Addis Ababa: April 6, 2015 (FBC) - Balaaji Manufacturing Plc, an Indian owned company is poised to launch the first brand new electrical motorcycle a.k.a "scooty" assembled in Ethiopia.

The company located in Legetafo, Oromia Region, began its factory operations in 2014 on a 3,600sqm plot of land with initial capital of 250,000 dollars and began production on January, 2015. It has now amassed 450,000 dollars of total capital.



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Some 137 Egyptian companies have invested a total of USD 2 billion in Ethiopian market, according to the Egyptian Minister of Trade and Industry.

Quoting the press release of the ministry, Egypt’sIndependent newspaper reported that the highest-ranking investment reaching USD 250 million was carried out by the El Sewedy Industries Group, which hopes to establish an industrial zone for Egyptian companies in Ethiopia.

Trade and Industry Minister MounirFakhry Abdel Nour said Egypt hopes to increase the volume of trade with Ethiopia by 150 percent over the coming three years and to boost its investments in the latter's market.

The minister further stated the current trade between the two countries has reached USD 200 million, and Egypt is targeting to increase the turnover to 500 million USD in the coming three years.

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Addis Ababa: April 8, 2015 (FBC) - Ethiopia is home to the largest population of cattle in Africa. In recent years the country’s leather industry has attracted several foreign companies that have set up factories here.

For instance in 2012, Chinese footwear manufacturer Huajian Group opened a factory at the industrial zone outside Addis Ababa where it manufactures 6,000 pairs of shoes and boots per day.

“The industry has a big future,” says YigzawAssefa, chairman of the Ethiopian Leather Industries Association (ELIA) and CEO of Bahirdar Tannery.

As one of the government’s priority sectors, investors in leather enjoy incentives including duty exemptions on capital goods and construction materials, and five-plus years of an income tax holiday. Other positives of operating in Ethiopia are free access to US and EU markets as well as cheap labour and electricity.

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Ethiopia, along with Kenya and Tanzania, will become the flagship of China Africa Cooperation, Chinese official remarked.

At a press briefing he gave on April 5, 2015 in Beijing, Ambassador Lin Songtian, Director-General of African Affairs with the Chinese Ministry of Foreign Affairs, said Ethiopia will be a special hub for Chinese products and technology in the near future and those who wish to buy Chinese products may not need to go all the way to China as they can easily access it in Ethiopia.

The director-general noted that Ethiopia has taken ice breaking measures that can set example for China's collaboration with Africa that mainly focus on industrialization.

Chinese companies have invested more than 100 billion USD last year in Europe and United States to buy assets, Songtian indicated, adding that this much investment would not go to these continents again if Africa is ready to absorb them.

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State Minister DewanoKedir met with a high-level business delegation from Oman led by Dr. Salim Al Islmaily, Chair of Oman’s Public Authority for Investment Promotion and Export Development. The State Minister, welcoming the delegation, noted that Ethiopia and Oman shared a long-standing relationship. Underlining Ethiopia’s focus on economic diplomacy, the State Minister pointed out that the country was open for cooperation in bilateral trade and investment.

He stressed the huge potential market in Ethiopia, its skilled personnel and ample labor force as well as the relatively low labor costs.Ethiopia, in fact, offered tremendous opportunities for business and investment. The State Minister encouraged investors to engage in the manufacturing sector, the country’s main current priority and further suggested that Omani companies and investors could become involved in other investment opportunities in Ethiopia, including agriculture, tourism, trade, textile and food processing. He emphasized the commitment of the Ethiopian Government to cooperate fully and facilitate investment and business activity in the country. Dr. Salim Al Islmaily appreciated Ethiopia’s suitability for investment and pledged to promote investment opportunities in Ethiopia to Omani investors.

Source:-The Ministry of Foreign Affair’s facebook page