2merkato

Naoh Real Estate disclosed it will inaugurate Best Western Hotel in 6 weeks time. The hotel was built after Great Abyssinia PLC, Mother Company of Noah, signed agreements with Best Western International Inn back in 2014 for the construction of 2 hotels in Ethiopia.

Kia Motors decided to build training centers for mechanics in 2 East African countries, Ethiopia and Kenya. The centers are said to be built in order to contribute for the countries’ economies by offering education to the youth. They are also expected to contribute to job creation and boost economies of Ethiopia and Kenya.

Export and Import Bank of China (EXIM Bank of China) promised 1 billion USD loan for the construction of industrial park in Ethiopia. The industrial park once its construction is over, is expected to host Chinese enterprises.

Two new malt barley varieties with the potential to triple average yield in Ethiopia have been released in May 2016 by the Holetta Agricultural Research Center as a result of decades of research collaboration with ICARDA. The two varieties, HB1963 and HB 1964, can yield up to 6 tonnes per hectare (t/ha) as opposed to the average yield of 2 t/ha in Ethiopia. The varieties also offer excellent malting quality, making them attractive buys for the malting and brewery industry, thus allowing smallholders to use the new malt barley as a cash crop and generate income from it.

Youngone Corporation, South Korean textile and footwear manufacturer, disclosed it aims to invest in the textile industry of Ethiopia.

Chinese business delegation team from Hebel Province, China, disclosed its interest to invest in the agro-processing sector of Ethiopia.

Ethio-South Korea Business Forum was held in the capital of Ethiopia, Addis Ababa, on Friday, May 27, 2016 with the presence of Prime Minister Hailemariam Dessalegn and President Park Geun-hye of South Korea. Other participants of the forum were diplomatic as well as business representatives of the 2 countries.

Ethiopia’s President, Mulatu Teshome, met and held discussions with Chief Executive Officer (CEO) of Turkish Airline, Temel Kotil. During the discussion the President noted the airlines of Ethiopia and Turkey should work together in order to strengthen the economic bondage of the 2 nations.

5 different local companies concluded road construction agreements with Ethiopian Roads Authority (ERA). The contracts are in total worth 5.6 billion Birr and the companies will be building 7 roads in Ethiopia.

Bangladeshi textile and garment company, by the name DBL, concluded 15 million USD loan agreement with Swedfund to establish an integrated textile factory in Ethiopia. In addition to this DBL also secured 55 million USD loan from Ethiopian Development Bank (EDB).