2merkato

The Ethiopian Revenues and Customs Authority collected approximately 71 billion birr in the 2011-12 budget year according to a tentative report released by the authority.

ERCA collected 36.1 million from domestic taxes, 34.5 billion birr from customs and duties and 96.7 million from lotteries noted the report.

The revenue collected by the authority exceeded its performance in the previous financial year by 16 billion birr although it fell short of the 76 billion birr projected for the fiscal year.

Tecno Telecom has inaugurated its second assembly plant in Ethiopia this year. The second plant launched by the Hong Kong based company has the capacity to assemble 200 thousand handsets a month in addition to the 60 thousand units being produced by the first plant.

Techno has introduced 13 brands on the Ethiopian market including a smart phone with the demand for the product increasing said Levi Girma, a partner of Tecno Telecom Ethiopia Ltd.

The company is able to sell all it produces because demand exceeds the available supply which is why Tecno implemented the second phase of the project he added.

Ethiopia earned more than 255 million US dollars from the export of manufactured goods in the just ended budget announced the Ministry of Industry.

The revenue was earned from the export of manufactured products including, leather and leather products, textile and clothing, chemical and pharmaceutical products and agro processed products according to Melaku Taye Director of the Public Relations Directorate of the ministry.

A notable portion of the revenue earned from manufactured goods was raised by Ayka Addis Textile and Investment group said Melaku.

Ethiopian Airlines will begin flight to Kuala Lampur, capital city of Malaysia as of November of this year. The flights will serve to connect the Malaysian business sector to Africa as well as servicing the small Ethiopian expat community in Malaysia, which mainly consists of students according to Tewolde Gebremariam, Chief Executive Officer of the airlines.

It is also expected that the flights will support Malaysian companies engaged in Ethiopia, such as Petronas undertaking oil and gas exploration projects in the country he added.

In addition the new flight will enhance networking opportunities with countries in South Eastern Asia such as Singapore and the Philippines.

Ethiopia has earned 654 million US dollars from the export of minerals including gold, platinum, tantalum and decorative stones and gem stones in the just concluded fiscal year according to the Ministry of Mines.

The mining sector is becoming a significant source of export income according to Bacha Fuji Director of the Public Relations and Communications Directorate with the ministry.

The sector targets generating foreign currency as well as adding value to the GDP with 455 Million US dollars of the total revenue earned by artisan miners he noted.

Fourteen private banks currently in operation in Ethiopia have been able to make more than 3.5 billion birr in gross profit in the just ended financial year in spite of challenges associated with the measures imposed on the lending ability of private banks by NBE.

The largest portion of the profits went to Dashen Bank which earned 896.5 million birr in gross profits for the 2011-12 budget year which is nearly double the 451 million birr net profit it registered in the previous fiscal year.

Awash International Bank grossed 543 million birr coming in second making it one of the only two banks to earn more than half a billion birr in gross profit in the last financial year. It is to be remembered that Awash registered 505.5 million birr in the previous financial year.

Ethiopian exports from Ethiopia in the just ended financial year are 100,000 tones short of the projected exports according to an unofficial source.

The exports are below projection and lower than what the country exported last year although exports did show signs of increasing in the final two months of the concluded fiscal year noted experts.

The demand for coffee was reduced by the international economic meltdown that has affected major export destinations and the bumper harvest acquired by the world’s largest producer of coffee, Brazil.

Bombardier is to demonstrate the capabilities of its new C series aircraft to Ethiopian Airlines. The Canadian Aircraft Manufacturer is ready to begin talks with Ethiopia executives on a possible purchase of the new C series aircraft according to Eric Martel, President of Customer Services and Specialized and Amphibious Aircraft with Bombardier.

The manufacturer is not sure if Ethiopian is interested in the aircraft but plans to offer the airline an opportunity to evaluate the new aircraft said Martel.

The C series aircraft are more fuel efficient, comfortable and require minimal operating costs as advertised by their manufacturer.

In related news Ethiopian Airlines put in an order for an additional Boeing 777 aircraft. The 777-200 Long Range Worldliner will be an addition to Ethiopian’s fleet of five 777-200 LRs said a joint announcement by the airline and the manufacturer.

The Commercial Bank of Ethiopia approved a 942 million birr loan for MIDROC Ethiopia. The Board of Directors of the commercial bank approved the loans two weeks ago.

850 Million birr of the total loan will be disbursed for the Grand African Union Hotel Project while 92 million birr is expected to finance the construction of the Maya PP bag factory. The bank is holding the two properties as collateral against the loan.

The African Union Hotel will be constructed on land granted to the AU by the Addis Ababa City Administration in 2006. MIDROC proposed to cover the full cost of the construction of the hotel in exchange for a transfer of the title bid for the plot after the AU has floated a tender for the construction of the hotel.

Ethiopia and China signed a memorandum of understanding to promote the development of trade between the two countries.

The agreement stipulated that the nations exchange information on trade policies, investment opportunities, taxation, legislative changes and general national economic status.

China is a proven ally of Ethiopia as witness by the ever growing economic relations between the two countries said Mulu Solomon, President of the Ethiopian Chamber of Commerce and Sectoral Associations.