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Ethiopia expects to earn more than 233 million US dollars through the export of leather and leather products this financial year.

The estimated revenue is almost double the amount earned last year according to the projected figures by the Leather and Leather Products Development Institute.

It is to be remembered that Ethiopia earned about 112.1 million US dollars from the sector in the last financial year. The revenue was lower than the 206 million US dollar projected by the institute for the fiscal period.

The Ethiopian Electric Power Corporation secured external financing for the Aysha Wind Farm. The project received money from a Chinese financial firm and a European Investment Bank.

The Aysha Wind Farm is part of the national wind power project to develop national green power. The construction of the windmill is expected to be launched this financial year by the Ethiopian Metal Engineering Corporation.

The farm intended to produce 300MW when completed has been a focus of interest for several international investors.

Mesfin Industrial Engineering, Ethiopia launched a new vehicle model named ‘Addis’. The new model which is equipped with a capacity of 1300cc is the second new line inaugurated by MIE within a year.

The new model is expected to cost the 430 thousand birr with customers paying 30% beforehand and the remaining 70% upon delivery.

MIE has assembled 32 Addis vehicles so far and plans to enhance its capacity to 1000 vehicles every year. The vehicles are assembled by the company from parts imported by Chinese automobile manufacturer Geely International.

A business delegation from South Africa visited Ethiopia this month according to Yayheyrad Abate Deputy Director of the Addis Ababa Chamber of Commerce and Sectoral Associations.

The delegation is part of a series of bilateral agreements to enhance relations he said. The areas of agricultural, education, human resources and tourism were discussed as potential areas of cooperation he noted.

The Johannesburg Chamber of Commerce was represented by the delegation along with companies from the construction sector and a supplier of crushing equipment and an agricultural company.

 ICM Airport Techniques was awarded the turnkey project to construct a cargo warehouse for Ethiopian Airlines. The warehouse to be constructed is intended to be able to hold 1.2 million tons of cargo every year.

The German Company which specializes in airport equipment and Ethiopian Airlines are in the last stages of financial negotiations according to sources.

The new warehouse will increase the airlines capacity for shortage enabling it to give better quality cargo services according to Tewolde Gebremariam Chief Executive officer of Ethiopian Airlines.

ICM Airport Techniques was awarded the turnkey project to construct a cargo warehouse for Ethiopian Airlines. The warehouse to be constructed is intended to be able to hold 1.2 million tons of cargo every year.

The German Company which specializes in airport equipment and Ethiopian Airlines are in the last stages of financial negotiations according to sources.

The new warehouse will increase the airlines capacity for shortage enabling it to give better quality cargo services according to Tewolde Gebremariam Chief Executive officer of Ethiopian Airlines.

The Common Market for Eastern and Southern Africa announced that it is to implement a pilot project on Virtual Trade Facilitation System in the Djibouti Corridor of Ethiopia.

The project is expected to enhance regional competitiveness, to expand trade, exchange information and coordinate activities according to Ahmed Shide, State Minister for Finance and Economic Development speaking at COMMESA Trade Facilitation Workshop held in Addis Ababa.

The system facilitates the tracking of cargo, control of the movement of goods and monitor and to ensure the efficiency, time management, cost effectiveness and transparency reducing time and cost for cross border and local transport as well as transit traffic along the corridor he added.

Aarti Steel Plc is planning to inaugurate a one billion-birr factory in the Oromia Regional State, of Ethiopia. The Indian Steel manufacturing company established the factory on 40 thousand square meter of land in the Galan area of the region after obtaining a business license to invest in Ethiopia earlier this year.

The new factory is intended to produce galvanized corrugated steel said Dinesh Satti, Accounts Manager at Aarti Steel Company. 

The company based in Punjab conducted substantial market research before entering the market and expects to begin manufacturing different types of steel including round and square steel tubes by next year explained Satti.   

BHP Billiton is transferring the equipment it imported into the country through tax free privileges to other mining companies, after withdrawing from mining explorations in the country two months ago. The company will be retaining some of its larger equipment.

The Anglo-Australian mining company imported the equipment estimated to be worth several millions of dollars and which includes vehicles and other production tools as part of the tax free incentive scheme facilitated for investors in the sector.

The companies given the go ahead to purchase the equipment from BHP are Ethio-Potash, Allana Postash and Sheba Mining.

Hilton Worldwide is focusing on the travel and tourism sectors as part of its expansion in Africa said Christopher J. Nasseta, President and Chief Executive of Hilton Worldwide on a visit to Ethiopia.

The CEO held talks on the company’s expansion plans with Prime Minister Hailemariam Desalegn on his first visit to Ethiopia last week.

Hilton has been in operation in Ethiopia for more than 50 years and the arrangement has been mutually beneficial to the hotel chain and to the country noted to Nasseta speaking to journalists after his meeting with the Prime Minister.