East Africa recorded the continent’s best economic performance in 2017, with a GDP growth of 5.9 per cent — above the continental average of 3.6 per cent.
This growth was achieved in a year that saw the region’s economic fortunes dip, as several companies keen to lower costs and post profits turned to staff cuts. Read more. Source | East African
Agricultural Mechanization Day had been marked for the first time in Ethiopia,recently. Although there are limitations in the country’s Agricultural Mechanization, one and all have the same opinion on the subject of its significance.
As per Hailu Alemayehu, Executive at the Ethiopian Agricultural Works Corporation, Agricultural mechanization services sector head, mechanization plays paramount roles for the country whose economy depends on agriculture. What is more, transformation from agriculture-driven to industry-driven one l is possible through mechanization. Read more. Source | Ethiopian Herald
Foreign companies said they are attracted to invest in Ethiopia by the rapid progress in the construction sector, population and stability.
The companies that hail from 11 countries are in attendance at the 22nd Addis Chamber International Trade Fair (ACITF) launched Thursday at Addis Ababa Exhibition Center. Orange Electric equipment manufacturer of Sri Lanka (OREL) has been in the business for the last 50 years and has the largest market share in Sri lanka as well as good representations in the six continents. Read more. Source | Ethiopian Herald
Foreign investors have created more than 45 thousand jobs for Ethiopian citizens during the last two years, says Ethiopian Investment Commission (EIC).
EIC Communication Director Mekonenn Hailu told The Ethiopian Herald that attracting foreign investment is one of the best mechanisms to address unemployment in the country, he indicated. He added that the government is exerting various efforts to create employment for skilled and unskilled work force from investment alternatives in the country. Read more. Source | Ethiopian Herald
The Ministry of Farming and Natural Resources said over 460 million quintals of crops would be harvested from 3.3 million of hectares through irrigation in this crop season.
Ministry Public Relations Department Deputy Head Daniel Dentamo told The Addis Zemen daily that irrigation professionals gave training to farmers on irrigation development, economical water utilization and focus market oriented production. He said all the necessary inputs have also been provided to farmers. More than 496, 000 quintals of fertilizers and a million quintals of select seeds have been distributed to farmers. Read more. Source | Ethiopian Herald
The 7th Horti Flora Expo is to kick off in Addis from 14th to16th of March 2018 at the millennium hall as a biennial trade fair. Briefing journalists, Ethiopian Horticulture Producers Exporters Association (EHPEA) Executive Director Tewoderos Zewdie said that Ethiopia's horticulture and flori-culture industry has developed over the last 15 years.
The country has endeavored towards a full grown player and put itself on the world map as one of the leading exporters of cut flowers, he said. Read more. Source | Ethiopian Herald
Growth in sub-Saharan Africa is expected to accelerate to 3.2 per cent this year from 2.4 per cent in 2017. But the forecast for faster growth will depend on a firming up of commodity prices and reforms.
According to the latest Global Economic Prospects (GEP) report released by the World Bank last week, growth in the region is estimated to have rebounded to 2.4 per cent last year, after slowing sharply to 1.3 per cent in 2016. Read more. Source | East African
Ethiopia has overtaken Kenya as Eastern Africa’s regional economic giant in recent years. Investors are bullish about the country’s prospects over the next decade and seem willing to bet that its economic take-off will not long be delayed for much longer.
Ethiopia has attracted significant levels of Western and Chinese investors, with the secret of its success being government-led public spending on infrastructure and strong local demand for goods and services. Read more. Source | Ethiopian Herald
Economic dynamism has lifted eastern Africa’s growth despite harsh political climate witnessed in Kenya and Ethiopia, the biggest contributors to the region’s gross domestic product (GDP).
A report by a UK-based accountant’s body, the Institute of Chartered Accountants in England and Wales (ICAEW), said the regional powerhouses had political problems in the year without which their economic performance would have been better. Read more. Source | Business Daily
President of the Federal Democratic Republic of Ethiopia Dr. Mulatu Teshome said Ethiopia has become the largest recipient of Foreign Direct Investment (FDI) in Africa.
The seventh International Conference on Pulses, Oilseeds and Spices was launched here yesterday with the theme ‘Africa the future pulse and oil seeds supply’. Speaking on the occasion, President Mulatu indicated that most recent The United Nation Conference on Trade and Development (UNCTAD) report showed that FDI flow to Ethiopia increased by 46 percent this year to reach 3.2 billion USD despite the decline in interest throughout the rest of Africa. Read more. Source | Ethiopian Herald