NHY Group partners with PPG to elevate lounge service at Bole International Airport

NHY Group partners with PPG to elevate lounge service at Bole International Airport Nur Hussein Yassin (NHY) Group has declared its partnership with Plaza Premium Group (PPG), the largest provider in airport hospitality service to open “elevate the lounge experience” in March 2022 in the ET Terminal 2. The lounge will cover some 1000m2; it is designed to magnify outstanding services accommodating up to 325 guests, including an open cafe and Ethiopian cultural cuisines, resting room along with cigar lounge, business center, and shower rooms. Bora Isbulan, deputy chief executive officer, PPG, added, “Our company objective to expand our world-class airport hospitality services and facilities in Africa are on track. ” “We are eager to work with NHY Group to further expand our footprint in Africa in this strategic region. Our entry into Addis Ababa Bole International Airport is a confirmation of our strategy and vision to extend our global airport hospitality services and facilities across the world.” Nur Hussein Yassin, owner and CEO of NHY stated, “the partnership with PPG will strengthen the African travel delights. We feel enthusiastic about the premium lounge service at the newly expanded Bole International Airport.” Tags Addis Ababa Bole International Airport NHY PPG

Diageo consents to sell Meta Abo Brewery to BGI

Diageo consents to sell Meta Abo Brewery to BGI The Ethiopian Competition Commission, subject to approval, is expected to complete the sale during the first quarter of 2022. Diageo acquired Meta Abo Brewery in January 2012 for US$225m and, since then, has invested US$344m into its expansion to transform the brewing industry in Ethiopia and supported local communities through the provision of clean water. The company mentioned it would continue to service the Ethiopian market “with its international spirits portfolio through its dedicated imported spirits channel.” Meta Abo brewery was founded by the Ethiopian government and Ethiopian private nationals in 1963 as a share company. Initially, the brewery’s production capacity was 50,000hl per annum; however, with Diageo’s investment, which was detailed back in 2015 and saw the company re-launching the Meta brand, it tripled its capacity installed a US$119m bottling line. Sale proceeds have not been disclosed yet. Tags BGI Diageo Meta Abo brewery

Inflation hits 35.1 percent, the highest in over a decade

Headline inflation reached 35.1 percent last month, said the Ethiopian Statistics Service in its report delayed by over two weeks from the usual timeline. Last month’s inflation is the highest in over a decade, a development the Service attributed to the holiday season, which is characterized by spike in prices of food items. Cost of living has been surging in the last two years, due to supply side problems and fast depreciation of Birr against major baskets of foreign currencies, among others. The soar in prices of food is the major factor for the inflationary pressure. Last month, food inflation stood at 41.6 percent, the highest in three months. The cost of non-food items also exhibited an upsurge last month. It has reached 26.6 percent, the highest in over 10 years.

