Ethiopian Business Daily

2022-05-18 10:41:19 Ethiopia's Manufacturing Industry is Currently Operating at Half Capacity, with 446 Factories already Ceased Operation

The Ethiopian Ministry of Industry recently announced on Facebook that it had identified 446 manufacturing industries in Ethiopia that had ceased production during the ‘Ethiopia Tamerit’, roughly translated as ‘Let Ethiopia produce” campaign.

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2022-05-17 15:06:53 Ethiopia is One of Africa's Top 10 Countries with the Highest Corporate Tax Rates

According to a Business Insider Africa article written by Victor Oluwole and based on an OnDeck report, Ethiopia is among the top ten African economies with the highest corporate tax rates.

Corporate tax rates differ around the world, according to the article, and reflect each country’s distinct economic needs. High corporate taxes on oil and natural gas companies, for example, often generate the majority of a country’s tax revenue, allowing other industries to operate in a relatively low-tax environment.

OnDeck compiled the amount of tax small businesses pay in 200 countries, revealing that Africa and South America have the highest corporate taxes, with average rates of 27.6% and 26.1 percent, respectively.

Furthermore, according
to OnDeck, corporate taxes are intended to generate revenue while also incentivizing certain industries.
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2022-05-17 14:55:14 Ethiopia's Manufacturing Industry is Currently Operating at Half Capacity, with 446 Factories already Ceased Operation

The Ethiopian Ministry of Industry recently announced on Facebook that it had identified 446 manufacturing industries in Ethiopia that had ceased production during the ‘Ethiopia Tamerit’, roughly translated as ‘Let Ethiopia produce” campaign.

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2022-05-17 05:56:48 French Company InVivo’s Malteries Soufflet Inaugurates Its Africa’s First Malthouse in Ethiopia

The French company Malteries Soufflet, a division of the InVivo Group, has inaugurated its first malt house in Africa, 28th for the company, which is located in the Bole Lemi industrial park in Addis Ababa, Ethiopia, in the presence of Prime Minister Abiy Ahmed. The malt production site, which came into service a year ago, is based on a local supply chain for malting barley, the company stated.

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2022-05-17 05:56:14 Ethiopian Electric Power, Ethio-Djibouti Railway Ink MoU to Prevent Power Outages

Ethiopian Electric Power (EEP) and Ethio-Djibouti Railway (EDR) have signed an MoU to jointly solve technical issues regarding railway power outage issues. Inking the memorandum of understanding were Ashebir Balcha and Abdi Zenebe (Ph.D.), CEOs of EEP and EDR, respectively.

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2022-05-17 05:53:46 Ethiopian Coffee and Tea Authority disclosed that by the end of the budget year coffee beans will generate more than USD 1.2 billion.
Solution on market system is stated as a major reason to attain a record export earning from coffee beans.

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2022-05-16 12:40:49 The Highest-Valued Startups in the World

The list of the top 8 highest-valued startups in the world has gotten more diverse recently after having consisted of mainly U.S and Chinese companies, some of which have since gone public. As of April 2022, the list featured one Swedish (Klarna), one British (Checkout.com) and one Australian (Canva) endeavor. A quick riser on the list has been Chinese apparel retailer Shein, now valued at $100 billion

There were more than 1,000 unicorn startups (companies valued at $1 billion or more) in the world as of April 2022. Around 50 are decacorns, valued at $10 billion or more. Bytedance, Space X and Shein are the world's hectocorns, valued at $100 billion or higher!

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2022-05-16 12:35:48 Ethiopia, China ink six MOUs at investment and trade forum

Ethiopia calls on China to work together on peace, security and good governance of the country in addition to the traditional investment.

Speaking at theEthiopia and China investment and trade forum, Demeke Mekonnen, Deputy Prime Minister and Foreign Affairs Minister, said the government will revise policies and give support to solve challenges that investors face, “As two countries thathave a long and historic relationship, we have to look at the full spectrum and look into strengtheningour corporation with China on peace, security and good governance sectors as well.”

The forum was held on Thursday, May 12, 2022, and aimed primarily at further augmenting trade and economic ties.

The forum was co-hosted by the Chinese Embassy in Ethiopia, the Ethiopian Investment Commission (EIC) and the Investment Promotion Agency of the Ministry of Commerce of China.
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2022-05-16 12:00:36 Ghosted Meta Abo employees rob factory

An unknown number of Meta Abo employees were arrested this week for allegedly stealing different equipment from the beer factory which is now acquired by BGI Ethiopia, according to sources.

BGI Ethiopia fully acquired Meta Abo two weeks ago after the approval of the Ethiopian Trade Competition and Consumer Protection Authority (ETCCPA).

The acquisition process had been ongoing for a year with the two companies negotiating, however, during the process, the management teams of Meta from Diageo left the factory before the acquisition was approved.

This drove employees of the company to have a cloud of uncertainty hovering around their heads which was further fueled when the company remained silent about the transition and new administration.

As sources indicate, following BGI’s takeover of the company, several equipment from the factory was noted to be missing.
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2022-05-16 11:52:42 Government announces a policy change on access to land for industrialists

Government in its new approach has planned to facilitate facilities in industrial parks rather than providing plots of land.

Prime Minister Abiy Ahmed said that most of the bureaucracy and misdemeanor issues are raised in relation to access of land for industry development.

He stressed that from now onwards the government policy has changed and that interested industrialists who want to invest on the industry sector shall access facilities on industrial parks that are massively developed in the past few years but not utilized fully.

“For investors we will provide the adequate infrastructure at the industrial facilities, other wise for the sake of good governance, plots in Addis Ababa or regions will not be provided for industrial developments,” he strongly said.

To date, the government has built 13 industrial parks and three agro processing parks.

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