2merkato

The 150 shops made available for bidding at the Lideta site of the Addis Ababa condominium housing projects have attracted large amount of attention.

More than 14 thousand individual bids were received for the shop space with interest seen from a diverse range of parties including insurance companies and banks.

The current round of bids attracted a record 56 thousand birr per meter square at the tender floated by the city administration for the Ethiopian capital at a floor price of 6 thousand six hundred birr.

International shoe brand Bata has opened its first store in Ethiopia in Addis Ababa. The venture in Ethiopia is a franchise of the Kenyan branch of the brand footwear.

Bata, in Ethiopia is owned by Habesha Cultural Center and Art Gallery plc owned by private investor Bedru Muzeyen. The local owner will the exclusive right to retail and distribute the Bata brand in Ethiopia and to utilize the business model used by the international company said a press release from Habesha Cultural Center and Art Gallery.

The term of the franchise agreement is designed for ten years explained Israel Getachew, Sales and Marketing Manager for the business.

The existing rapid economic growth in Ethiopia is need of more producers and investors to achieve sustainability and strength according to Ahmed Abtew, Deputy Chief and Head of the Regional Industry and Urban Development Bureau of the Amhara Regional State Speaking at a bazaar organized in the regional capital.

It is important to strengthen links between manufacturers, enterprises and members of the business community as well as the larger public to sustain the current rapid economic growth ties according to Ahmed.

It was also stated that the government is trying to improve the marketing system in the country,  this in turn is expected to help  increasing the number of investors and expand investment opportunity  ensure the benefits of the general public. 

Ethiopia and South Korea signed an agreement to avoid double taxation on the 5th of December in Addis Ababa.  The agreement is planned to promote investment opportunity and enhance economic development it was said.

The agreement is intended to help the two countries avoid double taxation and prevent fiscal evasion on income taxes it was said at the signing ceremony. The agreement is also expected to create favorable conditions in relation to capital flow and the free movement of individuals for business as well as other benefits.

The agreement was signed by Ahmed Shide, Finance and Economic Development State Minister and Kim Hyok Chol, South Korean Ambassador to Ethiopia, signed the agreement.

Source: Ethiopian News Agency