Browsing: Ethiopia

Ethiopia will soon start importing cheaper refined oil from South Sudan to cover the more expensive product from the Middle East.

Ethiopia’s State Minister for Mines and Petroleum, Koang Tutlam announced on Wednesday that the move will save Addis Ababa 15 per cent to 20 per cent on the $3.4 billion it spends importing an estimate of four million tonnes of refined products.

While speaking to the media attending South Sudan Oil and Gas Conference in Juba, Mr Tutlam said, “We import almost all of our oil and other refined products from the Middle East, but owing to the proximity of about 200km between the oilfields of Pagak and Adar and the Ethiopian border, we stand to save so much.”

Mr Tutlam further added that Ethiopia exports hydroelectric power to South Sudan and will soon export about 400MW to Kenya.

The oil and gas conference was organised by South Sudan’s …

Safaricom, leading communications company in Kenya is eyeing a stake in Ethiopia’s State-owned Ethio Telecom.

Ethio Telecom has announced the sale of shares through a privatisation plan.

Safaricom’s interim CEO, Michael Joseph said that Safaricom is considering buying a stake in the world’s largest telecoms monopoly or might consider setting a shop in Ethiopia from scratch.

Michael Joseph’s comments came when the Ethiopian authorities launched the search for an adviser on the sale of a stake in its national operator. The company is opening the country’s telecoms market to foreign investment for the first time.

Ethio Telecom’s has a subscriber base of 44 million makes it the biggest single-country customer base of any operator in Africa. Ethio Telecom last year generated revenues of about $1.2 billion, which is nearly half the Sh250.9 billion that Safaricom posted in the year to March.

Safaricom’s cash at bank stood at Ksh20 billion …

Kenya is keen to boost its trade with Ethiopia through the One Stop Border Post initiative, even as Lamu Port South Sudan-Ethiopia Transport (LAPSSET) corridor starts to take shape.

Acting Cabinet Secretary for National Treasury and Planning Ambassador Ukur Yatani has called on residents of the upper eastern region at the Kenya-Ethiopia border to take advantage of recently established One Stop Border Point (OSBP) in Moyale to boost trade between Kenya and Ethiopia.

READ ALSO:Ethiopia beats Kenya in Foreign investments

The CS said that the modern facility which is among other six in the country was underutilized.

“We should see more trade volumes passing through the OSBP at Moyale- an indication of a robust business activity between Kenya and Ethiopia. Unfortunately, we are not witnessing this. I wish to urge residents in this region to make use of this exemplary facility for their good and the good of both …

Bowmans Law firm, a leading pan African legal entity specializing in business deals, merger and acquisitions (M&A) is set to launch its base in Ethiopia and Mauritius at the beginning of October 2019. The move is seen as an expansion of the company to two countries where FDIs have remained high coupled with financial growth.

Bowmans is opening a fully-fledged office in Mauritius, having joined forces with FirmWise, a local firm that specialises in corporate law, mergers and acquisitions, banking and finance, investment funds, tax, compliance and private equity.

Robert Legh, chairman, and senior partner, says ‘This move, which is effective from 1 October 2019, is an investment in the ambitions and success of our clients across Africa. Mauritius and Ethiopia are key jurisdictions for many of our clients and our presence on the ground there will help us to better support them.’

The law firm already has a presence …

Halan an Egyptian technology startup that uses tuk-tuk to transport passengers and goods will begin operating in Ethiopia.

The company targets under-served communities and is expanding in more cities in the Egyptian governorates of Sharqeya, Daqahleya, Damietta, Qena and Gharbeya before the end of this year, said

The company was founded in November 2017 and already operates in around 20 to 25 cities in Egypt and Sudan.

Halan’s app allows customers to request for the three-wheeled vehicles, motorbikes or order food or goods for delivery through motorbikes or cargo tricycles.

Nakhla said the app has around 10,000 active drivers per month.

He continued to add that Egypt has around 70,000 tuk-tuks in its streets and Uber has 90,000 monthly active drivers in Egypt.

The company’s founder said, “Halan completes a few million rides per month, almost half a million of which are in food deliveries.” He further said that adding …

Ethiopia emerged as the largest recipient of Foreign Direct Investment (FDI) in East Africa, a new report released by financial consulting firm EY shows.

The 2019 survey carried out by EY Attractiveness showed that Ethiopia attracted foreign investments worth Ksh.726.6 billion last year compared to Kenya’s foreign investments, which stood at Ksh.207.6 billion in the same period.

Tanzania’s foreign investment stood at Ksh.103.8 billion.

According to the report, the FDI Ethiopia received translated to 16,000 jobs from 29 projects, while Kenya created 6,000 jobs from 64 projects and Tanzania created 3,000 jobs from 19 projects.

An expert said that Ethiopia’s “efficient” business environment has helped its much higher FDI flow compared to the rest of the region.

Mr Francis Kamau, a tax partner at audit and consultancy EY East Africa said,” “Ethiopia has affordable electricity supply and is served by an efficient airline”.

Mr Kamau also added that Ethiopia has …

Kenya’s President Uhuru Kenyatta has announced that the first berth of the new Lamu Port will be opened in October.

Lamu Port is the country’s second major sea port after the Port of Mombasa. It is part of the US$24.5 billion Lamu-Port-South-Sudan-Ethiopia-Transport corridor project aimed improving trade in the region.

The President who visited the project over the weekend expressed satisfaction with the progress of the ongoing construction works at the seaport.

He said the mega project will create the much needed jobs for Kenyan youth.

“Since I was here last year, it is true you’ve worked hard. Very soon, next month, we will be here to open the first berth which I am told you will have completed,” the President announced.

“We will launch by seeing a ship dock here to offload cargo. Offloading of cargo will be the beginning of jobs not just for you alone but also …

Hawassa Industrial park sits 140 miles south of Addis Ababa. The park was built by China Civil Engineering Corporation in 2016 and has so far attracted several international companies. The park is part of a long-term vision to grow Ethiopia into a production hub. It houses factories including textile and agro-processing and has 25,000 employees producing garments.

In the last 5 to 6 years, the textile, and apparel industry have grown at an average of 51% and more than 65 international textile investment projects have been licensed for foreign investors, during this period.

According to the World Investment Report, Ethiopia is one of the top-performing African countries in FDI flow, especially in the textile sector. The government of Ethiopia believes that textile would help the nation to join middle-income status in 2025. As the way forward, the Ethiopian government has been building industrial parks at different cities of the country …

Envoys representing member states voted in a secret ballot giving Kenya the nod to contest at the UN polls next year in June…

The National Bank of Ethiopia today granted the first financial services license to a foreign-owned company, Ethio Lease, as the Ethiopian Government delivers on its promise to gradually liberalize the economy and create jobs.

Increasing foreign direct investment is a centerpiece of Prime Minister Abiy Ahmed’s reform agenda to increase private sector growth in a country where an estimated 75% of the 100+ million population are under 30 and the average age is 18.

Ethio Lease will address the equipment and foreign exchange shortages facing Ethiopia by providing local businesses with access to high-quality equipment, allowing businesses to grow their operations and thereby creating jobs and increasing productivity throughout the country. Ethio Lease is a wholly-owned subsidiary of New York-based equipment leasing firm, Africa Asset Finance Company Inc. (AAFC).

Ethio Lease’s offerings include leases for high-quality equipment, mostly in partnership with leading Original Equipment Manufacturers (OEMs).

AAFC will provide …