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The Ethiopian Revenues and Customs Authority issued a new directive which allows manufacturing companies importing raw materials into Ethiopia to be taxed on the basis of their transaction costs.

The customs authority will conduct a post clearance audit within 15 days to reclaim the balance should there exist discrepancies between the transaction values on the invoices and ERCA’s data.

This directive aims to alleviate delays in production due to the time it takes for raw materials being processed by customs according to Fekadu Bekele, Customs Valuation Directorate.

Ethiopia’s Ministry of Education has issued contracts to print high school textbooks to Indian printers. The 5.9 million US dollar contract to reprint textbooks, including teachers’ guides, for five subjects went to Repro Printers and Pitambra Books.

Nineteen international printers had responded to the invitation put out by the Ministry of Education to reprint biology, civic, chemistry, ethics, mathematics and physics.

The bidding international printers passed a technical evaluation which assessed their capacity and ability to supply the books with the proper weight of paper and specified cover page.

An exporter of precious minerals and tantalum, Great Wall, is engaged in discussions with international firms to partner in exploration and extraction of precious minerals in Ethiopia.

Great Wall is talking to currently undiclosed Chinese and Turkish companies interested in deep pit mining for Agate, Amber, Amazonite and Tormaline when the stay on mining licenses in Ethiopia is lifted.

The exporter is also in negotiations for a collaborative venture to explore, extract and export Tantalum and Quartz with other, unnamed, Chinese and Turkish companies.

Stratex International plc announced the discovery of notable gold reserves in Ethiopia. The Ethiopian gold deposits were discovered through drilling exploration at the company’s Megenta hot spring epi-thermal gold discovery in the Afar Region of Ethiopia as well as the Akehil gold prospect.

The recent discovery proves the presence of high grade gold reserves indicating a rich gold system at Megenta said David J. Hall, Executive Director of East Africa for Stratex.

Ethiopian Airlines, Ethiopia’s flag carrier, sold five Fokker 50 aircraft to Fortran Aviation Limited a Singaporean company.

The Fokker 50 aircraft were sold in the continued efforts to modernize the airlines said Tewolde Gebremariam Chief Executive Officer of Ethiopian Airlines.

The Fokker 50s will be operated by a new airline, Pacific Royale, explained Tewolde. The first Fokker was to be delivered by the end of December according to Tewolde.

Ethiopian Billionaire Sheikh Mohammed Hussein al Amoudi took over 80% of of Near East Financial Corporation which owns the Paul Ries group. The Paul Ries group is made up of Paul Ries and Sons in Ethiopia and Savon et Ries in Djibouti.

The Near East financial Corporation is a holding company based in Switzerland.

Business in the Paul Ries group companies in Ethiopia and Djibouti will continue as usual according to Daniel Le Roux the new Chief Executive of Near East Financial Corporation currently based in Dubai, United Arab Emirates.

National Airways plc, is to introduce charter helicopter services in Ethiopia. The helicopter imported by the air service will be the first private and commercial helicopter charter in Ethiopia. 

The company imported an AS350 helicopter according to Captain Abera Lemi owner of National Airways. The air service hopes to acquire more helicopters in the future he said.

The National Mining Corporation plc announced that it discovered gold and base metal reserves in Ethiopia. The Ethiopian mineral discoveries were made in Oromia and Tigray regional states.

The mining corporation estimates that the 550,000 kg gold reserve at Dawa Okote, in Oromia Regional State is worth more than 4 billion US dollars according to Melaku Beza General Manager of National Mining.

The gold reserves discovered at Werri, Tigray Regional State have estimated gold reserves of 18,000 kg expected to be worth 792 million US dollars explained Melaku.

Ethiopian Airlines, Ethiopia’s flag carrier, is to undertake a study of four new routes to the East; South Korea, Malaysia, Singapore and further destinations in China.

Ethiopian Airlines plans to strengthen its role in the Asian market by targeting new destinations in the East according to Tewolde Gebremariam, Chief Executive Officer of the airline. The airline is carrying out market studies on flight to Kuala Lumpur, Seoul, Singapore and further locations in China explained Tewolde.

Ethiopian Investment Summit 2012 is to present investment opportunities in Ethiopia to representatives at the World Economic Forum on Africa to be held in Addis Ababa, Ethiopia in May of 2012.

The business summits plans to present the opportunities available in Ethiopia to international investors said Henok Assefa Managing Partner of Precise Consult International, organizing the event in collaboration with local and international partners.