www.2merkato.com

The Commercial Bank of Ethiopia is to open its second branch in Southern Sudan. The branch will be opened in the second largest city in South Sudan and Malakal.

The bank aims to tap into the growing business in the area according to a banker attached to the Commercial Bank branch at Juba. The bank has already sent thirteen employees to Juba and CBE has already constructed the office that will house the bank he said.

There are only three banks, two local banks Nile Commercial and Ivory and Kenyan bank Equity, currently operating in Malakal in spite of the business created by its proximity to Ethiopia and North Sudan.

The flow of Foreign Direct Investment to Ethiopia has shown a notable increase in the last nine months according to the Ethiopian Investment Agency.

The increase in FDI is due to improvements within the financial sector, enhanced promotion and better licensing procedures said Getahun Negash, Director of the Agency Corporate Communications.

An estimated 61 billion birr making up 95% of the nations capital budget is covered from FDI explained Getahun.

Ethiopian Airlines, Ethiopia’s flag carrier, has won the “The Annual Airline Reliability Performance Award” from Bombardier Aerospace, for the second time in a row.

The airline earned the highest total dispatch reliability to place first overall in the Q-400 product category for the African and Middle Eastern Region.

The award was received by Mesin Tassew, Chief Operating Officer of Ethiopian at the annual Airline Reliability Performance Awards Gala dinner which was held in Florida, USA on the 30th of April.

An Indian jeans manufacturer, said to be the third largest jeans manufacturing company in the world, is in negotiations with the relevant government authorities to enter the apparel manufacturing sector in Ethiopia.

The company is prepared to begin operations in Ethiopia with an initial capital investment of 100 million US dollars explained Rajeev Arora, Executive Director of the African Cotton and Textile Industries Federation.

The identity of the company was undisclosed as its negotiation with the Ethiopian government is still in progress.

Du Pont, an American Fortune 100 company, is set to expand and diversify operations in Ethiopia.

The company aims to provide what Ethiopian farmers need by providing selected seeds as its revenue in the region said Jim Borel, Vice President of Du Pont.

The company has meet with Tefera Derbew, Minister of Agriculture and is in the process of enhancing its seed production and conditioning facilities in Ethiopia for maize production explained Borel.

Textile industries in Ethiopia were urged to enhance environmental protection in their treatment of effluents by the Ethiopian Textile Industry Development Institute.

The textile industry is a significant source of green house gases and all stakeholders in the sector need to put in place mechanisms to prevent environmental pollution noted Sileshi Lemma, Director General of the Institute at an awareness raising workshop held this week.  

Textile manufacturers need to use renewable sources of energy instead of fossil fuels towards limiting the impact on the environment said Amha Bekele, Research Laboratory Director with the ETIDI.

Ethiopian Airlines, Ethiopia’s flag carrier, launched a program to invite journalists and tour operators to join in its efforts to promote tourism. The first team of internationally recognized journalists and tour operators arrived in Ethiopia as part of the implementation of the program.

The visitors are expected to promote the tourist attractions in the country.

Micro and small enterprises have earned more than 15 million US dollars on the international market in the last nine months according to the Federal Micro and Small Enterprise Development Agency.

A range of exports produced by small enterprises including textiles and handicrafts have been able to meet international standards set by foreign markets said Assefa Ferede, Director of the Public Relations and Communications Directorate with the agency.

All regional bodies are working together to identify and register enterprises that have the capacity to export to the foreign markets while the agency is working towards creating networks with various embassies to promote their products in foreign markets he said.

The Ministry of Trade, Ethiopia awarded exporters of oilseeds, pulses, cereals and spices that registered better performance. The award was given by Kebede Chane, the Minister of Trade.

Ethiopia has secured 461 million US dollars from the sector in the past nine months said Kebede at the award ceremony.

Oilseeds, pulses, cereals and spices exporters need to work in a coordinated manner to enhance the income that the country can get from the sector he noted.

Compulsory Third Party Insurance Coverage in Ethiopia is to include vehicles with temporary and daily vehicle license plates who had avoided the insurance so far.

The letter requiring all vehicles seeking temporary and daily license plates to get compulsory third party insurance coverage was issued in the beginning of April by the Federal Transport Authority to regional branch offices.

Vehicle owners are required to present customs declaration forms, import licenses, bills of lading and pink papers from the FTA to ensure that all vehicles stated on the declaration forms are brought into the country to get the temporary license plates.