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The Ministry of Industry, Ethiopia and the Oromia Regional State signed an agreement with Turkish Investors for the development of 640 hectares of land.

The contract establishes that the investment on the land will include pharmaceutical, garment, leather processing and paper and packaging factories amongst others.

The zone will also include social service institutions such as health care, schools, technical and vocational training and hotels.

The complex will be one amongst the series of new industrial parks to be developed around the country.

The Development Bank of Ethiopia (DBE) is set to approve a 684 million birr loan request from Dutch Velocity Dairy plc a company engaged in the making of milk and milk products. The loan will be the largest loan to the dairy sector in the bank’s history.

The loan request from the project was fast tracked as part of the bank’s plan to expedite loan requests said Tadesse Hatiya, Vice President of Credit Services with the DBE.

The bank was able to make the necessary evaluation and come to a decision within 38 days which is an improvement on the six months it used to take to process such requests in the past explained Tadesse.

Toner Assembly and Manufacturing plc launched its toner assembly and re-manufacturing plant in Ethiopia last week. The company is aiming to market its products on the domestic and regional markets.

The plant is geared towards the assembly and re-manufacture of toner cartridges, inkjet cartridges, and ribbon cartridges for Hewlett Packard, Epson, Cannon, Xerox, , Dell, Brother Lexmark, and Samsung products said Jazir Teja, Managing Director of the Company.

The products will all be branded as Cartridge King.

The House of Peoples Representatives Ethiopia ratified a double taxation avoidance agreement reached with China, Egypt, India and Sudan.

The agreement means that business owners that are nationals of these countries or Ethiopian business people operating in their jurisdiction will not be required to pay tax on the same declared income.

Taxable gains in one country will not be taxed twice by the country in which the gains are earned and in the country of residence of the business person.

Ethiopia has earned more than 1.2 billion birr in revenue from investment projects in mining exploration and production licensed in the last nine months said the Ministry of Mines.

The investment projects requested licensing in the previous budget year according to Bacha Fuji, Director of Public Relations with the ministry.

An estimated 51 investors are engaged in exploration while others are engaged in production he said.

The 2012 Pioneer Ethiopian Diaspora Business Person Award will be shared by Tadiwos Getachew, Founder and Chief Executive of Boston Partners and Zemedeneh Negatu, Managing Partner of Ernst and Young, Ethiopia and Head of Transaction Advisory Services for Ernst and Young LLP in East Africa.

The award organized for the second time by an Ethiopian Diaspora business and investment group will be held on the 14th of July at the Grand Hyatt Washington according to a statement released by the organizer.

Tadios and Zemedeneh are acknowledged for being inspirational role models for other Diaspora business people by being introducing innovation in their respective sectors and by taking risks in untested areas noted the statement.

Dr Eleni Gebre-Medhin, founder and Chief Executive of the Ethiopia Commodity Exchange is transitioning out of the leadership role effective as of the 30th of September announced the ECX.

The transition is part of carefully implemented succession plan which aims to ensure a smooth transition as the team of internationally recruited management professionals, in charge of the ECX since April of 2008, handovers responsibilities to locally recruited and trained leaders said Dr. Eleni at a press conference.

The locally recruited team, which will take over senior management positions, is highly capable and has been with the ECX since the exchange began operations she said.

The first workshop designed to enhance cooperation between Ethiopia and India to bolster cooperation in enhancing the product, design and quality of the leather sector in Ethiopia was held this week.

Ethiopia has the largest resource of livestock in Africa which can serve as a reliable source of raw materials for the leather sector said the representative of Tadesse Haile, State Minister for Industry.

The country is not getting as much benefits from the sector in terms of exports and employment creation because of a range of challenges including lack of know how, technological deficiency, and limited market access said the Minister through his representative.

Dream Light Solid Waste Management plc, Ethiopia received the World Business and Development Award, 2012 announced a joint press release by the United Nations Development Program and the Ethiopian Ministry of Finance and Economic Development.

The 2012 World Business Development Award was given to eleven companies from Brazil, China, Ghana, Denmark, India, Kenya, the United Kingdom and the United States in the categories of small and medium sized enterprises and large organizations.

The winning companies were recognized at a ceremony held to conclude the Business Action for Sustainable Development Business Day that took place as part of the UN Conference on Sustainable Development- Rio+20.

Ethiopia has earned more than 368 million US dollars from the sale of traditionally mined gold in the first ten months of the current Ethiopia financial year according to the Ministry of Mines.

The revenue was earned by an estimated 6700 kilograms of gold supplied to the National Bank of Ethiopia said Bacha Fuji, Director of Public Relations with the Ministry.

The revenue earned this reporting period has increased by more than 125.1 million US dollars in comparison to the revenue earned during the same period last year he said.