2merkato

A new company, New Life for Civil Servant General Business, is being formed to re structure the wholesale and retail goods business in the country with an aim of stabilizing the national market and to ensure equitable wealth distribution.

The company is in the process of floating shares with shares being primarily offered to employees registered on payrolls through the Tax Payer Identification numbers.

Payroll employees make up a significant portion of the tax payer base in the country but are not able to take advantage of the bank loan system according to Abel Hailemariam, General Manager of the new company.

The deposits made into the economy by payroll employees are utilized by businesses in the economy which control the commodities market creating monopolistic systems and ultimately resulting in skyrocketing prices he explained.

The 5th Ethio Chamber International Trade Fair will be launched this week according to the Ethiopian Chamber of Commerce and Sectoral Associations.  The fair will be held under theme ‘‘Buy Ethiopian.”

The event is expected to help promote local goods and to encourage experience sharing according  to Gashaw Debebe, Secretary-General of Ethiopian Chamber of Commerce and Sectoral Associations.

Domestic producers can become more competitive in the global market. He said it will also contribute to import substitutions as well added Gashaw.

The Ethiopian Ministry of Agriculture is to provide 130 thousand hectares of land to Saudi Star Agricultural Development plc pending discussions that are currently underway between the two parties according to Haile Assegide, Chief Executive of Saudi Star sister company Derba MIDROC.

Saudi Star is currently raising rice in Gambella Regional State on 10 thousand hectares that it previously acquired. The company was established by the Ethiopian born Saudi billionaire Sheik Mohammed Ali al Amoudi with an initial capital of half a billion birr.

The company is also in the process of acquiring 300 hectares in Gambella and 200 hecatres in Amhara and Benishangul Regional States according to sources.

Ethiopian Airlines is seeking to establish regional hubs in Southern and central Africa according to Tewolde Gebremariam, Chief Executive of the airline.

The airline management is in the process of holding talks with the governments of Zambia, Tanzania and the Democratic Republic of Congo to assess the possibilities of setting up  regional hubs in these countries.

A delegation from Ethiopia traveled to Zambia last week to hold discussion with officials in Zambia on the possibility of establishing a hub in Lusaka. Ethiopia expects the Zambian capital to become its Southern hub particularly since that nation does not currently have a national flag carrier according to Tewolde.