2merkato

Egypt is working to narrow the gap in the volume of its trade with Ethiopia according to Mohamed Edrees, Egyptian Ambassador to Ethiopia. The Ambassador made the announcement in relation to a five day business visit to Ethiopia by a 25 person Egyptian delegation.

Strengthening economic ties between the two countries is an important element of the new relations being forged between Ethiopia and Egypt according to Ambassador Edrees.  Reducing the import-export gap is an important factor to safeguard mutual interest in the new win-win relations established between the two countries he said.

Ethiopia is seeking the capacity to export technology by the year 2025 according to the Ministry of Science and Technology. The ministry made the announcement at the event marking the 2011 World Science Day.

The country is committed to encourage the application of science and technology as a means to assure equality among all sections of society to enhance sustainable public participation said a representative of Dassie Dalkie Minister of Science and Technology.

The fourth Ethio-Chamber Trade Fair opened in Addis Ababa under the theme of ‘Buy Ethiopia.’ The fair is expected to forge strong links between business actors as well as promoting goods and services said Mekonnen Manyazewal Minister of Industry.

The fair is an opportunity for knowledge transfer resulting in increased business confidence in participants he said opening the fair.

It is anticipated that the fair will encourage local manufactures to commit their attention to enhancing the quality of their goods and services added Mekonnen. It is hoped that such efforts will contribute to realizing import substitution he noted.

The Ethiopian statistics agency announced on Friday that the annual inflation rate fell to 39.8% in October. This is a decrease from the 40.1% inflation recorded last month according to the statement by the agency.

Food prices, however still increased this month largely due to the price of cereals according to the Statistics Agency. The total price index of cereals has seen an increase of 63.1% in comparison to the same month last year explained the agency.