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Dashen Bank announced recognition from the International Finance Corporation (IFC), a member of the World Bank Group, for its international trade finance services.

An international arbitration center that will settle business disputes in the Intergovernmental Authority on Development (IGAD) region is to be established and based in Djibouti. The decision was made during the Fifth General Assembly of IGAD Business Forum and it was passed unanimously by the participants; Ethiopia, Djibouti, Kenya, Uganda, Sudan, South Sudan and Somalia.

The Ministry of Labour and Social Affairs (MOLSA) said it would complete developing the implementation plan for overseas employment by the end of September. According to the Minister of Labour and Social Affairs Hirut Woldemariam (PHD), MOLSA is closely working with the national committee and representatives of host countries to stop illegal immigration. She said a new system was developed to give detailed information to the applicants.

Domestic products substituted import goods worth USD 1.1 billion during the first half of the 2022/2023 fiscal year. Manufacturing companies were also able to generate USD 194 million from export trade.

The Ministry of Industry announced that 663 manufacturing industries became operational in the past 5 months creating employment opportunities for 9,600 individuals. The Ministry also stated that domestic products substituted import goods worth USD 708 million during the same period.

According to Melaku Alebel, Minister of Ministry of Industry, the manufacturing sector is being revived while investors are entering new investment areas. The country was able to export goods worth USD 161 million since the start of the current fiscal year.

Source: Ethiopian Press Agency