Business

Ethiopian Cargo and Liege Airport Celebrate 17-Year Partnership

Ethiopian Cargo and Liege Airport Celebrate 17-Year Partnership

Ethiopian uplifted around 160,000 tons of cargo from Liege, Belgium Ethiopian Cargo and Logistics Services and Liege Airport, the Ethiopian cargo hub in Europe, have celebrated 17 years of successful partnership. The two organizations reaffirmed their commitment to boost freighter operations and strengthen the strategic alliance that has played a significant role in connecting Europe to Africa and beyond. Over the past 17 years, Ethiopian Cargo has played a significant role in positioning Liege Airport as a leading cargo hub in Europe. In 2023, Ethiopian uplifted approximately 160,000 tons of cargo from Liege, facilitating efficient and reliable transportation of goods…
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Ethiopia Earns Over $390 Million from Flower Exports

Ethiopia Earns Over $390 Million from Flower Exports

Ethiopia earned more than $390 million from the flower export trade in the past ten months. The Ministry of Agriculture announced that the horticulture investment sector, particularly flower exports, significantly contributes to Ethiopia's foreign exchange earnings. Dereje Abebe, Chief Executive Officer of Agricultural Investment and Product Marketing at the Ministry of Agriculture, reported that Ethiopia earned $392 million by supplying 79,819 tons of flower products to international markets over the past ten months. He highlighted that most of Ethiopia's flower production is exported to European and Asian countries, with the Netherlands being the largest recipient. Although the sector's performance over…
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Ethiopia Security Fails to Control Illicit Gold Trade

Ethiopia Security Fails to Control Illicit Gold Trade

Ethiopia had ambitious plans to generate $363 million from gold mining over the past nine months. However, only 67 percent of this target has been met. The Ministry of Mines identifies illegal gold trading as the primary obstacle, despite efforts by the Defense Command Post and the National Intelligence and Security Service to curb it. Illegal trading, smuggling, and security issues have significantly hindered the industry. Only three tons of gold have reached the National Bank in the past nine months, which is just 50 percent of the planned amount. In March, the National Bank received a mere 350 kg…
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Kuwait Signs Agreement to Hire Ethiopian Domestic Workers

Kuwait Signs Agreement to Hire Ethiopian Domestic Workers

Ethiopia and Kuwait have signed a memorandum of understanding (MoU) in Addis Ababa to collaborate on foreign employment initiatives. The agreement was signed by Ethiopia's Minister of Jobs and Skills, Muferihat Kamil, and the Ambassador of Kuwait to Ethiopia, Naif Hannes Al Otaibi. The signing ceremony was attended by the Minister of State for Work and Skills Solomon Soka, Daniel Teresa, Ethiopian Ambassador to Kuwait Saeed Muhammad, Kuwaiti Ambassador to Ethiopia Naif Hannes Al Otaibi, and other senior officials from both countries. The MoU aims to create a cooperative environment where the rights and interests of Ethiopians employed in Kuwait…
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Ethiopia Grants Domestic Market Access to Foreign Companies

Ethiopia Grants Domestic Market Access to Foreign Companies

Ethiopia has allowed foreign companies operating in its industrial parks to sell their products in the domestic market. This policy change aims to enhance foreign direct investment (FDI) and boost foreign trade by providing more flexibility to investors. Ethiopia, which currently hosts 13 industrial parks, has now permitted these parks to supply up to 50 percent of their products to the local market. This initiative is part of the Ethiopian government's broader strategy to stimulate economic growth and attract foreign investments. The Ethiopian Investment Commission announced this new policy, emphasizing that it represents a significant shift from the previous restriction,…
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Ethiopia Secures Over $4 Billion from Loans and Grants in 9 Months

Ethiopia Secures Over $4 Billion from Loans and Grants in 9 Months

The Ministry of Finance has presented its nine-month financial report to the House of Representatives. According to the report, Ethiopia has received $4.5 billion from loans and grants over the past nine months. Of this amount, 54 percent came from grants, while $849 million was obtained through loans. The World Bank contributed $1 billion of the total, reflecting a strong relationship between Ethiopia and the institution. The Ministry of Finance also reported that 356.5 billion birr was targeted for tax collection, with 338 billion birr successfully collected. Additionally, 739 million birr was collected from current and overdue payments from government…
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Ethiopia Elevates its Somaliland Consulate to Embassy

Ethiopia Elevates its Somaliland Consulate to Embassy

Somaliland has announced that Ethiopia has upgraded its consulate in Hargeisa to an embassy. The Minister of self-declared independent Somaliland revealed this significant diplomatic development. Four months ago, Ethiopian Prime Minister Abiy Ahmed and the President of Somaliland, Muse Bihi Abdi, signed a memorandum of understanding in Addis Ababa. This agreement allows Ethiopia to gain ownership of a port, while Somaliland moves towards gaining recognition as an independent country. This has caused considerable anger and opposition in Somalia, which considers Somaliland a part of its sovereign territory. A month ago, Somalia demanded that the Ethiopian ambassador leave Mogadishu within 72…
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Ethiopia Halts Issuance of New Gas Station Licenses

Ethiopia Halts Issuance of New Gas Station Licenses

Ethiopia has announced an indefinite suspension on the issuance of new gas station licenses across the country. The National Oil and Energy Authority has confirmed the halt, citing the need to reassess the current direction of gas station expansion. Director General of the Oil and Energy Authority, Mrs. Sahrela Abdullahi, stated that while the government has been actively working on expanding oil stations, it has recognized that the current approach is flawed. As a result, the licensing process has been suspended indefinitely. Mrs. Sahrela emphasized that the authority is conducting a comprehensive study to address the issues related to licensing…
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Ethiopian Airlines Inaugurates New $50 Million Terminal

Ethiopian Airlines Inaugurates New $50 Million Terminal

Ethiopian Airlines has inaugurated a new domestic passenger terminal at Bole International Airport, constructed at a cost of $50 million. This terminal will serve all domestic flights to and from Addis Ababa. The CEO of Ethiopian Airlines, Mr. Mesfin Tasew, announced that the airline currently serves 22 domestic destinations and the new terminal will double the airline's domestic flight capacity. Nasise Chali, the Minister of Tourism, emphasized that the new terminal will significantly boost the tourism sector. Two months ago, Ethiopian Airlines also inaugurated a $55 million digital marketing platform. The new e-commerce logistics facility at Bole International Airport is…
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Ethiopia Charges $15,000 for Sport Hunting

Ethiopia Charges $15,000 for Sport Hunting

Ethiopia is now charging up to $15,000 for sport hunting. Visitors from all over the world are drawn to Africa for wildlife hunting, with Namibia, Zimbabwe, Mozambique, and South Africa being prime destinations. Ethiopia also offers legal hunting of wild animals, as managed by the Ethiopian Wildlife Development and Protection Authority, which has developed a comprehensive system for this purpose. Daniel Worku, head of the wildlife use desk at the authority, told Al-AIN that legal wildlife hunting is conducted in four Ethiopian regions: Oromia, Afar, Somali, and southern Ethiopia. The country allows the hunting of 54 species, including lions, tigers,…
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