2merkato

Ethiopia is to establish a chemical corporation to handle state owned chemical related industries in the future. The new corporation will be under the auspices of the Ministry of Industry and will be a part of the complex fertilizer project.

The fertilizer complex will be under the control of the chemical corporation expected to be set up by the end of the current fiscal year according to Tadesse Haile, State Minister of Industry.

Appropriate studies have been conducted for the establishment of the new corporation and it is expected that its formation will be ratified by the government soon said Tadesse.

Ethiopia signed Double Taxation Agreements with four countries; China, India, Egypt and Sudan.

The agreements were presented to the House of Peoples’ Representatives for approval with the agreements expected to become active once they are ratified by the House.

The agreements will protect investors from double taxes on the same declared income thus enabling business from China, India Egypt and Sudan to pay income tax only once according to the Ministry of Finance and Economic Development.

The annual inflation rate in Ethiopia slowed to 32.5% in March from 35.3% in February announced the Central Statistics Agency.

Food prices rose by 40.9% in March as compared to the same time last year, which is lower than the 47.4% increase seen in February. Non food inflation also eased rising 20.4% year on year as compared to 21.5% the month before.

Consumer prices month on month rose by 4.6% in March from 2.7% the previous month according to the report from the agency.

The Ethiopian Quality Awards organization will honor nine organizations selected for excellence in Ethiopia. The award ceremony will be held on Sunday April 8 at the Addis Ababa Hilton Hotel.

The nine organizations to be awarded the excellence trophy will be announced on the day of the event said Dr. Admasu Tsegaye, Board Chairman of EQA.

150 organizations expressed an initial interest in the competition this year and took application forms he noted. The competition was open to those in manufacturing and construction sectors as well as both for profit and non profit service providers.