How Ethiopia’s removal from AGOA be a blessing in disguise for the AfCFTA

How Ethiopia’s removal from AGOA be a blessing in disguise for the AfCFTA By Bekan Bekele The Biden administration’s decision to remove Ethiopia from AGOA under the preconceived notion of the human rights violation that has ensued in and around the northern part of the country has caused waves to Ethiopians living in Ethiopia and around the world. After stating the eligibility requirements, outlined in section 104 of the act, which also includes that member countries should also work towards improving their rule of law as well as defending human rights and respecting international labor standards. But the irony in the virtue signaling of the administration is very prevalent in the short-term to long-term effects of the decision to remove Ethiopia for AGOA privileges and the general public who have been benefiting from this trade agreement, which is tallied at around 1 million jobs (directly as well as indirectly) as well as contribute to the development of the country’s economy to sustain itself, will only cause further problems even more so than the supposed “human rights violations” the Ethiopian government has been accused of. With that being said the removal of Ethiopia from the AGOA will probably only cause a short-term economic dis-stability, with the hopes of the acceleration of the AfCFTA. I have laid down three factors that will most likely help speed up the process. The ripple effect caused by the decision of the US to multiple African countries When AGOA was first established in 2000, it was initially enacted to last up until 2015 but it was then renewed for another 10 years until 2025. The main issue with this agreement is that there is no certainty in how long this deal would last for every member nation, if the US decides to not renew this agreement most if not all country members would be left in limbo and be left to fend for themselves. This uncertainty will sure have left the 30+ member states questioning the transformative behavior of this agreement with the USA and will cause these countries to find alternative means of economic stability and longevity to their economic growth. “The future is currently quite unclear, it’s a message that we’re going to be repeating today and over the next two days, that it’s really critical for the US to indicate and make clear what sort of regime it hopes to open up for Africa if AGOA is not extended.”– Betty Maina, Kenya’s cabinet secretary for industrialization, trade and enterprise development, told a private sector virtual forum hosted by the Washington-based Corporate Council on Africa, in October of 2021. That’s when the AfCFTA comes in, if this happens to Ethiopia there is no guarantee it won’t happen to other member African countries. AfCFTA on the other hand is the best option for Africans to determine their fates on their terms and not worry each time they don’t comply with the westerners’ demands for support. Since its initial inception, the main intention was to garner as many African countries into joining this trade agreement which would see them capitalize on labor mobility and other main comparative advantages which would lead to an all-African sustainability program. Currently, intra-African trade is a mere 15%-18%, compared to around 47% in America, 61% in Asia, and 67% in Europe (according to UNCTAD data), but the AfCFTA could radically change that. If the agreement is fully implemented, the gross domestic product of most African countries could increase by 1% to 3% once all tariffs are eliminated, according to UNCTAD estimates. What this shows is by a simple strategy of preferential trade liberalization under the AfCFTA, Africa would become an industrialized continent in mere decades. The rise of pan-Africanism during the current political climate in Africa Pan-Africanism emerged at the end of the 19th century as an idea and later an action plan by Africans who resided in colonial territories – a response to slavery, imperialism, colonialism, and racism. The idea is to create an Africa by Africans to Africans, this means creating a united Africa that would only rely on each other instead of depending on help from other continents. Starting from the second decade of the 21st century, there have been several positive storylines about Africa. At an economic level, there seem to exist various reports that point to Africa as a ‘new growth frontier’. Over 60% of the African population is youth, which means a large number of the potential labor force. In terms of class formation, Africa’s ‘middle class’ shows to be on the rise. The progression of a pan-African agenda will rely upon a major cardinal cognizance: that we need to reclaim, restore and reassert pan-Africanism and overcome neo-colonialism. During the past year and a half, many African countries have been standing up to their neo-colonialist “partners”, stating Africa doesn’t need any more support from their previous colonial rulers. And what better way to do it than to fast-track the African Continental Free Trade Area (AfCFTA). The realization of Africa’s dependency on AGOA, and AGOA’s failure to facilitate sufficient market access among African countries When news broke out about Ethiopia, Mali, and Guinea, the consequences to those countries showcased that African countries under the AGOA were vulnerable to the same outcomes if push came to shove or even if the US decided not to renew after 2025. Despite the fact that AGOA has been instrumental for economic development for African countries, it still has various intrinsic defects that have been neglected in helping countries advance this relationship. AGOA has been ineffective in supporting African countries in overcoming some of the underlying limitations of their economies. Also, for American organizations, it has neglected to work with sufficient market access in African nations. After almost twenty years of AGOA benefits, numerous African nations haven’t been using the opportunity in its entirety: partially because of the narrow structure of their economies, permitting them to just exploit a small number of duty-free lines; and partially because of the US market direction to economies of scale in manufacturing and exports to be competitive (even with a duty-free advantage), so rather than making it easier it made it remain the same. So, what’s next for Ethiopia and the rest of Africa? As an economist I have to say it like it is, the removal of Ethiopia from AGOA will have deep underlying repercussions. Even though the numbers aren’t that significant when it comes to the quantity of exports and the quantity of foreign exchange gained during the AGOA period. In fact, as the years went by the balance of trade was in favor of the USA as opposed to Ethiopia (the one that should be benefiting the most). Source: agoa.info Although, Ethiopia was experiencing a negative trade balance it doesn’t imply the US was gaining from it either. What the data shows is the amount of exports Ethiopia had compared to the US. Before the AGOA the US wasn’t exporting as many commodities to Ethiopia as compared to its later years, but the same goes for Ethiopia. In 2000 Ethiopia only exported $29m worth of commodities to the US, but in 2020 Ethiopia had exported $525m worth of commodities, which can be attributed to the AGOA. So even though the positive trade balance seems to tilt to the US rather than Ethiopia it still implies without the AGOA the balance of trade would possibly look even worse. The other huge loss to Ethiopia is the large amount of unemployment it would cause, hundreds of thousands of people will lose their jobs. This would-be adding salt to the wound because Ethiopia already has been struggling with double-digit unemployment rates for at least a decade. In conclusion, as Emperor Haile Selassie I once said while speaking to the league of nations (specifically directed to African countries) ‘if it happened to us, it will happen to you. This very statement applies now more than ever, so as Africans we should unite and help fast-track this African continental free trade area agreement as soon as possible by supporting policies that would speed up the process. Bekan Bekele is a researcher for Wennovate Consultancy, a private consultancy firm that specializes in entrepreneurship, tourism, and investment. You can find him at [email protected] Tags AGOA

