2merkato

The latest report by the United States Department of Agriculture puts Ethiopia as the world’s 6th largest coffee producer for the 2010/2011 crop year.

According to the report, Ethiopia has produced about 4,400 bags of coffee (264,000 kg).

The top five coffee producing countries in the list are Brazil (54,500 bags), Vietnam (18,725 bags), Colombia (9,500 bags), Indonesia (9,325 bags) and India (5,100 bags).  

Ethiopia is followed by Honduras (4,000 bags), Peru (4,000 bags), Guatemala (3,910 bags) and Mexico (3,700bags).

Fitch Group, which is a financial information service rating company, rated Ethiopia as “B” for long term foreign and local currency Issuer Default Ratings (IDR).

The Ministry of Culture and Tourism (MoCT) disclosed on November 06, 2015, the classification of 68 hotels in Addis Ababa, according to Fana Broadcasting Corporate.

The Ethiopian parliament ratified the draft proclamation of African Continental Free Trade Area (ACFTA) agreement. The House of People’s Representatives (HPR) members voted unanimously in acceptance of the ACFTA agreement.

The House of Peoples Representatives Ethiopia ratified a double taxation avoidance agreement reached with China, Egypt, India and Sudan.

The agreement means that business owners that are nationals of these countries or Ethiopian business people operating in their jurisdiction will not be required to pay tax on the same declared income.

Taxable gains in one country will not be taxed twice by the country in which the gains are earned and in the country of residence of the business person.