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Ethiopia and South Korea signed a Memorandum of Understanding on industrial cooperation. The agreement was reached at a summit during Ethiopian Prime Minister Meles Zenawi’s visit to Seoul.

South Korea will support Ethiopia’s textile and leather sectors through sharing experience and know-how said the office of President Lee Myung-bak.

The relationship between the two countries is moving along rapidly said President Lee. He expressed hope that the visit from the Ethiopian premier will enhance cooperation.

BASF Global conducted a workshop to educate professionals on the ingredients of pills and tablets. The international chemical company provided the training to six factories in Ethiopia.

The workshop featured new technology to coat active pharmaceutical ingredients according to Asmelash Gebre Managing Director of HighCem Ethiopia PLC, local agents for BASF.

Oromia International Bank Share Company announced a net profit of 44.4 million birr. The bank’s profit exceeds that of the previous fiscal year by more than 25.1 million birr.

Oromia International Bank recorded 56.7 million birr profit before tax while its overall revenue reached 153.1 million birr.

The bank traces its success to a rewarding working environment, good customer service and a strong relationship between the board and management according to Abera Tola Chairman of the Board of Directors at OIB.

A survey conducted by Access Capital Services anticipates continued price increases in the next quarter in Ethiopia. Access  surveyed businesses and retailers across Addis Ababa for anticipated prices on their goods for a three month period. 

It is expected that 103 items of a total of 184 surveyed will increase in price in the next three months according to the survey results. Amongst items expected to increase in price are all types of meat, house rentals and construction.

The survey discovered that two thirds of the 184 items surveyed are expected to show year on year price increases in the double digits.

Ethiopia and Kenya have signed an agreement allowing for cross border public transport between the two countries. Public transport across the borders of the two countries will commence when the road project is finalized according to Diriba Kuma, Minister of Transport.

Ethiopia expects to extend cross border public transport arrangements to include Djibouti and Sudan he explained. The document establishing agreement with North Sudan has been drafted and will be completed in the beginning of the coming year noted Diriba.

Boeing is to begin a six month international tour to promote the 787 Dreamliner. The tour is expected to make a stop in Addis Ababa, Ethiopia between the 11th and 16th of December.

Ethiopian Airlines purchased 10 of the Boeing Dreamliner aircraft in 2005 and expects to take charge of two next year.

The Dream Tour aircraft has been specially fitted to highlight the capabilities of the aircraft and cabin features.

Crescent Tech, a technology service center, is to inaugurate a Hewlett Packard service center to serve organizations and large networks in Ethiopia. The center will service international brand computers and was set up for a total capital 80 million US dollars.

Crescent is a gold partner of HP but is ready to provide services to other brands as well explained Nathnael Mamo, Accounts Manager with Crescent.

The service center will provide services including backup and recovery problems that Ethiopian organizations had to call in professionals from abroad for according to Nathnael.

The Ethiopian Home and Office Décor Expo, 2011 was dominated by imported goods it was said. The Expo was organized at the Addis Ababa Exhibition Center by the HPP Exhibition Company, Netherlands.

Various furniture companies took part in the exhibition, while products on show were said to be imports from East Asia.

Customers opt for imports because they can’t find what they want locally produced said Meron Hailu General Manager of Dream Furniture. Dream furniture imports furniture from Malaysia where good leather and bamboo products are to be found according to Meron.

The Ethiopians Airports Enterprise announced plans to inaugurate an 18 million birr bonded warehouse in Bole International Airport, Addis Ababa, Ethiopia. The warehouse will be used to store duty free goods. 85% of the construction of the bonded project has been finalized said Wondim Teklu.

The construction will be completed when the machines required to assemble more buildings are brought in he explained. The construction is being undertaken by Mesfin Industrial Engineering PLC.

The bonded warehouse allows the deferment of duty payment until the goods are moved.

Ethiopian Cargo is to introduce new fees for various services it offers in Ethiopia. The new fees are expected to include charges for security screening, port handling, terminal use and terminal transfers. There were no charges for these services provided previously.

Fees will be modeled on what Ethiopian Airlines has been paying in external airport terminals. Such charges are common to goods shipped by private companies in other countries according to industry experts.