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The inflation rate in Ethiopia has declined from 40% to 19% as a result of measures taken by the government to stabilize the market said Prime Minister Hailemariam addressing the House of Representatives yesterday.

The government has subsidized the export of staple food products such as wheat and food oil and has overseen the equitable distribution to stabilize the inflationary pressures.

The government will continue to take steps to stabilize the inflation rates even further to reach single digits by the end of the financial year said Hailemariam. The anticipated bumper agricultural harvest project this fiscal year will also contribute towards overcoming price hikes he added.

UK consultants, Adam Smith International Ltd is to study Ethiopia’s potential to raise revenue from tax under contract to the Ethiopian Revenues and Custom’s Authority. The Consultant will conduct the study for 10.7 million birr according to the contract signed between the two parties last week.

ERCA’s interest to engage a company to evaluate the potential tax revenue in the current economy initially attracted 16 companies. The  final shortlist consisted of six companies: included McKinsey & Co, KPMG of Netherlands, DFC &VNG partners, the local office of Ernst & Young, the India office of Deloitte Touche Tohmatsu Ltd as well as Adam Smith.

Three companies, Deloite, Mckinsey and Adam Smith passed the technical evaluations and Adam Smith was awarded the contract because its 10.7 million birr proposal was significantly lower than the 26.5 million birr offered by Deloite and the 38 million birr offered by Mckinsey.

The Ethiopian Intellectual Property Office is finalizing preparations to conduct the re-registration of trademarks. The re-registration will be conducted on the basis of the proclamation for the registration of trademarks according to Berhanu Adelo, Director General for the EIPO.

There are currently 14 thousand registered trademarks in Ethiopia with 7500 being international trademarks said Berhanu.

In related news Ethiopia has managed to trademark its fine coffee brands ‘Harar’, ‘Yirgachefee’ and ‘Sidama’ internationally he noted.

The Ethiopian Embassy in India has announced that it is to launch a Cultural and Tourism Center to introduce African culture to Indians in November 2012. It is expected that center is to be the first of its kind in India.

The center is to be an indispensable element to promoting African values and Ethiopian culture in particular according to Metasebia Tadesse, Counselor for Political, Public Relations, Public Diplomacy.

The cultural center built to promote Ethiopian culture will also be used to organize various African get together including for scholars and diplomatic delegates congregating for various purposes he said.