2merkato

Ethiopia earned more than 39 million US dollars from conference tourism in the past financial year announced the Ministry of Culture and Tourism.

The revenue was earned from regional, continental and international conferences hosted by the country over the course of the year according to Awoke Tenaw, Director of the Public Relations Directorate of the ministry.

An estimated 49,685 participants attended conferences held in Ethiopia with most held in the capital said Awoke.

An estimated 65 percent of the construction work on the Gibe III hydroelectric power plant has been completed according to Azeb Asnake, Project Manager.

The project is progressing as per schedule with the construction of the tunnel, two dams and a bridge across the Omo River already undertaken said Azeb.

The 32 billion birr project is one of the biggest hydroelectric projects in the world with the expected capacity to generate 1,870 Mega Watts of power she said. The project is intended to help develop a national green economy added Azeb.

United Bank registered net profit of 297.9 million for the 2011/12 financial year according to sources. The bank’s Earnings per Share stayed the same at 52.8 percent however due to the need to increase the bank’s paid up capital.

The bank’s paid up capital increased by 11 percent to 580.9 million birr it was explained that the 14th General Share holders Meeting held at the Addis Ababa Hilton Hotel.

The total capital of the bank including paid up capital, retained earnings, legal reserve and premium on shares added up to 1.1 billion birr showing an increase of 22.2 percent from the previous financial year.

International logistics company, SEKO, has opened a local office in partnership with domestic company, Trade Path International.

The partnership with SEKO is a strategic one for Trade Path because the volume of trade the company used to get in offering logistic services to the flower sectors has decreased since Ethiopian Airlines took over the logistics of transporting flowers said Dawit Wubishet, Co-owner of the company.

Trade Path was able to secure the partnership with SEKO after a month long evaluation process which required the company to meet the standards established by SEKO said Dawit.

A new insurance company, Lucy, launched operations in the Ethiopian Insurance sector last week after receiving license to operate from the National Bank at the beginning of the last month.

Lucy Insurance was founded by 13 business people to become the 16th insurance company in the country said Alemseged Abraham, chief Executive of the company.

The Share Company collected 8.03 million birr in paid up capital from 39 shareholders and held its first annual General Meeting last March.

The Ethiopian Revenues and Customs Authority is ready to introduce a new customs management software system expected to cost an estimated 162 million birr. The new IT system will replace the Automated Systems for Customs and Data currently being used by the authority.  

ERCA decided to change its current technology installed in 12 years ago because it is not able to accommodate the new systems required as part of the customs reform program according to Nigussie Seid, Team Coordinator for Software Development with the authority.

The current system is unable to integrate or interface with the custom reforms that are underway he explained.

USAID, the United States Agency for International Development has launched a new five year project in Ethiopia to support the national goal for growth in the agricultural sector.

The launch of the project was presided by Sileshi Getahun, Minister of State for Agriculture and Dennis Weller Director of Mission for USAID in Ethiopia as well as representatives from federal and regional government bodies, livestock sector representatives and implementing partners.

The project entitled ‘Livestock Market Development’ is expected to cost 38 million US dollars and will be launched in selected areas of the Amhara, Tigray, Oromia and Southern Regional States explained a statement released by the US Embassy in Ethiopia.

Zemen Bank SC is looking to foreclose on the first Ethiopian car assembly, Holland Car for defaulting on a loan arrangement according to sources at the bank.

Holland Car has fallen notably behind on loan payments and has failed to respond to repeated cautions from the bank according to sources.

The auto assembler was particularly affected by the 20% devaluation of the birr against the dollar in September of 2010, as the contract it had signd with customers in 2009-2010 did not foresee the devaluation and the ensuing price escalation explained sources.

More than 87% of the software sold in Ethiopia is pirated announced the Ethiopian Intellectual Property Organization. An study conducted by the EIPO revealed that most of the software sold in the capital city is pirated or illegally downloaded according to Birhanu Adelo Director General of the organization.

The EIPO has signed a partnership agreement with the Microsoft Company to combat illegal counterfeit software entering the country he noted.

The organization has committed to working with Microsoft to increase public awareness on the advantages of using genuine software including the security and reliability it offers to businesses explained Birhanu.

Piracy will have a detrimental effect on the economy and other national interests claimed Birhanu.

The Ethiopian Ministry of Industry signed with 13 local contractors for construction projects at Bole Lemi Industrial Park. The agreements signed are part of the 1.2 billion birr civil works project at the park.

The projects which include the construction of five industrial sheds, four office blocks are intended to be completed within three months from the day the agreement was signed.

The contractors were selected by the MoI on the basis of their performance on other government projects and not through the usual bidding process because of the need to finalize the project within a short period of time said Tadesse Haile, Minister of State for Industry.