2merkato

The U.S. Embassy in Addis Ababa, Ethiopia hosted U.S business delegation representing various industries from the State of Illinois from May 13 to 15.

Eight American firms participated in the matchmaking event representing a broad range of products and services from a variety of industry sectors, including construction, renewable energy, mining, pharmaceuticals, cosmetics, and manufacturing. Add a comment Add a comment

Ethiopia and Brazil signed cooperation agreements in Addis Ababa, Ethiopia on Friday 24, May 2013 to work in collaboration in the agriculture, education, science and technology as well as air transport sectors.

The agreements is said to enable to facilitate science and technology transfer to Ethiopia. The agreements will help to further boost existing relation between the two countries, according to Foreign Affairs State Minister Ambassador Berhane Gebrekirstos. Add a comment Add a comment

Ethiopia and Portugal signed a double taxation avoidance and the prevention of fiscal evasion agreement on Saturday, May 25, 2013 in Addis Ababa.

Finance and Economic State Minister Ahmed Shide and Secretary of State of Foreign Affairs and Cooperation of Portugal, Francisco Xavier signed the agreement. The agreement is aimed at removing the burden of double taxation which will serve as a vehicle to promote,investment, transfer of knowledge, skill and technology. Add a comment Add a comment

The China Import Export Bank (EXIM) signed a loan agreement of nearly USD 3 billion with Ethiopia and Djibouti on May 22, 2013 to finance  the construction of the 756km long Addis Ababa-Djibouti railway project.

The loan agreement also covers the 100km railway project that extends from the Ethiopian border with Djibouti to the Port of Dorrale. Add a comment Add a comment

Ethiopia has earned USD 229 million from the export of manufactured goods in the last ten months of the current Ethiopian Fiscal Year, exceeding the amount earned the same period last year by more than 4.2 percent, according to the Ministry of Industry.

Public Relations Directorate Director Melaku Taye told Walta Information Center that the revenue was earned through the exports of textiles and clothes, leather and leather products, agro-processing, Pharmaceuticals and chemical products  to different countries. Add a comment Add a comment

Ethiopia has Earned close to USD 2.2 billion from export during the past nine months of the current Ethiopian Fiscal year. The figure showed a 2.8 percent increment compared to the same period during the past year.

Coffee still remains Ethiopia's leading export commodity fetching USD 513.8 million, followed by gold at USD 432.1 million and oil seeds generating USD 314.5 million.

Ethio Life & General Insurance to introduce new micro-insurance product called "Women Specific Group Credit Life Insurance".

During the launch this month, the insurance company will hand certificate of insurance to 52 Women's saving and credit cooperatives organized under the organization, Women in Self Employment. Add a comment Add a comment

The Ethiopian Revenue and Customs Authority (ERCA) announced the finalization of a draft amendment for taxation laws.

The final draft is sent to the Ministry of Finance and Economic Development (MoFED) for feedback, according to Mekonnen Ayele, legal advisor with ERCA. The draft amendment bill will amended existing tax proclamation and regulation on various taxes, including Excise Tax, VAT, Turnover Tax, Sur Tax and Income Tax. Add a comment Add a comment

The Ethiopian Commodity Exchange (ECX) has accepted all the participants, except one, of its exclusive auction for farmers’ cooperatives seats on May 16, 2013. ECX floated the 30 seats in April 2013, reserving 12 for coffee, 10 for sesame and five for haricot supplying cooperatives, with the remaining three left open for other commodities.

The bid has attracted few participants despite the exchange has postponed the closing date of the bid to encourage more cooperatives to participate. ECX said 25 cooperatives had bought the bid document, but only 19 made offers.

Selam farmers' Cooperatives Union in Tach Armacheho Woreda of North Gondar Zone, Amhara State said it has earned over USD 1.1 million from export of sesame in the current Ethiopian Fiscal Year.

Speaking at the Union's annual general assembly over the weekend, Union Board Chairperson Hagos Asfaw said that the cooperative union manged to export over 6000 quintals sesame to China. He said the regional government provided 30 million Ethiopian Birr loan to the Union for purchasing sesame. Hagos also said activities are underway to establish a sesame processing plant through support of the government and NGOs. Add a comment Add a comment