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Ethiopia expects to earn an estimated one billon US dollars from the export of textile goods by the end of the five year development plant according to Sileshi Lemma, Director General of the Textile Industry Development Institute.

All stakeholders in the textile sector including investors and the government have been exerting efforts to encourage the increase in export of textile goods explained Sileshi at a one day symposium held at the Addis Ababa Exhibition Center under the theme of 'Textile Industry and Its Prospects in Ethiopia'.

Ethiopian Airlines, Ethiopia’s flag carrier, was able to earn record operating revenues registering a growth of 50.4% in the first two quarters of the financial year according to Tewolde Gebremariam, Chief Executive Officer of the Airline.

The higher earning of the airline enabled it to absorb the 55% in increase and remain profitable in spite of a declining profit margin said Tewolde.

The growth registered by Ethiopia from July 8-Janury 9, the first six months of the Ethiopian financial year, is remarkable he said.

The Ethio-Italian Trade and Investment Forum expected to enhance bilateral business ties between Ethiopia and Italy was held last week in Rome according to the Ministry of Foreign Affairs.

The event was attended by more than 150 Italian and over 30 Ethiopian businesses noted the press release by the MoFA.

The opportunities that reside in the many unexploited natural resources of Ethiopia and the country's conducive investment and foreign trade policy were promoted by government officials attending the event.

The Revenues and Customs Authority of Ethiopia is dissatisfied with the annual inspection services offered to taxpayers by cash register suppliers. Cash register machines can fail in processing data transfers in the absence of appropriate servicing it was said.

ERCA has authorized about 11 companies’ to supply cash register machines on the local market. The suppliers are mandated to set up repair and maintenance facilities to offer annual inspections as per the arrangement with the tax authority.   

The regulations established by ERCA penalize taxpayers for falling to servicing their registers on an annual basis and yet only about a quarter of the 12,465 machines sold last year have been serviced this year.

Huwaei introduced a major mobile broadband technology program in Ethiopia over the last week. The company is committed to invest in the Ethiopian communications sector and is sure that it can bring new technology to the country.

Ethiopia companies are increasingly taking advantage of the benefits associated with ICT and local organizations are working in partnership with Huawei and other technology suppliers to realize the growing use of ICT in the country.

National Oil Company inaugurated the third ethanol and regular benzene blending plant in Ethiopia. The blending facility was established on 52 thousand square meters of land at a cost 45 million birr.

The NOC blending facility has the potential to blend 1000m3 of ethanol and regular benzene daily. The plant has three tanks able to store 3,200m3 of ethanol, regular benzene and diesel.

The facility is also equipped with an LPG storage and filling plant with the potential to fill 2,000 cylinders a day. 

Beer Export by BGI Ethiopia increased by 30% in the last fiscal year according to the company.

The 30% increase exceeded the 20% average annual growth registered by the company over the last years.

BGI exported 3,152 hectoliters of beer in the 2010-11 fiscal year, as compared to the 2,416 hectoliters it exported in the previous financial year. Exports by BGI in the last fiscal year earned an estimated 300,000 US dollars.

The Ethiopian-German Business Conference is to be held in Cologne Germany on the 6th of July. The conference aims to concentrate on marketing German goods in Ethiopia, enhancing networking opportunities between Ethiopian and German business and the effective use of innovative German products on the Ethiopian market.

The conference also hopes to create a positive image about Ethiopia and promote the range of investment opportunities available as well as working to enhance the relationship between the two countries.

Gunter Nokkie, the G8 Representative of Africa for the German Chancellor and Tadesse Haile, Ethiopian State Minister of Industry are both expected to the attend the conference which will be the first of its kind to held in Germany.

India is to establish a Barefoot Training College, an ICT Center and a Farm Science Center in Ethiopia as part of the pledge to support 80 capacity building institutes in Africa at the Second India-Africa Forum Summit held in Addis Ababa last May.

The new institutions will be in addition to the Vocational Training Center agreed upon at the first India-Africa Forum according to Bhagwant Bishnoi, Indian Ambassador to Ethiopia speaking at the Indian Technical and Economic Cooperation and International Students day event held at the Hilton Addis Hotel.

Ethiopia has earned 1.35 billion US dollars from the export of various goods in the first two quarters of the Ethiopian financial year according to the Ministry of Trade.

More than 35 kinds of agricultural and industrial products were exported to and estimated 120 countries across the world during the course of the financial period said Abdurahman.

Exports included coffee, khat, gold, oil seeds, live animals, leather and leather products, flower, garments, fruits and vegetables, meat and spices which make up 1.3 billion US dollars or 97% of the total revenue raised he said.