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   The Ethiopian Government is committed towards improving the investment climate and attracting investments by ensuring a favorable environment and providing attractive incentive packages to all investors.   With its attractive socio-economic environmental factors and a government with the willingness to develop the sector indicators have shown Ethiopia’s appeal to investors.

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Investment News Highlights

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Addis Ababa, September 16, 2022 (FBC) – Improved Environmental, Social and Governance (ESG) practices – next to price and quality of products – are key success factors for competitive textile and apparel industries in Ethiopia, said Ministry of Industry-Ethiopia.

The international conference on triangular cooperation to promote sustainable textile investments and operations in Ethiopia was organized by the Ministry of Industry-Ethiopia (MoI), the UN Industrial Development Organization (UNIDO), and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).

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Addis Ababa, September 15, 2022 (FBC) – Industrial Parks Development Corporation –Ethiopia (IPDC) and Safaricom Ethiopia signed an investment agreement worth of $60 million in the ICT Park, Addis Ababa.

According to a statement from IPDC, the agreement grants Safaricom Ethiopia to invest $60,000,000 to modernize the telecommunications sector in Ethiopia.

Sandokan Debebe, CEO of IPDC, and Anwar Soussa, CEO of Safaricom Ethiopia signed the agreement.

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Addis Ababa, September 14, 2022 (FBC) – The Ethiopian Shipping and Logistics Services Enterprise (ESLSE) vessel sets a new record on containerized cargo shipment to Berbera Port.

ESLSE’s vessels commenced regular scheduled liner service at the Berbera Port, Somaliland since July 2021. The the dock of this vessel is the first after 20 years.

Since the commencement of regular operation, the Ethiopian vessels have been providing significant services to customers in the neighboring state.

As per Roba Megeresa, CEO of ESLSE, the Jigjiga vessel, one of the 11 vessels ESLSE’s owns, has been docked at Berbera with a record of container consignment.

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Addis Ababa, September 16, 2022 (FBC) – Ethiopian Airlines becomes technical partner and core investor of Nigeria Air, as it has been selected by the Nigerian government, further boosting the robust relationship between the airline and Nigeria’s Aviation.

Ethiopian Airlines, which is unarguably the best-managed airline in Africa and the most profitable, has invaluable experience in similar partnerships, including its partnership with Asky, Zambia, Malawi, Chad, Democratic Republic of Congo, Mozambique Ethiopian and others, which are its subsidiary.

According to allAfrica.com, a team of Nigeria’s Ministry of Aviation has arrived at Addis Ababa to discuss with the Ethiopian.

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Addis Ababa, September 14, 2022 (FBC) – According to the National Bank of Ethiopia’s (NBE) directive, which became effective on September 5, individuals entering and departing the country in possession of local currency are now subject to new restrictions.

Individuals may not hold local currency whose value exceeds $57.00 or 3,000 Ethiopian birr.

The directive also sets conditions and circumstances under which Ethiopian residents and non-residents may possess and use foreign currency.

In a statement, the National Bank of Ethiopia (NBE) outlines the exact value of both the birr and foreign currency that residents may hold.

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Addis Ababa, September 11, 2022 (FBC)

Ethiopian Airlines, one of the world’s leading airlines, stroke a deal with the Zimbabwe Tourism Authority (ZTA) and became strategic alliance of the Authority for its Sanganai/Hlanganani World Tourism Expo.

The Airline became the official carrier for ZTA’s international buyers and journalists who will be attending the travel and tourism showpiece which will be held from 13 to 15 October 2022 at the Zimbabwe International Exhibition Centre.

According to the partnership, Ethiopian Airlines will cater for foreign inbound visitors who will be coming for the tourism expo. The airline will be flying from Heathrow Airport in the United Kingdom via Addis Ababa, the Ethiopian capital to Joshua Mqabuko International Airport.

Tanning of hides and skins up to finished level; Manufacturing of luggage (such as handbags), saddle and harness items, footwear, and garments; and  Integrated tanning and manufacturing activities