The Ethiopian government has picked telecommunications firm Ethio Telecom as the first of four major state corporations to be sold to private investors, in a liberalization programme meant to boost economic growth. Ethiopia, with a population of over 100 million people, has been Africa’s fastest growing economy for years, but the country is now reaching the limits of its state-led growth, prompting the government to open up its economy. Read more. Source | East African
Ethiopia is the latest country to approve the African Union’s Africa Continental Free Trade Area, AfCFTA pact after the cabinet passed the deal on Saturday, the Prime Minister’s office confirmed.
The PM’s office said: “The decision is consistent with PM Abiy’s vision of creating a closer & full regional integration — where minds are open to ideas & markets are open to trade. Ethiopia’s decision & track record of advocating Pan African causes will bring to reality an integrated Africa.” Read more. Source | New Times
Six textile and garment oriented industrial parks that Ethiopia is currently busy setting up, are expected to generate $30 billion worth of exports by 2025. The country continues its rigorous quest to build industrial parks, which is part of the initiative to make the East African nation a manufacturing hub of Africa, and a middle-income country. Read more. Source | The Exchange
Ethiopia has kicked off the New Year with promising trade reports, recording a 62 per cent increase in its exports to the US. The country majorly exports textiles and garment products to the US and has invested a significant amount of money in infrastructure development such as industrial parks to boost the manufacturing industry. Read more. Source | The Exchange
The government of Ethiopia should introduce tax exemption mechanisms for importing farm equipment and agricultural inputs in order to modernize the sector, agricultural expert says. Dr. Melese Temesgen, a researcher said at a public lecture organized in Addis Ababa that tax free imports should be promoted in order to introduce modern ways into the sector.
Noting that the equipment are not currently affordable for farmers, Dr Melese said it is crucial for the government to exempt the equipment from tax so as to encourage farmers use modern equipment. Read more. Source | Ethiopia News Agency
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Ethiopia, one of the fastest growing non-oil producing economies in Africa is planning to create employment opportunities to cut the high rate of unemployment. Addis Ababa City Administration plans to create 161,000 jobs for its citizens. Their vision is in line with the 2017/18 financial year plan. The country’s economy is rapidly growing and should be able to execute its goal soon. Read more. Source | The exchange
The USAID East Africa Trade and Investment Hub based in Kenya has been facilitating companies in East Africa to access markets in the US. This month, the Hub has supported nine firms from Ethiopia and Madagascar at the International Food Technologists (IFT) Expo in Chicago, U.S.A. The expo included food ingredient, equipment, processing, technology and packaging suppliers, bringing together approximately 1,200 exhibitors and 23,000 attendees interested in the science of food. Read more. Source | The Exchange
Having made the headlines for all its commendable efforts to be East Africa’s investment hub, there seems to be a leak in one of its sectors. The nation has done well in attracting investors, opening its economy to the public and exposing itself to greater opportunities geared towards making it a success regionally. With the Government reading the country’s budget, a number of changes have been looked into to revive the economic prowess of the State. Read more. Source | The Exchange