Addis Ababa, April 1, 2025 (FMC) – Ethiopia is taking significant steps to enhance its pharmaceutical industry, aiming to transition from dependency on imports to a robust domestic production base.

Speaking at the Ethiopia-India Trade and Business Forum held at the Skylight Hotel, Zeleke Temesgen, Commissioner of the Ethiopian Investment Commission (EIC), emphasized the country’s commitment to fostering self-sufficiency and increasing exports in line with Ethiopia’s 10-year national development plan.

A key driver of this transformation is the Qilinto Special Economic Zone, which offers attractive tax incentives and exemptions to encourage investment in local pharmaceutical production.

Addis Ababa, March 31, 2025 (FMC) – Japanese firm TOYO Solar has announced plans to expand its solar cell manufacturing capacity at the Hawassa Special Economic Zone (HSEZ) with an additional investment of 47 million USD.

This will bring the company’s total investment in Ethiopia to nearly $110 million, according to the Industrial Parks Development Corporation of Ethiopia (IPDC).

This expansion follows the successful completion of Phase One of TOYO’s state-of-the-art facility in HSEZ, which is set to begin production in the second quarter of 2025. The new expansion is part of a broader 47 million USD investment, aimed at strengthening TOYO’s ability to meet the growing global demand for high-performance solar cells.

Addis Ababa, March 7, 2025 (FMC) – Ethiopian Ambassador to India Mr. Fesseha Shawel met with Federation of Indian Chambers of Commerce and Industry (FICCI) President Mr. Harsha Vardhan Agarwal and spoke with 35+ prominent companies.

Emphasizing Ethiopia’s progressive macroeconomic reform, Ambassador Fesseha outlined priority investment sectors and opportunities in his interaction with the business leaders and urged them to invest in Ethiopia.

The Embassy of Ethiopia in New Delhi and FICCI agreed to focus on prospects pertaining to bolstering bilateral trade and investment between Ethiopia and India.

Addis Ababa, March 4, 2025 (FMC) – Ethio Engineering Group (EEG) has launched electric scooter production at its Bishoftu Automotive Manufacturing Industry, marking a major step toward sustainable urban mobility in Ethiopia.

EEG’s social media team announced today that the initiative reflects Ethiopia’s push for eco-friendly transportation solutions.

The production agreement was signed today between EEG CEO Ambassador Suleiman Dedefo and Mr. Rubinn Zheun, General Manager of Jiaxin Li, China. The partnership aims to introduce affordable, efficient electric scooters to ease urban transport challenges.

Addis Ababa, March 4, 2025 (FMC) – Ethiopia’s Industrial Parks Development Corporation (IPDC) is promoting the investment opportunities available within the East African nation’s Special Economic Zones (SEZs) to potential investors during the 33rd edition of the Asia, Arab, and Africa Investment Forum in Tokyo, Japan.

A high-level delegation led by the CEO of IPDC, Fisseha Yitagesu, is showcasing the benefits and incentives that Ethiopia offers through its special economic zones and free trade zone to forum participants and foreign investors.

According to the CEO, the delegation’s main objective is to highlight Ethiopia’s strategic position as a prime destination for investment.

Addis Ababa, March 3, 2025 (FMC) – The Japan External Trade Organization (JETRO) has pledged to actively support the promotion of investment opportunities in Ethiopia, aiming to encourage Japanese companies and investors to explore the country’s growing sectors.

This commitment was made public after a meeting between Mr. Fisseha Yitagesu, CEO of the Ethiopian Industrial Parks Development Corporation (IPDC), and Mr. Kazuya Nakajo, Executive Vice President of JETRO, in Tokyo.

During the meeting, Mr. Fisseha emphasized the need for JETRO’s support in attracting Japanese businesses to Ethiopia, particularly in sectors where their expertise and investments could be highly beneficial.

Addis Ababa, February 27, 2025 (FMC) — The Japanese company Toyo Solar, which has invested $60 million in the Hawassa Special Economic Zone to produce various solar panels, has completed the installation of machinery and has begun pilot production.

The CEO of the Industrial Parks Development Corporation of Ethiopia (IPDC), Fisseha Yitegesu (PhD), visited the general operations of the Japanese firm, which is currently producing pilot products in the Hawassa Special Economic Zone.

CEO Fisseha assured his corporation’s continued support to the company to fully enter the production process.

Addis Ababa, February 25, 2025 (FMC) – The National Bank of Ethiopia (NBE) today announced that it has concluded Special Foreign Exchange Auction.

In that regard, the central bank revealed the results of the Special Foreign Exchange Auction held today, February 25, 2024.

The Special FX Auction saw the participation of 27 banks. The weighted average rate of all successful bids was Birr 135.6185 per US Dollar.

It was indicated that the National Bank of Ethiopia welcomed the large number of participation in the auction and noted that the central bank may conduct additional sales foreign exchange sales if warranted and consistent with its price and external stability objectives.

Addis Ababa, February 20, 2025 (FMC) – Six local and international investors, collectively contributing over $60 million, have officially launched construction and machinery installation at the Bole Lemi Special Economic Zone (SEZ). These investors recently entered into service level agreements with the Industrial Parks Development Corporation (IPDC).

Feseha Yetgesu (PhD), CEO of IPDC, described the developments as a crucial advancement for industrial growth within the SEZ. He conducted an on-site visit to assess the progress of the construction efforts.