North Holdings Investment Inc., U.S. based Ethiopian-American company is to build a cement factory with US$ 800 million investment near Dejen town, in Amhara Regional State, according to The Reporter.
The North Shoa Zone in Ethiopia has seen a significant increase in investment in the past year. The zone initially planned to register investments totaling Birr 25 billion, but it ended up receiving investment registrations amounting to over Birr 42 billion. This is a 72% increase over the original target.
The Norwegian government has granted Generalized System of Preference (GSP) to Ethiopia, allowing the country's products to enjoy tax exemption on entering the Norwegian market, according to The Reporter.
Ministry of Foreign Affairs disclosed number of investors interested in starting business as well as investing in Ethiopia has shot by threefold in the past two years.
Nyala Insurance S.C., one of the privately owned insurance firms in Ethiopia, declared a gross profit of 77 million Birr for 2015/2016 fiscal year. The performance is 24.2 percent lower than the preceding fiscal year.
