2merkato

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.

African countries need to concentrate on building a green economy, said Meles Zenaw,i Prime Minister of Ethiopia, speaking at the annual Conference of African Ministers held in Addis Ababa, Ethiopia.

Alternative development paradigms are necessary because of the failure of neo-liberal paradigms in African development Meles said.

The economies of African countries are largely based agricultural activities and therefore any efforts toward green development need to take in account the agrarian sectors the Prime Minister explained.

The international financial institutions claim that the Growth and Transformation Plan adopted by Ethiopia is over ambitious. The Ethiopian government counters the allegations by pointing to the 11.4% growth recorded in the last fiscal year.  

The plan leans too heavily on output by public companies such as Sugar Corp. and Metal and Engineering Corp. and may put the whole macro economic stability at risk according to a World Bank official.

The success of the plan is attested by the impressive 11.4% growth recorded argues Meles Zenawi Prime Minister of Ethiopia. The 15% annual growth set in the growth plan is a marker to urge progress and all financial planning is figured according to the more realistic 11% mark explained the Prime Minister.