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The export of coffee from Ethiopia has declined by 38% in the first eight months of the financial year, as compared to the same period  last, according to data from players in the sector.

The Ethiopia Commodity Exchange has consequently eliminated the 5% +/- price range for coffee intended to regulate against price fluctuations on the international market last week.

The range will not be applicable on the trading floor of  Exchange until the price of coffee stabilizes on the international market said Dr. Eleni Z. Gebremedhin, Chief Executive of the ECX.

Ethiopia is in the process of negotiations with multinational retailer Walmart to facilitate the entry of the corporation in the Ethiopian market.

A delegation sent by the Ethiopian government met with officials from the US based corporation last week according to sources.

The Ethiopian government is considering the move to invite Walmart as part of ongoing efforts to curb the surge of commodity prices.

The Privatization and Public Enterprises Supervisory Agency, Ethiopia cancelled the proposal to sell Awash Winery due to unsatisfactory bids.

The agency had cancelled four previous tenders for the winery for similar reasons.

The sole bid for the winery was an offer of 201 million birr received from the partnership between Mulugeta Kiros and Tigist Demeke. PPESA declined the offer as being lower than the minimum it had expected.

Chinese telecom corporation, ZTE, has proposed to set up a Research and Development Unit to serve the African market in Ethiopia as part of the future ICT Park said Debretsion Gebremichael, Information and Communication Technology Minister and in charge of the ICT Park project.

Huawei is one of the other Chinese and Indian ICT companies interested in establishing similar units in the ICT Park according to Debretsion.

The Adama wind power project being developed at a cost of 117 million US dollars in Ethiopia is nearing completion.

The project was launched in June of last year and is expected to be finalized by the coming June according to Miskir Negash, Head of Public Relations with the Ethiopian Electric Power Corporation.   

The wind farm will have a potential capacity of 51 MW with a total of 34 towers each generating 1.5 MW said Miskir.

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.