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The Ethiopian and Kenyan governments signed a Special Status Agreement to facilitate trade between the two neighbors.
Ethiopia is committed to enhanced trade and investment between the two countries according to Hailemariam Desalegn, Ethiopian Prime Minister speaking at the time.

Trade between the two countries should particularly focus on textiles, food complexes, agriculture, raw materials and well as value addition noted Hailemariam.

It is time for East Africa to invest in import substitution by taking steps to produce industrial goods at home he added. External investment will require infrastructural development and appropriate incentive packages for investors said Hailemariam.

The Ethiopian government has drafted a new labor agreement to protect the rights of Ethiopians working in the United Arab Emirates as domestic workers.

The agreement includes minimum wage, mandatory insurance as well as ensuring the protection of elements of worker’s rights and is to be handed to the UAE embassy in Addis Ababa according to sources.

The agreement if implemented could end the ban placed on Ethiopian traveling to the UAE for work.

Ethiopia is to host the second International Conference on Pulses, Oilseeds and Spices, in Addis Ababa from the 28th to the 29th of November according to sources.

The conference will be held under the theme: ‘Agri-Commodity Trade: Challenges & Opportunities’. It is expected that more than 150 domestic exporters and over 100 notable international buyers will attend the conference.

The conference will be organized through the collaborative efforts of the Ethiopian Pulses, Oilseeds and Spices Processors-Exporters Association and the Ethiopian Ministry of trade. It is aimed that the conference will offer participants to identify trade opportunities, to network and to make deals towards developing the sector further.

The Ethiopian Shipping and Logistics Enterprise is planning to implement a restructure to split is services into four divisions following its recent amalgamation according to sources.

The restructure is in the process of implementation in the dry port, transport and shipping sectors said sources within the enterprise.

The four divisions that the new structure will implement will include logistics, shipping, terminal and supportive in a bid to speed up the services offered by the enterprise. It is expected that management for the logistics and terminal divisions will be externally appointed while the other two divisions, shipping and supportive will be handled by existing staff said sources.

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.