2merkato

The Ethiopian Manufacturing Sector has earned an income of 72 million US dollars in the first quarter of the current fiscal year according to the Ministry of Industry.

Ethiopia has set out to acquire 471.2 million US dollars in revenue from leather, agro-processing, textile, chemical and pharmaceutical sectors this budget year according to Melaku Taye, Communication Director for the MoI.  The revenue registered for the first quarter exceeded that earned in the same time period of the last fiscal year by 104.4% explained Melaku.

An estimated 40,000 condominium housing will be built in Addis Ababa City during the present fiscal year according to the city administration. It is expected that more than 72,000 people will be employed by the construction project said Kuma Demeksa, Mayor of Addis Ababa.

The construction of the 20,000 condos already underway is expected to be completed over the next two months said Kuma. He also added that the 17,000 condos began this year will be completed by April.

The Ethiopian government has focused on the housing sector and low cost condominiums are being built in the capital and regional cities.


Source: Ethiopian Press Agency

Dashen Bank Share Company announced a profit of more than 630 million birr in 2010/11 fiscal year. The announcement was made at the 17th regular meeting of the bank on Tuesday in Addis Ababa, Ethiopia.

The Bank paid 179 million birr in profit tax to the government from its profit according to Teklu Haile Chairperson of the Board of Directors.

The Ethiopian Electric Power Corporation signed an agreement with ABB to extend and upgrade transmission substations. The project to upgrade the existing substations in the central part of Ethiopia is expected to cost around 26 million US dollars.

ABB will be expected to enhance the automation, telecommunication, protection and control systems of the substations.
The agreement signed with EEPC mandates ABB with designing engineering, supplying, constructing and commissioning the substations. The contractor will also be responsible for all civil work.

Nyala Insurance Share Company (NISC) announced its commitment to improve the accessibility of insurance services in rural areas in Ethiopia this week. The Insurance Company is taking various measures to benefit rural communities according to Eyob Meherette, Company Chief Executive Officer.  

A large percent of rural communities have no access to insurance services Eyob explained at a meeting for shareholders held at the Sheraton Addis. The company is resolved to benefit underprivileged communities in rural areas he stated.  

The 2011 Information Economy Report has disclosed that Ethiopian mobile phone penetration is a little more than 7%. The report was released on October 19th by the UN Conference on Trade and Development in association with the UN Economic Commission for Africa.

Expansion of mobile phone services may require an atmosphere of competition between different service providers according to Remi Lang, Economic Affairs officer at UNCTAD. Opening the telecom industry to foreign competitors could result in better performance he suggested.

The Ethiopian Commodities Exchange (ECX) is to review a proposal for trading in chickpeas and sorghum. The exchange announced plans to introduce the two commodities alongside Teff at its fourth national forum.

An industry study has already been done for chickpeas and sorghum said Bemnet Aschenaki chief strategy officer for the ECX. The study was done on samples collected by the ECX quality and product development team as per suggestions outlined by a technical advisory board explained Bemnet.

Dashen Bank launched electronic banking services for Union Card holders this week. This service is aimed to serve the increasing numbers of Union Card holders including the growing number of Chinese citizens in Ethiopia according to Lulseged Teferi President of Dashen Bank.

Dashen Bank is the first Bank in Africa to sign a partnership agreement with UnionPay said Lulseged. It is expected that agreement with UnionPay, which has over 2.5 billion clients worldwide, will significantly influence the growth of Dashen he explained.

Businesses in Hawassa, capital of the Southern Regional State, started using cash register machines as of last Thursday. VAT registered businesses in the city have transferred from using hand prepared VAT receipts to using the cash registers according to the report.

The cash register machines enable VAT registered businesses to abandon the use of VAT receipts except when power outages occur said Seleshi W/Mariam in charge of the tax awareness training process for the regional tax authority. The use of the electronic reporting machines ensures a smooth and speedy relationship between business and the tax authorities he explained. The system also avoids presumptive taxation according to Seleshi.

Allana Potash Corp announced on Tuesday that it has intersected three zones of strong potash mineralization in hole DK-11-28, found in the northwestern region of the company’s potash concession in Ethiopia.

Allana is encouraged by the consistently strong potash mineralization seen in the results from the northwestern part of its concession according to Farhad Abasov President and CEO.