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Ethiopia garnered USD121 million from the export of 22,689 tons of meat and meat products during the 2021/22 fiscal year.

The 11th edition of ETHIOPEX and 7th session of ALEC tandemly kicked off at Ethiopian Skylight and will continue until 29 October 2022. Over 4,000 visitors, traders, and stakeholders from Ethiopia and neighboring countries are expected to visit the event organized by Prana Events and supported by the Ministry of Agriculture, Pan African Chamber of Commerce and Industry, and SNV Netherlands Development Organization.


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The historic Africa Hall, home to the genesis of the United Nation’s Economic Commission for Africa (UNECA) and the Organization of African Unity (now African Union) is to be renovated via USD56.9 funding from the UN. The work will begin in November and is expected to finalize in mid-2024.

The landmark building built in 1961 was dedicated to the “services of the African people” by Emperor Haile Selassie and of which, member states of the UN have recognized the need to preserve and update its functionality and sustainability while preserving culture and patrimony.

The project area comprises 8,300 square meters of floor area and 4,500 square meters of landscaped areas and will feature a new visitor’s center. The ceremony to commence the works was led by Antonio Pedro, acting Executive Secretary of UNECA and Tesfaye Yilma (Amb), State Minister for Political and Economic Diplomacy at the Ethiopian Ministry of Foreign Affairs.

The makeover of the hall is hoped to strengthen heritage tourism, one of the tenets of the AU’s Agenda 2063 program.

 

Photo Credit: Samuel Habtab


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The CFO Forum Ethiopia was held in Addis Ababa with the purpose of creating a platform for finance professionals and stakeholders. Organized by the local consulting firm HST and the Association of Chartered Certified Accountants (ACCA) Ethiopia, this year’s them was “Ethiopia’s International Financial Reporting Standards (IFRS) Adoption. The journey to-date and the way forward.”

HST presented the major factors making Ethiopia’s IFRS implementation difficult and these included the shortage of appropriate experts and expertise, inadequate regulation, shortage of appropriate training and education systems, lack of support by company owners and other stake holders, and the high cost of implementation.

Ethiopia has chosen to fully adopt IFRS and is now amongst approximately 120 nations to have done so.



If there is any commonality among the series of political administrations that have ruled Ethiopia over the decades, it is the demonizing of Egypt as a nation that always dreams of the downfall of Ethiopia as a nation. Even though these administrations do not present concrete evidence as to the extent of Egypt’s involvement, one may not fall far from the truth to assume that Egypt benefits less from a sturdy east African nation capable of taking its fair share of a river’s waters that have disproportionately only benefited Egypt for centuries.



The backbone of the Ethiopian economy in both job creation and export values, Coffee registered record numbers in the just completed Ethiopian fiscal year of 2021/22, passing the USD1 billion mark for the first time in history. Even though prices have been inflated due to inflationary pressures worldwide, quantities exported have also grown. The fiscal year saw 300,000 metric tons exported to gain USD1.4 billion.


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The revamping of Meskel Square, turning an abandoned area into Friendship Square, decorating the corridors of main roads, and a new project to be undertaken along the city’s railway have all been done by the current administration to lift the face of the capital. A city that was once insulted by the late Libyan leader Moammar Ghaddafi for being too dirty to host the African Union, has been on a series of facelifting activities in the last couple of years. Beyond aesthetics, the projects also serve individuals, small businesses, and the city administration as a source of income. While these project sites are attracting more and more photoshoots offering beautiful backdrops to seize important moments in citizens’ lives, many fear they have classed out the majority of the city’s residents, writes EBR’s Trualem Asmare.


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Photo Credit: Samuel Habtab

 


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RedFox Solutions Group launched its data center, RedFox Modular Data Center (RFETH-MDC01), in the country’s ICT Park located in Addis Ababa with Adane Kassaye, CEO, stating that “our goal is to be a pre-eminent data center provider in the region. Redfox builds its data centers in phases; our first modular data center, which is now operational will be followed by our build-to-suite server farm.


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Looking to find a solution to retailers’ difficulties of selling-out older products, Qinash mobile and web application that serves as an online discount mall has been developed by Ethiopians. Qinash provides a hybrid service where business owners promote and sell all kinds of discount offers and buyers know where to get the right deals. Instead of the poster on a shop’s window—only seen by people passing by—Qinash allows retail businesses to promote seasonal discounts and unique bundle offers to a much bigger market. In addition, Qinash delivers all sales made through its platform and provides a dashboard where sellers can keep track of their transactions. Qinash takes a 5 to 10Pct commission fee for the promotion, delivery, and tracking service it provides sellers.


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Kadisco asianpaints factory inaugurated two showrooms to avail its products to customers in a lounge-type setting. Kadisco, which has been manufacturing paint products since 1968 was originally dealing with adhesive and automobile paints, going on to manufacture adhesive using Italian technology in 1979.

With more than 320 employees, the company operates three factories in the Kality Industrial Park.



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