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The CEO of Ethiopian Shipping and Logistic Services Enterprise, Roba Megersa, said the enterprise was renovating dry ports including Kombolcha, Mekelle, and Semera ports, with a view to lodging import-export commodities which pass right through Assab and Massawa ports.

Ethiopian Commodity Exchange (ECX) said it was set to commence a new service which allowed traders to use warehouse receipts which would be given out by the organization as collateral when they needed short term loans from the banks.

The Ethiopian Diaspora Association is set to hold a Diaspora mobilizing conference on investment with a view to encouraging the Ethiopian Diaspora to participate in industry, hotel and tourism, and other areas. More than 1000 people are expected to participate in the conference which is organized in collaboration with the Ministry of Culture and Tourism, Ethiopian Customs and Revenue Authority, and the Ethiopian Investment Commission.

The Ministry of Labour and Social Affairs (MOLSA) said it would complete developing the implementation plan for overseas employment by the end of September. According to the Minister of Labour and Social Affairs Hirut Woldemariam (PHD), MOLSA is closely working with the national committee and representatives of host countries to stop illegal immigration. She said a new system was developed to give detailed information to the applicants.

Africa insurance Company, which is one of the oldest private insurance companies in Ethiopia, was able to collect Birr 585 million from life and general insurance premiums and earned Birr 32 million from life insurance during the past fiscal year despite economic challenges in the insurance industry.

With a view to encouraging more countries to ratify the African Continental Free Trade Area (AfCFTA), an advocacy campaign is launched by the African Union before the deadline to implement the agreement ends in January 2019.

The International Trade Centre (ITC) developed a business guide to help the private sector and policymakers better understand the agreements.

According to AU’s Commissioner of Trade and Industry, Albert Muchanga, the bloc is confident of getting the 15 remaining member states to ratify the agreement by December.

Until now, the agreement is ratified by Kenya, Rwanda, eSwatini, Chad, Niger, Guinea and Ghana while only Egypt, Kenya and Uganda ratified the Common Market for Eastern and Southern Africa (COMESA). The AfCFTA needs 22 ratifications to enter into force and 14 are required for the TFTA.

Chileshe Kapwepwe, COMESA’s Secretary General, said overlapping activities between the TFTA and the AfCFTA needed to be harmonized.

About CFTA - Continental Free Trade Area

Objectives of the CFTA

• Create a single continental market for goods and services, with free movement of business persons and investments, and thus pave the way for accelerating the establishment of the Continental Customs Unionand the African customs union.
• Expand intra African trade through better harmonization and coordination of trade liberalization and facilitation regimes and instruments across RECs and across Africa in general.
• Resolve the challenges of multiple and overlapping memberships and expedite the regional and continental integration processes.
• Enhance competitiveness at the industry and enterprise level through exploiting opportunities for scale production, continental market access and better reallocation of resources.

Background

The 18th Ordinary Session of the Assembly of Heads of State and Government of the African Union, held in Addis Ababa, Ethiopia in January 2012, adopted a decision to establish a Continental Free Trade Area (CFTA) by an indicative date of 2017. The Summit also endorsed the Action Plan on Boosting Intra-Africa Trade (BIAT) which identifies seven clusters: trade policy, trade facilitation, productive capacity, trade related infrastructure, trade finance, trade information, and factor market integration. The CFTA will bring together fifty-four African countries with a combined population of more than one billion people and a combined gross domestic product of more than US $3.4 trillion.

Negotiations

Negotiations for the CFTA are expected to in June 2015 and the CFTA should be launched by an indicative date of 2017. The main objectives of the CFTA are to create a single continental market for goods and services, with free movement of business persons and investments, and thus pave the way for accelerating the establishment of the Customs Union. It will also expand intra-African trade through better harmonization and coordination of trade liberalization and facilitation and instruments across the RECs and across Africa in general. The CFTA is also expected to enhance competitiveness at the industry and enterprise level through exploitation of opportunities for scale production, continental market access and better reallocation of resources. The establishment of the CFTA and the implementation of the Action Plan on Boosting Intra-African Trade (BIAT) provide a comprehensive framework to pursue a developmental regionalism strategy. The former is conceived as a time bound project, whereas BIAT is continuous with concrete targets to double intra-African trade flows from January 2012 and January 2022.

Source: Ethiopian News Agency and the Official website of the African Union

The Ethiopian Railways Corporation (ERC) plans to expand public services, lessen project delays, and increase resource utilization by presenting opportunities for public private partnership (PPP) to take part in railway.

The corporation’s CEO, Dr. Berhanu Beshah said though Ethiopia successfully constructed the first Light Rail Transit in East Africa and the Addis Ababa-Djibouti cross-border electrified standard gauge railway, the country still struggles with serious challenges including lack of capacity noting that “we need to further strengthen our capacity in planning, implementation, and maintaining various projects as well as expanding existing projects, and building new partnership to realize our ambitions.”

PVH Corp., an apparel giant and owner of brands such as Calvin Klein, Tommy Hilfiger, Van Huesen, Warner’s, Izod, Arrow, Speedo, Olga, and Geoffrey Beene, won the 2018 ACE award for its leading role as a best-in-class investor in the apparel manufacturing facility in Ethiopia. The US secretary of state awarded PVH the Sustainable Operations Award for helping to contribute to the growth and sustainable development of the local economies in which it operates.

By allocating Birr 220 million, Addis Ababa City Road Traffic Management Agency is prepared to imporve accident-prone roads. The money will be used to fix and maintain traffic lights, safety devices, signage, and marking.

Traffic lights will be positioned at 31 proposed road junctions at a cost of Birr 54 million. The maintenance work includes repainting 50Km of lanes and zebras, and fixing road studs along 82 different streets. The enhancement and maintenance work will take up Birr 128 million and at a cost of Birr 39 million, lane dividers and pedestrian crossings will be covered.

The Bank of Abyssinia opened its new branch in Ferensay Legasion, Addis Ababa. The new branch is named after Wami Biratu who was once one of the best long-distance runners in Ethiopia. Wami Biratu officially opened the Branch and thanked the Bank for recognizing his achievements by naming a branch after him.

When the bank began its services in 1996, it had only one branch. Currently, it has 296 branch networks nationwide, of which 142 are in Addis Ababa.

Source: Capital Ethiopia