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Ethiopia reduced duties on imported materials for the textile and garment sector according to Sufian Ahmed, Minister for Finance and Economic Development.

The decision was made a meeting arranged between Sufian, and Mekonnen Manyazewal, Minister for Industry as well as senior representatives of the Ethiopian Revenues and Customs Authority, the Textile Development Institute and the Ethiopian Textile and Garment Association

Duties on imported textiles were reduced to 20 percent from 35 percent for garment manufacturers while no duties will be suspended for all imported spare parts required by textile and garment manufacturers.

Ethiopian company Addis Prefab Houses Manufacturing Industry won a 53.3 million US dollar contract from US based New Orleans Consultancy to construct 888 prefabricated houses in South Sudan.

The contract was signed in Addis Ababa between Yonas Tessema, General Manager of New Orleans Consultancy and Fikremariam Alemu, Chief Executive of Addis Prefab. The agreement between Addis Prefab and New Orleans was two months in the making.

Addis Prefab will receive the first half of the total payment upon submitting a pro forma invoice and will receive the difference upon delivery. Add a comment Add a comment

The Ethiopian Shipping and Logistics Services Enterprise has completed the first phase of its restructuring program. The first phase of the restructuring program concentrated on bringing together the three maritime enterprises according to Ahmed Tusa, Chief Executive Officer of the enterprise.

The incorporation and reconstruction of the new enterprise was handled through its own capacity according to several studies said Ahmed.

The enterprise was restructured into four sub-divisions to be led by four deputy Chief Executive Officers. The four sectors are ‘Freight Forwarding, Shipping and Transport Sector, Port and Terminal Services Sector, and Supportive Sector explained Ahmed.

The first three sectors were already functioning as independent organizations or since the new enterprise with the exception of the Supportive Sector he noted.

Messebo Cement Factory is to introduce a new product to supply Low-Heat, High-Sulfate Resistant Cement intended for large projects.     

The cement is particular intended for large project such as the construction of dams because it has unique crack-resistant characteristics important for the construction of infrastructural projects such as dams.

This type of cement used to be imported at significant foreign currency expenditure according to sources.

Ethiopian Electric Power Corporation has given its clients the option to import their own transformers so as to access high voltage power quickly.

EEPCo gave its clients this option because it does not have enough transformers to meet the demand leading to constant delays according to sources.

The corporation has offered to options for its clients, to wait for it supply the transformers or to import the components on the basis of EEPCo’s specifications said Misikir Negash, Public Relations Head for the Corporation.

The Cooperative Bank of Oromia, Ethiopia announced that it has recorded a 139.8 million in gross profit in the last fiscal year.

This profit recorded is 105 percent more than the 71.5 million birr it earned in the previous financial year as announced at the Regular General Assembly the bank.

The bank was able to net 102 million birr and Earnings per Share grew by 55 percent from 29 birr to 45 birr for every 100 birr invested from what was recorded in the last fiscal year. CBO has announced a dividend payment of 33.6 percent for the reporting period. The bank retained 25.5 million birr as a legal reserve.

The 19th Addis Trade for Development and Christmas Festival and Trade Fair and Bazaar was opened at the Addis Ababa Exhibition Center and Market Development Enterprise.

The bazaar organized by Century Promotion Services at a total estimated cost of 5 million birr will continue until the eve of Ethiopian Christmas.

More than 310 domestic and 38 international exhibitors are taking part in the event. It is expected that more than 20 thousand visitors will visit the exhibition which has a 10 birr entrance fee.

The Ethiopian Shipping and Logistics Enterprise is expecting to receive nine sea going vessels it had ordered with Chinese companies by the end of the current financial year. The enterprise is to acquire the vessels at a total cost of four billion birr, it was said.

The vessels are expected to enhance the ESLSE’s freight capacity significantly noted Ahmed Tussa, Chief Executive of the Enterprise.

It is to be remembered that there is currently a study underway to evaluate the possibility of outsourcing the management of the ESLSE to a foreign firm and Bolloré could be considered by the government should it be decided that this course of action is the most viable option according to Diriba Kuma, State Minister for transport.

Ethiopian Airlines is to preparing to launch a new flight route to Madrid starting from the coming June according to sources. The airline is hoping to offer flights to Madrid three time a week as of June 15 if things go according to plan.

Management at Ethiopian have been in touch with the Administration of the Madrid Airport and the Spanish Civil Aviation Authority to discuss the details involved with the planned flight service said the sources.

The public relations office of Ethiopian Airlines is yet to confirm the planned flight beyond saying that a study has been launched to review the potential of the route but a decision has not been made either way.

Ezana Mining Development is set to launch a large scale gold mining project in Tigray Regional State, Northern Ethiopia. The mining development company signed an agreement with the Ethiopian Ministry of Mines late last week.

The agreement signed between Sinkenesh Ejigu, Minister for Mines and Ataklit Araya, General Manager of the mining company will enable Ezana to launch large scale gold mining activities. It was noted at the time that Ezana has already been operating gold prospecting activities in the area with significant results.

The mining company plans to invest 393.7 million birr to implement its project with plans to mine 2017 kilograms of gold in the next two years. The project is expected to open employment opportunities for more than 106 people it was said.