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Ethiopia and China signed a Memorandum of Understanding which established a cooperative business Council. Representatives of the Ethiopian Chamber of Commerce and Sectoral Associations and the China Council for the Promotion International Trade held business and investment deliberations at the time.

The Memorandum of Understanding is aimed at strengthening general trade and investment relationships between the two countries according to Junyedi Basha, Vice President of the ECCSA.

The two countries have had trade relationship since antiquity when both had influential civilizations and the cordial relationships founded then still persist according to Junyedi.

Ethiopia has launched a test run as part of efforts to export electricity to Sudan according to sources at the Ethiopian Electric and Power Corporation.

The test run for power supply was launched this week after the finalization of the Ethiopia-Sudan Transmission Line set up at a total cost of 41 million US dollars confirmed authorities at the EEPCo.

Ethiopia expects to provide 100 Mega Watts of electricity during the test run according to the source.

A chlorine factory built in Ethiopia will begin production in September according to the Addis Ababa Water and Sewerage Authority.

The factory will help save an estimated 20 million birr spent on the import 500 tons of chlorine every year according to Engineer Emiru Mekonnen, Production Head with the authority.

The factory is part of the expansion program launched at a cost of 500 million birr at the Dire And Legedadi water reservoirs said Emiru.

Stratex announced uncovering a potential major epithermal vein system within it Blackrock Project in Ethiopia. The company has observed significantly encouraging geology, texture and extent of gold mineralization with the Black Water Zone noted David Hall, Director of Stratex.

The 33-hole program, launched by the international company has uncovered narrow, high grade mineralization which includes 15.97 grams per ton over a quarter of a meter, and 4.93 grams from a 900 millimeter section he added.

There were also noted several thick intersections of low-grade material of up to 13 meters in width according to Hall.

The annual inflation rate in Ethiopia remained at 20% in July according to data revealed this week. Month-on-month prices remained unchanged for the third consecutive month revealed the data.

The pace of increase in food prices, however, has marginally slowed down showed the data. Food inflation decreased to 20.7% from 21.5% and non food inflation fell to 19.8% from 19%.

The year on year inflation rates showed signs of alleviating from 20.9% in June noted the Central Statistics office.

Ethiopia secured 461 million US dollars from the tourism sector from an estimated 584, 490 tourists who visited the country in the last financial year according to the Ministry of Culture and Tourism.

The stated revenue does not include earnings from domestic tourism said said Amin Abdulkadir, Minister for Culture and Tourism speaking at a meeting organized to assess the performance recorded by the ministry in the just concluded budget year as well as to launch the action plan for the new fiscal year.

A range of activities intended to promote and enhance cultural, historical and natural tourist attractions in the country contributed to the sum earned according to Amin.

The project to construct ten sugar factories launched in different parts of Ethiopia estimated to be worth 80 billion birr is progressing well according to the Ethiopian Sugar Corporation.

Various parts of the project including the construction of dams and roads, irrigation and infrastructure development is well under way in the parts of the country where the projects are being launched said Yilma Tibebu, Director of Legal and Public Relations with the Corporation according to Yilma Tibebu.  

The projects are being developed in the Afar, Amhara, Tigray and Southern Regional States as part of plans to enable the country to become one of the top ten sugar exporters in the world.

The Ethiopian Revenue and Customs Authority extended the tax deadline for Group ‘C’ taxpayers in Addis Ababa by a week to August 14th.

Group ‘C’ businesses are those businesses which have annual sales less than 100 thousand birr and who are not expected to collect Value Added Tax but pay a gross estimated annual tax amount.  

Meanwhile the deadline Group A taxpayers who are charged with monthly obligations including the collection of VAT on behalf of the tax authority is November 9th and the deadline for Group B businesses is set to the 10th of September.

Nyota Mining Limited is to get a gold mining license for operations on its Tulu Kapi site in Ethiopia.The company is expected to receive the license by the end of the coming September according to a tentative schedule said Sinkenesh Ejigu, Minister for Mines.

It is to be remembered that Nyota applied for a ten year license to carry out mining operations in the area after it submitted a Technical Feasibility Study confirming the presence of gold reserves in the area along side an Environmental and Social Impact Assessment which where both evaluated by ministry experts.