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Ethiopian Exporters Eye China’s Growing Sesame Market
Ethiopian sesame producers and exporters are keen to further penetrate the Chinese market amid growing demand among Chinese consumers.
China has recently been a major destination for Ethiopia’s sesame seed export. Between 2018 to 2021, China imported close to 282,554 tons of Ethiopia’s sesame seed, making it the largest importer of the commodity.
Apart from sesame, Ethiopian coffee is also penetrating China’s booming coffee market as the Asian country becomes its eighth largest importer of coffee over the last ten months. Source; Monitor
Addis Ababa’s Cabinet Approves 100bln Birr Budget for Next FY
Addis Ababa City Administration Cabinet has passed a 100.05-billion-birr spending plan for the 2022/23 Ethiopian budget year, which will start on July 8.
The total budget has shown a 41.6 percent increase as compared to the concluding 2021/22 Fiscal year spending. 54.87 billion birr is allocated for capital expenditure and 41.31 billion birr for recurrent spending, and the remaining 3.87 is also set aside as a reserve. Source; Monitor
Ethiopia’s RIDE to Expand its Taxi-Hailing Service to Djibouti
Ethiopia’s taxi-hailing and Booking Service prover, RIDE, is set to enter Djibouti after its parent company, Hybrid Designs Plc, finalized preparation to launch the service in the neighboring nation. Source; Monitor
Ethiopia to Set up Agriculture Mechanization Excellence Center
Ethiopia is set to establish an agricultural mechanization center of excellence to drive its effort to modernize the agriculture sector. It will be built in Addis Ababa and sub-branches will be built in six different regions.
It will serve as training center, a center for testing and certification for various types of agricultural mechanization machinery, and tasked to certify engineers and design professionals from various higher education institutions. Source; Monitor
Algeria Becomes Afreximbank’s 52 Member State
Algeria has become a member state of the African Export-Import Bank (Afreximbank) as the bank closes in on full coverage of the African continent.
With Algeria’s accession, the Bank is only 3 States short of achieving full continental coverage. Source; Monitor
AfDB supports the Addis-Djibouti business corridor in Africa
A project supported by the African Development Bank (AfDB) and implemented by the Pan African Chamber of Commerce and Industry (PACCI) and IGAD to enhance collaboration between the private sector and IGAD member states in the Addis Djibouti Corridor received its first batch of equipment.
The five development priorities of the AfDB: the High 5s – Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life for the People of Africa. Source; Capital
Ethiopia Announces Fuel Price Increment
The Ethiopian Ministry of Trade and Regional Integration announced a revision on prices for fuel, starting from July 6, 2022. The revised price of the different types of fuel/gas are as follows: Benzene (47.83 birr) Diesel (49.02 birr) Kerosene (49.02 birr) Light black diesel (53.10 birr) Hard black diesel (53.37 birr) Airplane fuel (98.83 birr). Source: Fana
Parker Clay, Akshay Jain Agree to Enter Ethiopian Industrial Parks
Two private manufacturing firms, Parker Clay Plc and Akshay Jain have agreed on Monday to start operations inside the Addis Ababa and Jimma industrial parks, respectively.
Parker Clay manufacturing will invest at least 30 million Birr on 1,150 square meters of shade inside Addis Industrial Park.
The company plans to manufacture leather products in its newly acquired shade and expects to eventually create job opportunities for at least 300 people.
Akshay Jain Company, on the other hand, will invest some 884 million Birr on 40,000 square meters of land inside Jimma Industrial Park to install an Avocado oil, Biodiesel, and Bio fertilizer plant. Source; Monitor
Ethiopia’s First Free Trade Zone to be Opened in Dire Dawa
Dire Dawa is selected to host the free trade zone due to its proximity to ports, market potential, and huge cargo gravity as well as suitability for multimodal transport and logistics operation.
Such facilities would help reduce logistics time and cost reduction, while boosting trade competitiveness, FDI flow, urbanization, and industrialization. Source; Monitor
Happy New Year!
Egypt, Cote d'Ivoire, Ghana, Kenya and Angola are the top five borrowers of IMF in Africa
While Eritrea, Libya and Botswana have never seen a penny from IMF so far
South Africa has become Africa's biggest economy in 2024 and is expected to retain it until 2027. Nigeria has been #1 in 2022 and now slides to 4th. My surprise is #Ethiopia @5th