2merkato

The Federal Transportation Authority has announced that long distance bus services will be required to color code their vehicles as of the 10th of November. The vehicles will be coded according to their service level.

Bus Owners have been given enough time to paint their vehicles according to specifications said Birhane Zeru Deputy Chair of the Federal Cross Country Public Transport Associations Coalition. Many owners have already completed the process which will cost about 20,000 birr he said. 

The Ethiopian government has announced plans to begin construction on a new fertilizer factory in Oromia Regional State, in two weeks. The new factory will be constructed by the Ethiopian Metal and Engineering Corporation.

The Coal Phosphate Fertilizer Project Office has been studying the feasibility of a fertilizer factory in the area for over ten years. Studies in socio-economic, environmental and geological impact were conducted in association with Chinese companies including China National Complete Plant Import and Export Corporation (COMPLIANT) and Ging Sion Explorer.

CLC Industries Plc will harvest cotton from the first 2,500 hectares in Ethiopia next month. The Indian company will use the cotton as raw material for the textile spinning plant it is establishing in Kombolcha.

The construction of the textile company at an investment of 70 million dollars will begin this month according to Markos Terfa company liaison officer.

Representatives from four Swedish companies are scheduled to visit Ethiopian textile factories. The delegation will visit the factories in Addis Ababa and Tigray for three days starting from the 2nd of November.

The representatives will visit the Ethiopian factories with a view towards finding textile suppliers and to purchase cotton garments according to Madeline Rosberg Chief Executive of Responsify AB, in charge of organizing the Swedish trade trip.

Ethiopia obtained 753 Million US dollars in revenue from exports in the first quarter of the current fiscal year. This is a 33% increase on revenue from last year.

The revenue was raised from the export of 275,611 tonnes of produce sent to an estimated 94 countries. A significant percentage of the export revenue, 84 million US dollars, was earned from German exports.

Coffee exporters found in breach of the hoarding directive have been banned by the Ministry of Trade. Exporters found with stored Coffee in excess of the levels established in the directive will be severely punished according to Yacob Yala State Minister of Trade.

The Ministry of Trade has decided to place a ban on an estimated 50-55 exporters for failing to comply with the directive or for forging contractual agreement according to sources. This list includes many significant coffee exporters said the sources.

Eyesuswork Zafu has retired from his 17 year tenure as Chief executive Officer of United Insurance. The CEO hass been seeking retirement for the last three years. 

The shareholders and the board of the insurance have decided the former CEO will continue on with the company in the capacity of an advisor.

The Ethiopian Textile Industry Development Institute announced that it has earned 27.2 Million US dollars from textile exports. The Institute earned this revenue in the first quarter of the current fiscal year.

The revenue is 87% more than the target set for this period according to a press statement made by the Institute. The revenue is also 18.6 million US dollars more than the amount earned in the same period last fiscal year.

The Ethiopian Sugar Corporation announced plans to raise national sugar production from 300 thousand to 2.25 million tonnes annually. The corporation has begun extensive efforts towards increased sugar production according to Yilma Tibebu Corporation Public Head.

Expansion projects have begun at Metehara, Wonji Shoa, Methera sugar factories to increase sugar production according to Yilma. The increase in production hopes to meet demands for sugar in the local market as well increasing exports to the global market.

The Ethiopian Leather Industries Association announced plans to obtain 206 million US dollars from the export of leather and leather products this budget year.

It is expected that the revenue will be raised from the export of finished and semi-processed leather products according to Abdisa Adugna Secretary General of the Ethiopian Leather Industries Association.