Ethiopia Commodity Exchange (ECX) has signed an MoU with eBiz Online Solutions PLC, the parent company of Ethiopia’s foremost business portal, 2merkato.com. As per the MoU, ECX has agreed to share daily and periodical commodity market data with 2merkato.com.
While ECX has agreed to provide daily and periodical commodity market data, 2merkato.com has agreed to present information received from ECX via its portal in a reliable and professional manner. Furthermore, the two sides have agreed to further discuss how market data can be best presented to the general public.
The Memorandum of Understanding (MoU) has been inked at ECX’s premises, in the presence of Tewodros Mengistu and Fisha Assefa, eBiz Online Solutions PLC’s co-founder, and general manager, respectively, and Netasnet Tesfaye, ECX’s Corporate Communications Manager.
On the occasion of the signing of the MoU, Mr. Tewodros and Mr. Fisha have also visited ECX's trading floor and rang the Market opening bell.
“Disseminating Ethiopia’s commodity exchange Market data over the internet is crucial for ECX,” remarked Netsanet Tesfaye, Corporate Communications Manager of ECX. This is especially of significance in consideration of Ethiopia’s joining AfCFTA (the African Continental Free Trade Agreement). AfCFTA aims to enhance continental trade competition, promote job opportunities, improve productivity and expand continental trade destinations.
Tewodros Mengistu, co-founder of eBiz Online Solutions PLC, pointing out 2merkato.com’s pioneering role as Ethiopia’s biggest business portal, said “the signing of the MoU helps ECX extend its reach”.
“2merkato.com’s news is Google indexed,” Mr. Tewodros remarked, “which means ECX’s data on 2merkato.com’s platforms can be readily accessed by buyers and potential investors from across the globe.”
Established in 2008, the Ethiopia Commodity Exchange (ECX) works "to ensure the development of an efficient, transparent and orderly modern trading system" that would "protect the rights and benefits of, Farmers, suppliers, sellers, buyers, intermediaries, and the general public."
