AGOA

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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UN Allocates $28 Million to Boost Ethiopia’s Textile Industry

UN Allocates $28 Million to Boost Ethiopia’s Textile Industry

Ethiopia has secured a significant budget of $28 million from the United Nations Industrial Development Organization (UNIDO) aimed at enhancing productivity and modernizing the country's textile industry. The agreement, signed by the Minister of State for Finance, Sumerita Sewasew, and the UNIDO Ethiopia representative, Kalbaro Aurelia Patrizia, marks a pivotal step towards revitalizing Ethiopia's industrial sector. Over the next five years, the Ethiopian Textile Industries Development Institute will spearhead the implementation of the project, as outlined by the Ministry of Finance. The primary objectives of this initiative extend beyond mere industrial advancement. The endeavor seeks to stimulate economic growth within…
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US extends economic sanctions on Ethiopia

US extends economic sanctions on Ethiopia

The United States has been putting pressure on the end of the war in northern Ethiopia two years ago on the grounds that it would harm the national foreign policy of the US. US, which says that this war will affect East Africa in addition to Ethiopia, has put various pressures to stop the war and has been taking various measures on the grounds that human rights have been violated. Among the measures taken by Washington is the national emergency sanctions against Ethiopia, which will last for two years in September 2021. Although this embargo will end in a week,…
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Industrial Parks Exported Products Worth $152.7m In Nine-Month

Industrial Parks Exported Products Worth $152.7m In Nine-Month

ADDIS ABABA – Ethiopia has secured more than 152.7 million US dollars from manufacturing products’ made in its industrial parks (IPs). The revenue was generated from exports made in the first nine months of the current 2021/22 fiscal year, said Sandokan Debebe, CEO of the Industrial Park Development Corporation (IPDC). The revenue, the Corporation said, has shown a 29% jump as compared to the same months of the previous fiscal year. In the same period, the IPs also supplied products worth $113.5 million to the local market in support of the government’s import substitution push and cut foreign currency spending.…
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