2merkato

Ethiopia’s year-on-year inflation rate fell to 7.5 percent in March from 8.9 percent in February, Central Statistics Agency (CSA) announced.

Food and non-food inflation rates dropped to 7.3 percent and 7.8 percent respectively in March. The data for February shows food inflation rate was 9.2 percent while non-food inflation rate was 8.5 percent.

Source: Fana Broadcasting Corporate

Four public enterprises, owned by the government of Ethiopia, are merged to establish a corporation dubbed Ethiopian Trading Business Corporation (ETBC). The corporation’s capital is said to be more than 3.8 billion Birr.

The Corporation is established in the aim of stabilizing local market, carry out integrated business activities, put in place accountability and to efficiently exploit the capacity of the enterprises.

Proclamation which allows Ethiopia to join African Trade Insurance Agency (ATIA) is promulgated by the House of Peoples’ Representative (HPR).

African Development Bank (ADB) extended 7.5 million USD for Ethiopia so that the nation can buy shares in 75 shares and join ATIA.

Ethiopia agreed with Somaliland to use Berbera Port. The agreement was made following the congestion at the Djibouti Port.

According to Sharmarke Jama, economy and trade adviser for the foreign ministry of Somaliland, tariffs have been revised and a committee has also been established to manage joint operations as part of the agreement.

The committee is vested with smooth implementation of the bilateral agreement and improving facilitation of transit trade across the corridor, Jama added.

Aliko Dangote, the Nigerian billionaire and chairman of Dangote Industries, announced the group would expand its investment in Ethiopia.

The billionaire already has a cement factory in Ethiopia, which he built at the cost of 600 million USD and installed a production capacity of 2.5 million tons. The factory commenced production in June 2015.

Commenting on the development, the company’s sales and marketing head, Mesfin Abera, said Dangote Industries decided to expand its project at the existing plant. The expansion work will be carried out at the cost of 600 million USD and have an annual production capacity of 2.5 million tons, he furthered.

Ethiopia’s flag carrier, Ethiopian Airlines, is building Africa’s largest Chinese restaurant in Addis Ababa City.

Commenting on the matter, Tewolde Gebremariam, Ethiopian Airlines’ CEO, said the Chinese restaurant was going to be incorporated in the 4 star hotel the Airline is building near its headquarters. Tewolde added, “We are building a four-star hotel very near to our main hub in Addis Ababa. The hotel will have 330 rooms and the largest Chinese restaurant in Africa. We want to make our hub convenient for Chinese travelers.”

Construction and Business Bank’s (CBB) branches will start giving service starting from April 4, 2016 under the name of their new owner, Commercial Bank of Ethiopia (CBE).

According to the time table set by CBE, migrating customer base and institutional data of CBB will be done by April 2, 2016.

Ethiopia’s Ministry of Trade is going to commence business registration and licensing services online.  The Ministry is taking such path in response to good governance problems witnessed in the sector.

The service will enable customers of the Ministry to get registration and licensing services from wherever they are.

Korea Expressway Corporation concluded a Memorandum of Understanding (MoU) with Ethiopia’s Ministry of Transport. It was Ethiopia’s Ambassador to Korea, Shiferaw Jarso, that signed the MoU on behalf of the Ethiopian Government on March 30, 2016.

The horticulture sector of Ethiopia generated more than 185 million USD in the first 8 months of the current fiscal year. This is 17 percent higher when compared to the same period from the previous year’s performance.

The biggest share of the money earned goes to cut flower export to Europe. It generated over 150 million USD in the 8 months.