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Con.Com (Construction Communication), a new reference catalog detailing product and service providers in the construction sector in Ethiopia was launched last week. Con. Com is published by MCS General Trading.

The catalog listed the details of 255 companies engaged in the construction sector as service and material providers. It is expected that the publication will enhance the marketing and strategy system of the sector.

Norwegian company, MEC AS, Magnetic Emission Control, engaged in emissions reduction and fuel efficiency technology, signed a dealer contract with QOPH Engineering Enterprise in Ethiopia.

The agreement establishes that QOPH will engage in long haul tracking concerns, construction equipment, transport and earth moving.

The deal is part of MEC plans to expand into the Middle Eastern and African Region according to Bjorn Skjervold, Chief Exceutive Officer of MEC.

American President Obama’s nominee for the presidency of the World Bank, Dr. Jim Yong Kim is expected to travel to Ethiopia, China, Japan, South Korea, India, Brazil and Mexico over the coming month according to the US Department of Treasury.

Dr Kim will hold meetings with the heads of the states he will be visiting as well as with finance ministers and other stakeholders to review the priorities they envision for the World Bank in the coming years.

The trip will make a part of the initial phase of a ‘listening tour’ through which Dr Kim will solicit ideas and views from across the globe on the future for the international financial institution.

Revenue from remittance in Ethiopia showed an increase in the second half of the fiscal year out performing earnings from exports according to the National Bank of Ethiopia.

Private transfers of remittance totaled 1.74 billion dollars in the last seven months of the financial year which is a 19.6% increase from the same period in the last financial year explained Teklewold Atnafu, Governor of the National bank in a report presented to the House of Peoples Representatives.

The lower than expected export earnings, and 140 million US dollars less than revenue from remittance, has had a negative effect on the trade of balance with increase in imports and rising inflation.

Ethiopia revealed plans to develop 46 additional projects in the textile industry by 2015 to increase the revenue from the sector to 2.5 billion US dollars at the end of the time.

It is expected that six of the projects will become operational during the next financial year with a further 18 being launched in the year after; the remaining 22 will be operational in the years up to the end of the 5 years GTP period, 2015.

Two of the anticipated projects are expected to be cotton ginning industries; four are spinning industries, a knitting industry, seven weaving and one finished woven textile industry.

A Malaysian Business Delegation visited Ethiopia for the first time. The visit was part of a ten day business trip including three African nations.

The delegation made up of representatives from seven Malaysian companies includes delegates from various sectors including household items, detergents, electronics and automotive batteries according to  Aureen Jean Nonis, Director of Lifestyle Section-Africa  with Malaysia External Trade Development Corporation.

The rubber and palm oil sectors were not represented by this trip because Malaysian companies are already engaged in Ethiopia which is a larger importer of palm oil from Malaysia.

Fafa Foods SC has become the first company to produce full cream milk powder in Ethiopia.

The company has introduced ten new products including, flour, instant yeast, soya milk corn flakes and a range of snacks since it was turned over to new management.

Fafa is working to meet local demand through import substitution with locally prepared alternatives costing an average of 40% less than the imported varites said Dr. Berhanu Mosissa, Director of Sales and Marketing with the company.

The Privatization and Public Enterprises Supervising Agency of Ethiopia is expected to put up nine state owned farms for privatization in the next financial year. PPESA plans to privatize the farms on a full management agreement.

The nine farms to be privatized are the five farms operated by Arsi Agricultural Development Enterprise and the four managed under the Bale Agricultural Development Enterprise.

The AADE farms are Arba Gugu, Goffer, Garadila, Lole and Temela while the BADE farms consist of Sinana, Robe, Herero and Hunte farms.

Ethiopian Airlines, Ethiopia’s flag carrier, is to launch cargo flights to Europe and the Middle East from airports in Bahirdar and  Mekelle.

The groundbreaking initiative is intended to promote investment in regional cities by allowing businesses located there direct access to international markets said Dereba Kuma, Minister of Transport.

The airline expects to provide cargo services for meat and horticultural products from these airports explained Dereba presenting the seven month performance report for the transport sector to the House of Peoples Representatives.

The Privatization and Public Enterprises Supervising Agency approved the bids made by MIDROC Ethiopia and affiliated companies for five of the eight companies up for privatization.

The approval from the agency was announced last week at the same time the agency declined the offer made for Awash Winery and withheld making a decision on offers for two other companies.

MIDROC Ethiopia and affiliated companies, Horizon Plantation Ethiopia, National Mining Corporation and Saudi Star Agricultural Development, proffered the highest bids for five of the eight companies put forward for auction by PPESA.