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The annual World Economic Forum will be held in Ethiopia in May. The forum is expected to be attended by 1000 influential world leaders according to Precise Consulting International, organizers.

The forum will create a unique opportunity for Ethiopian business people to engage with global multi national corporations and international investors said Henock Assefa, Manging Partner of Precise.

The forum will be attended by 400 senior business executives and senior government officials and Ethiopian business people can best take advantage of the opportunity by doing their homework and attending with short pitches to address the influential international business representatives in attendance explained Henock.

The Saygin Textile Dima Textile factory is to begin operations in Ethiopia by the end of this month.

The factory is expected to produce yarn and fabric for both the local and export markets including acrylic, cotton, linen, wool and textile fibers according to Turan Ahmet Turan General Manager of Saygin Dima.

The factory expects to enhance production by focusing on weaving and products such as sweaters, socks and linens.

The National Bank of Ethiopia has been engaged in efforts to stabilize the market and foreign currency exchange rate in the past seven months said Teklewold Atnafu, Governor of the bank.

The bank has initiated a range of activities to maintain an effective financial system to contribute to the national economic growth said Teklewold in the performance report he presented to the House of People’s Representatives.

The central bank has put into effect various monetary policies to lower inflation and stabilize the market in the previous months he said.

A delegation from the London Chamber of Commerce and Industry is expected to visit Ethiopia between the 26th and 28th of March according to the British Embassy in Ethiopia.

The delegation will be meeting with representatives from the local business community to assess opportunities for collaboration explained the press release sent out by the Embassy.

The delegation from England will consist of 17 business people who plan to promote various products and services.

Ethiopian Airlines, Ethiopia’s flag carrier, has announced plans to fly to the Republic of Benin beginning on the 15th of June.

Ethiopian will operate non stop flights between Addis Ababa and the economic capital of Benin, Cotonou every Monday, Wednesday, and Friday, with return flights from Cotonou to Addis Ababa scheduled for Tuesdays Thursdays and Saturdays.

Ethiopian offers accessible and convenient contact between Eastern-Western parts of Africa as well as between destinations in the North and South of the continent through its strategically located hub in Addis Ababa according to Tewolde Gebremariam, Chief Executive Officer of the airline.

Ethiopia has issued a new international tender for the supply of 35,000 tons of milling wheat according to traders in Europe.

The deadline to offer bids for the invitation is the 29th of March. The tender did not specify the origin of the wheat but shipping is requested by the 7th of May said the traders.

Ethiopia is in the process of evaluating a previous tender for a similar purchase of 35,000 tons of wheat, which closed on the 15th of March. The deadline for the bids was extended at that time explained traders.

The purchase of the milling wheat tendered is being financed by international aid agencies in both instances according to the European Traders.

Source: Reuters

Acazis Agro Industry plc (Flora EcoPower) is to produce peanut oil in Ethiopia. It is expected that the company will be the second largest producer of peanut oil following state owned Hamaressa Edible Oil Share Company.

The new mill established by Acazis near Harar will launch the first test runs over the next months and anticipates beginning larger scale operations in the third quarter of 2012 according to sources with the company.

Ethiopia can transform its economic structure and create jobs through light manufacturing according Justin Yifu Lin, Chief Economist and Senior Vice President for Development Economics with the World Bank.

Lin launched a Light Manufacturing study that included China, Tanzania, Zambia and Vietnam as well as Ethiopia in his final visit to the region before his term as Chief Economist expires on the 1st of June.

The study on light manufacturing can help guide the transformation of the industrial structure and enhance the creation of productive jobs in various sectors in Ethiopia including, apparel, agribusiness, leather and metal he noted.

Ethiopian Airlines, Ethiopia’s flag carrier, along side Kenyan Airlines is to sign an agreement South Sudan to provide postal services according to an official source.

The contracts with Ethiopian and Kenyan airlines will be signed in the near future according to Juma Stephen, Under-Secretary with the South Sudanese Ministry of Telecommunications and Postal Services.

The templates for the contracts are already in place and the signing can happen in a month’s time he said.

Holland Car plc, Ethiopia delivered 48 pre-ordered automobiles to its clients last week. The car assembly company has been in constant legal wrangling with customers for delivery delays.

The 48 new cars delivered by the company to its clients are powered by a Variable Valve Timing engine which controls the opening and closing time of the intake values as the engine works under different conditions enhancing the power performance of the vehicle as well as lowering its fuel consumption said Engineer Haileleul Tadesse, General Manager of the Assembly Plant.