In terms of the market situation and marketplace in Ethiopia, there are many issues that need to be modernized and improved. Of these, the marketing process and implementation, which has not redeemed the time, takes the biggest portion. Paying attention to this issue will greatly help the challenging journey of the Ethiopian economy to maintain its health and move on the path of modernization.

It is very difficult to communicate and move along with the global marketing system while running a marketing application that lacks modernity. Transforming the process of how the trading practice is done is becoming inevitable in all our marketplaces. It makes the issue serious when we think of the famous foreign companies that have entered the country—and are preparing to enter—following the economic reform Ethiopia is carrying out. Eliminating these challenges in time and changing it to a modern marketing process should be one of the main issues.

The Addis Ababa School of Commerce (widely known as Commerce), which is now under the administration of Addis Ababa University, is located in the area locally known as ‘Senga Tera’. It was established in 1943 as a commercial school in Ethiopia. The area is becoming the business center of the city and the headquarters of most banks, insurances, and the National Bank of Ethiopia.

The establishment of the school was a major contribution to the business sector of Ethiopia, as the country was recovering from the five-year Italian invasion and occupation. It was a school designed to modernize the business sector and meet the knowledge and skills requirement of foreign companies coming to Ethiopia at the time. The importance of the school was of great importance as the establishment of many government offices and businesses at that time also increased the demand for modern office workers, office management and secretarial staff, as well as knowledgeable and skilled workers.

As per the Prime Minister’s speech on the inauguration ceremony of the Head Quarter building of the Commercial Bank of Ethiopia (CBE), the government plans to open up its banking industry to foreign competition. As per his word, the banking industry has been protected for decades. But it will not continue to be so. Therefore, commercial banks need to be prepared to keep pace with the growth of our world and to compete with the banks of other countries as well.

Ethiopian Business Review | EBR is a first-class and high-quality monthly business magazine offering enlightenment to readers and a platform for partners.

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