Ethiopian diasporas replete with industrial investment opportunities

Ethiopian diasporas replete with industrial investment opportunities Ethiopia’s economy has been on a continuous and high growth trajectory since the turn of the millennium, registering an average annual growth of over ten pc. It’s about double the average growth rate recorded for sub-Saharan Africa over much the same period. 13 industrial parks in work sectors, including pharmaceutical, agro processing, and textile and garments, are the leading sectors. Following the recent call by PM Abiy for Ethiopian diasporas’ homecoming, various investment opportunities are prepared to encourage the Ethiopian diaspora to invest in their own country. The latest amendment to investment law opens the door to vast opportunities for the diaspora: As they are now to be considered domestic investors, succeeding the AGOA trade benefit sanction by the US, the government has been looking for other options to sustain the development of the industrial parks. According to Jay Jay Lanka Group, one of the world’s leading babywear manufacturers, the sanction significantly affected production and orders, taxation, and just set backing the process. However, it’s still functioning well with optimizing the output. The company employs 8500 employees. Over 90pc of it is women. “we produce 90,000 packages every day, so far the sanction doesn’t have a huge effect on us, but indirectly we’ll be affected to some extent, and our fear is production is reduced in slight amount” mentioned Aself Tekie, production recorder. The initiative includes a full-service package of basic infrastructures and facilities. In the parks, a share is available to buy and start their investment for diasporas. The initial investment request is submitting a proposal and issuing an investment license. The investment is available in apparel, leather, garment, and agro-processing with 90 hectares of service land. “It’s interesting to involve diasporas in a way it’s happening now. I appreciate the incentives the government is laying down for diasporas,” mentioned Mihret, a diaspora from Canada. Tags ehtiopian diasporas IPDC

