A Consultancy firm based in Addis Ababa
Workers in Ethiopian garment factories are continuing to earn chronically low wages and are discriminated against for union affiliations, a new survey has revealed.
The survey, which was led by the WageIndicator Foundation and the Confederation of the Ethiopian Trade Unions (CETU), found more than 90% of workers surveyed across 52 garment factories in Ethiopia are earning less than the minimum living wage.
Continue reading “Proposals to tackle low wages in Ethiopian garment factories”
Addis Ababa — Delegates from more than 80 UAE anchor companies are taking part in the Ethiopia-UAE business forum in Addis Ababa to explore available investment opportunities.
UAE companies are choosing Ethiopia for investment as their country puts the Horn African nation among the top destinations for UAE investment.
Undersecretary for Foreign Trade at UAE Ministry of Economy, Abdulla Ahmed Al Saleh told journalists that Ethiopia is one of the four most important countries for UAE investment in Africa.
There are several UAE companies that are investing in Ethiopia for years; he stated, and added “we would like to increase the level of investment.”
Continue reading “UAE Companies Exploring Investment Opportunities in Ethiopia”
Born in beautiful Hanzu near Shanghi China, Anhua Qian has been working in textiles for the last 30 years. He is the owner and the president of ANTEX group. Headquartered in Shaghi, the group has investments in Vietnam, Spain, the United States and Italy and now in Ethiopia. Antex group is the first sportswear and apparel company in Adama Industrial Park. ANTEX group has created job opportunities for seven thousand people worldwide. After the company began producing apparels last October in Adama, the company exported the first batch of products to Italy worth 100 million USD. Capital got a chance to talk with the 55 year old Chinese investor about the textile business. Anhua talk to Capital about his investment in the country.
Capital: What got you interested in textiles?
Anhua Qian: Compared to the other businesses, textiles don’t require a huge investment. The textile industry was the basis of industrialization throughout the world. The industrial revolution that began in Britain was based in the textile industry, the same thing for China, Japan, Taiwan, and Korea, they began their industrialization through textiles. You see 34 years ago textiles made up 40 percent of China‘s exported goods. Now that figure has fallen to 20 percent.
Companies operating in industrial parks can transact in foreign currency while selling and buying raw materials with each other beginning this month, according to a new directive issued by the National Bank of Ethiopia (NBE).
The new directive was issued two weeks ago to enable investors to buy or sell raw materials or inputs in foreign currency when they are manufactured by companies that operate in any of the industrial parks. The purchaser will settle the payments from its foreign currency retention account.
Continue reading “Central Bank Allows Forex Transactions Inside Industrial Parks”
In an effort to ease congestion of cargos that often curtail the normal movement of goods from the Port of Djibouti; the United Nations World Food Program (WFP) has signed a memorandum of agreement with Ethiopia to manage the land corridor and port operations.
Continue reading “WFP signs agreement to manage port operations, land corridor”
The world was shaken by images of Ethiopian famine back in 1984, yet since then the country has achieved a remarkable turnaround to become one of Africa’s economic success stories in the volatile Horn of Africa.
Since 2005, it has achieved double-digit annual GDP growth according to some estimates, while the 8% preferred by the International Monetary Fund (IMF) and some Western analysts is still more than respectable.
