low

World-Bank-Ethiopia-ForecastNovember 14, 2018 - The World Bank Group is forecasting that the Ethiopian economic GDP is projected to grow 8 percent for the current fiscal year 2018/19.

According to the Bank, Ethiopia's GDP grew 7.7 percent for fiscal year 2017/18, and foreigh currency reserves are hovering around dangerously low levels.

Although the forecasted growth rate is a marked decline from previous years, it is still one of highest growth rates in the world.

Earlier this month, the International Monetary Fund (IMF) also forecasted similar growth rates for the Ethiopian economy. The IMF report indicated that Ethiopia's GDP w

Ethiopia to Build Roads and Power Projects at a Cost of $7 Billion

Ethiopia-7-Billion-Road-ProjectsOctober 26, 2018 - Ethiopian office of the Public-Private Partnership (PPP) announced three new roads and 14 power supply projects at a cost of 7 billion USD, according to FBC report.

The three road projects announced are a 125km highway connecting Adama and Awash, a 72km highway connecting Awash-Mieso, and a160km highway connecting Mieso and Dire Dawa.

According to FBC, the power projects under plan are a-469MW Genale Daw 5, 100MW Genale 6, 280MW Chemoga 1&2, 424MW Halele Werabe, 798MW Dabus, 125MW Gad, 125MW Dichato, 100MW Mekelle, 100MW Humera, 150MW Wolenchiti, 150MW Weranso, 125MW Metema, and 125MW Hurso.

Ethiopian Airlines Flying to Somalia for the First Time in 41 Years

Ethiopian-Airlines-Flight-SomaliaOctober 16, 2018 - Ethiopian Airlines just announced that it will start flying to Mogadishu, Somalia, effective 2 November 2018,according to press release sent to Ezega. The last time Ethiopian Airlines flew to Somalia was some 41 years ago.

Regarding the resumption of the Mogadishu flights, Mr. Tewolde Gebremariam, Group CEO of Ethiopian Airlines, said: “It gives us a great pleasure to resume flights to Mogadishu, the capital Somalia after stopping the service over four decades ago. I wish to express my gratitude to the Governments of Ethiopia and Somalia for making the resumption of these flights possible.  

Ethiopia Leading in Hotel Development in East Africa

Hyatt-EthiopiaSeptember 27, 2018 - Hotel development projects in Ethiopia are almost 50 percent higher from last year, according to a new report, leading East Africa on this front. Addis Ababa is said to account for 86 per cent of the total, almost 5,000 rooms in 25 hotels.

In addition to the upcoming branded hotels, there many unbranded hotels under construction, but many are stalled, looking for investors to help finish them, according to the report.

Government incentives, international conferences and NGOs, embassies and aid agencies have all fueled the hotel growth in Addis Ababa.

To encourage hotel and toursim development, the Ethiopian governmen

Bole International Airport Gets New Terminal

New-terminal-Addis-AbabaSeptember 25, 2018 - Addis Ababa is getting a passenger terminal at Bole International Airport. Ethiopian Airlines said that the new passenger terminal has started providing service partially.

The passenger terminal was built as part of an expansion project to ease congestion at the existing terminal.

The new passenger terminal is expected to accommodate up to 20 million passengers per year.The existing terminal was built to accomodate five million passengers, but has been serving 11 million passengers, creating congestion.

Speaking at the occasion, Ethiopian Airlines Group CEO Tewelde Gebremariam said that the new te

Ministry of Trade Advises Public to Avoid Classy Bottled Water

By Staff Reporter

Classy-bottled-waterSeptember 21, 2018 - The Ethiopia’s Ministry of Trade has urged the public to avoid drinking bottled water branded Classy. Upon inspection, the Ministry of Trade has found Classy bottled water unfit for public consumption.

Belay Private Limited Company, which manufactures Classy bottled drinking water, has been ordered to collect its product from the market before it poses health problems to consumers, the Ministry’s Public Relations and Communications Director Wondimu Filate disclosed.

According to the director, the company once again failed to produce a product that meets the minimum quality se

Ethiopia to Build Four New Industry Parks

Ethiopia-4-industry-parksSeptember 4, 2018 - Ethiopia announced plans to build four industrial parks by the end of the year, according to Ethiopian Investment Commission.

Belachew Mekuria, the commissioner of the Ethiopia Investment Commission, said the government expects to start building parks at Jimma, Adama, Arerti, and Dire Dawa, reports Xinhua, China’s state news agency.

According to the report, parks in Jimma and Arerti are expected to be built by China Communications Construction Company (CCCC), and Dire Dawa and Adama Industrial Parks by China Civil Engineering Construction Corporation (CCECC).

According to the plan, Arerti I

Ethiopian Police Raids Shops for Illegal Currency Trade

By Staff Reporter

Black-market-raid-addis-ababaAugust 28, 2018 - The government of Ethiopia has closed more than 100 businesses which were allegedly involved in black foreign exchange market in the busiest commercial area around National Theater in the capital city, Addis Ababa.

The closure was carried out with the assistance of members of the federal police who seized tens of thousands of Birr, Dollar and other currency notes following unannounced search raid. They searched pockets, safe boxes and drawers of shop keeprs and owners who were normally licensed to sell ready made clothes.

The government in Addis Ababa led by D

METEC Terminated from Ethiopian Grand Dam Project

METEC-Ethiopia-GERD-TermintedAugust 27, 2018 - The Ethiopian government has terminated the Ethiopian military-affiliated Metals and Engineering Corporation (METEC) from the Grand Ethiopian Renaissance Dam (GERD) project due to numerous delays in completing the project.

During the first press conference he held since he was elected Prime Minister, Dr. Abiy Ahmed had complained about the delay METEC has caused on the project, leading Salini Impregilo, the main contractor for the project, to demand extra compensation for the delays.

METEC was the contractor for the electromechanical and hydraulic steel structure divisions of the project. The Prime M

Ethiopia Seizes Over One Billion Birr Worth of Contraband Last Year

By Staff Reporter

Coffee-Contraband-EthiopiaAugust 24, 2018 - The Ethiopian Revenue and Customs Authority seized over 1 billion Birr worth of contraband goods as they were being smuggled into and out of the country during the past Ethiopian fiscal year.

In a briefing on Friday, Communication Director of the Authority, Ephrem Mekonnen said 827.4 million worth of the contraband goods were seized while they were smuggled into the country.

Further, 179 million Birr worth of the contraband goods were captured as they were smuggled out of the country via the porous border.

The incoming contraband goods include clothes, different c

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