Ermias Amelega to bring Alibaba in six months

Ermias Amelega to bring Alibaba in six months Alibaba the breakthrough e-commerce company will enter Ethiopia’s digital economy within the next six months. The e-commerce venture that is about to be launched is the result of a partnership between Chinese e-commerce giant Alibaba and Ethiopian business tycoon Ermias Amerga, who has extensive experience in banking, technology and real estate. .. Has appeared. “It takes six months to set up and start implementing a company. There are some challenges, such as difficulty in accessing foreign currencies,” said Ermias, “we are partnering with Alibaba. Established an e-commerce company in Ethiopia. The name of the new company includes Alibaba and another local name to represent us. “ A new e-commerce platform where all products are digitally present in Ethiopia stores. Aims to put Ethiopia in a new digital economic lane. It features an end-to-end online ordering, electronic payment and delivery system. Similarly, the reporter learned that the Ministry of Trade and Regional Integration (MoTRI) has completed a new platform to serve an estimated 300,000 Chinese community in Ethiopia. An agreement was reached when Alibaba founder Jack Ma visited Ethiopia. After theCOVID19 pandemic, the need for digital transactions has increased, coupled with central bank actions to phase out the use of cash. Prime Minister Abiy Ahmed’s government decision to liberalize the telecommunications sector has also given momentum to this trend. Currently, there are about 30 e-commerce companies in Ethiopia.“The current situation in Ethiopia enables e-commerce. Fully digitized e-commerce will gradually be possible,” says Ermias. A draft regulation on electronic transactions prepared by the Ministry of Innovation Technology (MInT) was also reviewed by the Ministry of Justice and submitted to the Prime Minister’s Office. Congress passed an electronic transaction declaration last year.“Once approved, eTransaction regulations will enable end-to-end e-commerce services,” said Mandefro Eshete (PhD), MINT’s legal adviser. The Treasury has already installed the technology that enables electronic receipts, among other electronic services. Tags alibaba ermias amelega 4 COMMENTS Molla Sisay January 16, 2022 At 7:09 am It is a good news for our country, b/c to grow our economic capacity too. It is a good news for our country, b/c to grow our economic capacity too. Yehenew Ayalew January 16, 2022 At 11:45 am I am proud of you my friend, we are just sixty something years young, with proper nutrition and technological assistance exceeding the centennial and approaching a bicentennial birthdayis a possibility. Keep working, I believe in you to bring prosperity to all willing to follow your footsteps❤❤❤❤❤ I am proud of you my friend, we are just sixty something years young, with proper nutrition and technological assistance exceeding the centennial and approaching a bicentennial birthdayis a possibility. Keep working, I believe in you to bring prosperity to all willing to follow your footsteps❤❤❤❤❤ Habtamu hmariam January 17, 2022 At 6:51 pm I am proud of you Ermi I am proud of you Ermi Gezahegn Leta January 18, 2022 At 7:04 pm Amazing News for my country thanks very much Amazing News for my country thanks very much Comments are closed.

Ethio Telecom to sell mobile phones on credit with National Identity Guarantee

Ethio Telecom to sell mobile phones on credit with National Identity Guarantee Ethio Telecom announced that it is preparing to sell smart phones on credit by using national ID as a guarantee. He said the company has been selling mobile phones to insured employees for the past one year and has so far sold more than 10,000 phones. Ethio Telecom’s Head of Sales, Mohamed Haji, said that the individuals could not provide a secure deposit and the current ID was not reliable enough, making it difficult to provide the service and was operated only by companies. He said the national identity card, which is expected to be implemented in the coming years, will solve this problem. He explained that in addition to holding a national identity card, the sale of the loan does not require further guarantees that the lender will be able to repay the loan. Tags ethiotelecom mobile loan

Hibret Bank head office building at a cost of over 2.7 billion birr inaugurated

Hibret Bank head office building at a cost of over 2.7 billion birr inaugurated The construction of the Hibret Bank head office building, which cost more than 2.7 billion birr, was completed in the presence of the President of the Federal Democratic Republic of Ethiopia, Sahlework Zewde. The 37-storey Hibret Bank headquarters is also known as the Union Tower. The inauguration ceremony was attended by FDRE President Woro Sahlework Zewde, Foreign Ministry Spokesperson Ambassador Dina Mefti, Governor of the National Bank Dr. Yinger Dessie, senior shareholders of the Bank, shareholders and Presidents of the Bank. President of the Bank, Melaku Kebede, said the construction of the building took six years to complete. He also said that the construction of the Cooperative Tower will not only reduce the cost of rent but also enable the customers of the bank to access fast and efficient services in one place. Melaku also thanked the bank’s management and customers who have the backbone of the Union Bank. Tags hibret bank hibret bank headquarter 1 COMMENT Getachew January 15, 2022 At 2:43 pm Is it the construction or the inaguration that is competed in the presence of the president? Check your first sentence. Is it the construction or the inaguration that is competed in the presence of the president? Check your first sentence. Comments are closed.

Oromia Cooperative Bank introduces a new digital platform for loans

Oromia Cooperative Bank introduces a new digital platform for loans In collaboration with Payment Financial Technologies, Oromia Cooperative Bank has introduced a new digital platform called “Mechu” to provide loans without collateral. It is believed to be the first convenient loan service for small and medium enterprises that cannot access credit. It is a conventional loan and recovery application that you can use by downloading to your mobile phone. The creditor will claim the application, the requirements for obtaining the loan will be met. The application will announce the result within minutes. Micro, small and medium enterprises are offered the loan without guarantee, and the loan amount ranges from 30,000 birr to 150,000 birr. Tags oromia cooperative bank