Category: Economic Report

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Ethiopia is well positioned to become the textile and apparel manufacturing hub of Africa

The International Trade Center (ITC) organized, under the Partnership for Investment and Growth in Africa (PIGA) project, a dialogue on Ethiopia’s potential to become the next textile and apparel (T&A) supply base for the world. The discussion was organized in collaboration with the Ethiopian Investment Commission (EIC) and the China Chamber of Commerce for Import and Export of Textile and Apparel (CCCT).

The event gathered more than 100 international buyers, potential Chinese investors, representatives of Chinese and foreign-owned companies in Ethiopia and representatives of Ethiopian institutions. It was followed by field visits to T&A factories in several industrial parks around Addis Ababa.

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Ethiopia’s Industrial Parks are Making Jobs a Reality

Ethiopia is one of the fastest growing countries in the world. Its current population of over 100 million is expected to double in the next 30 years, hitting 210 million by 2060.  Due to this accelerated surge in population growth, the country is facing a critical challenge of creating enough jobs. 

The Ethiopian government identified industrialization as the means to transform the economy, reduce poverty, provide jobs, and achieve the ambitious aim of transitioning the economy to lower-middle-income status by 2025. But growth in the manufacturing sector lags.

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Ethiopian government says EU-Ethiopia business forum to lure European investors

The Ethiopian government on Tuesday revealed that its business and investment promotion team at the European Union (EU)-Ethiopia Business Forum, which kicked off Tuesday in Brussels, envisaged to lure more European investors to Ethiopia.

The Ethiopian Investment Commission (EIC), in a statement issued on Tuesday, disclosed that the EU-Ethiopia Business Forum, being held from May 14 to 15 in Brussels, capital of Belgium where the EU headquarters are located, would enhance European investments to the East African country.

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China Cancels Ethiopia’s Loan Interest Payments Until End 2018

China has announced the cancellation of accumulated interest payments on all loans it provided to Ethiopia until the end of 2018, Ethiopia’s Office of the Prime Minister disclosed on Wednesday April 24th.

The announcement was made by President Xi Jinping during his meeting with Ethiopian Prime Minister Abiy Ahmed in Beijing. The two leaders also discussed a wide range of common concerns ahead of the Belt and Road forum.

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Modjo Dry Port Cuts Tariffs on Exports by 70 Percent

The state monopoly shipping giant, Ethiopian Shipping & Logistics Services Enterprise, will implement tariff cuts of between 50 pct and 70 pct within a month on products exported through Modjo Dry Port.

The tariff reduction will apply to all the services the port provides including cleaning the containers, containerizing the goods, transportation and loading and unloading costs. The 50 pct to 70 pct discount for exports are in relation to what the Enterprise normally charges for imports.

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