bussines news

Hawassa Industrial Park saved over USD 13.9 million in the 2023/24 fiscal year by replacing imported products with locally manufactured goods, according to the park’s General Manager, Mathews Ashenafi. Since 2020, the park has replaced more than USD 33.7 million worth of imports. Additionally, the park reported USD 44.2 million in export earnings for 2023/24, …

Ethiopia: Hawassa Industrial Park Saves USD 13.9 Million by Replacing Imports with Local Products Read More »

Kegna Beverages S.C., a local beverage company, has announced that the first phase of its brewery project in the West Shoa Zone of Oromia State is nearing completion. The company, initially established with a capital of Birr 1.5 billion, has since grown to an investment of Birr 5 billion. Situated on 109.075 hectares of land, …

Ethiopia: Kegna Beverages Nears Completion of Brewery Project Read More »

The Ethiopian Insurance Corporation (EIC) announced a pre-tax profit of over Birr 1.6 billion for the 2023/24 fiscal year. The corporation revealed its achievement during its 37th annual meeting with senior management. The profit marks a 7.5% increase compared to the company’s projections and a 15% rise from the previous year’s results. EIC also recorded …

Ethiopian Insurance Corporation Reports Birr 1.6 Billion Profit Read More »

The Ethiopian government encouraged Chinese investors to explore opportunities within the country’s industrial parks and its first free trade zone. The invitation was made by Fisseha Yitagesu, chief executive officer of the Ethiopian Industrial Parks Development Corporation (IPDC), and other senior Ethiopian officials during a recent investment promotion meeting. Fisseha said that Chinese investors currently …

Chinese investors invited to explore opportunities in Ethiopia’s Industrial Parks Read More »

 Ethiopia’s Coffee and Tea Authority (ECTA) has announced a record-breaking 1.43 billion USD annual revenue from the export of coffee products in the 2023/24 fiscal year. This marks the first time Ethiopia has achieved such high revenue from coffee exports. According to Mr. Sahle-Mariam Gebre-Medihn, the Head of the Public Relations and Communications Department at …

ECTA posts historic $1.43B revenue from coffee exports in 2023/24 FY Read More »

Ambassador Bizunesh Meseret, Chargée d’Affaires at the Ethiopian Embassy in New Delhi, spoke at the 10th India International MSME Trade Fair and Expo held in New Delhi, India. In her address, Ambassador Bizunesh highlighted the numerous untapped investment opportunities in Ethiopia and the incentives available for foreign investors. She urged the Indian business community to …

Indian investors are encouraged to explore opportunities in Ethiopia Read More »

Saudi Arabia and Ethiopia are set to strengthen their economic ties with the establishment of a new business council for the 2024-2028 term, the Federation of Saudi Chambers announced. The Saudi-Ethiopian Business Council, recently approved by the General Authority for Foreign Trade, aims to enhance trade and investment opportunities between the two nations. Abdullah bin …

Ethiopia – Saudi Arabia Business Council to boost economic ties: Saudi Chambers Read More »

Ethiopian Electric Power garnered USD 25 million from its electricity sales to data mining companies in the 2023/24 fiscal year. The revenue boost is attributed to the strategic decision to sell electricity in U.S. dollars to domestic customers, aimed at enhancing the institution’s foreign exchange earnings. Before December 2023, domestic electricity transactions were conducted in …

Ethiopian Electric Power Nets USD 25 Million from Data Mining Firms Read More »

Kenya Airways, based in Nairobi, is striving to recover over USD 11.6 million currently held in Ethiopia due to foreign exchange restrictions. The airline’s CEO Allan Kilavuka revealed that negotiations between Kenya and Ethiopia were underway to alleviate these constraints as the funds, stuck in Ethiopian banks, continue to lose value due to a 30% …

Kenya Airways Seeks to Recover USD 11.6 Million Blocked in Ethiopia Read More »

The Federation of Saudi Chambers (FSC) has announced the establishment of a new Saudi-Ethiopian Business Council. The council, approved by the General Authority of Foreign Trade (GAFT), aims to bolster economic ties between the two nations. Despite the significant potential, trade volume between Saudi Arabia and Ethiopia currently stands at a modest SR1.3 billion. The …

Saudi Arabia and Ethiopia Launch Joint Business Council Read More »