FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers TRADE AFRICA Election 2026 New TIME REMAINING UNTIL ETHIOPIA’S NATIONAL ELECTION 0Days 0Hours 0Minutes 0Seconds



Industrial Park Corp Changes Guard


Industrial Park Corp Changes Guard

It was a notable couple of years for Sandokan Debebe, serving as the head of the Industrial Parks Development Corporation (IPDC). Last week, he stepped on the ladder as the State Minister for Planning & Development. Having a background in food science and nutrition, Sandokan feels he leaves behind a foundation for the Corporation amid the challenging years of the global pandemic. His time at the Corporation also saw Ethiopia delisted from AGOA's preferential trade, affecting several manufacturers housed in the industrial parks. However, the Corporation reached 360 million Br in operational profit by the end of last year, from 160 million Br loss recorded the year before. He has a bit of regret, too. "I left without completing the reforms started under my watch," Sandokan told Fortune. "It's time to see the results of efforts put into building a strong industrial hub." Industrial parks are criticized for labour abuse and wages. Ethiopia's delisting from AGOA also has factories downsizing their workforce and making ends meet in the domestic markets. Sandokan rebuts the allegation as groundless, stating that the labour force with little education is paid more than their peers outside the park. "Wage adjustments alone would not solve the issue," he said. "The law needs amendment." Sandokan had served the Technology & Innovation Institute as a director general before he was appointed to run the Corporation. He hoped his work to attract investors would help the Corporation recover from the loss due to AGOA's delisting. His successor, Aklilu Tadesse, will have to pick up from where he left off. Aklilu was appointed by the Prime Minister to run the Corporation last week. Aklilu is a councillor of the Addis Abeba City administration and served as the Vice President of the city's Prosperity Party Youth League.

[ssba-buttons]

Radar

Prime Capital Joins ESX, Seeks Securities Dealership Licence

Prime Capital has secured trading membership on the Ethiopian Securities Exchange (ESX) and is pursuing a securities dealership licence to expand its brokerage and investment banking services, according to Head of Business Development and Marketing Fikremarkos. The firm received its trading membership after obtaining an investment banking licence from the Ethiopian Capital Market Authority (ECMA) and meeting all ESX requirements. The licence authorises Prime Capital to execute securities tran...


Radar

Parliament Ratifies Tax Amendment, Assigns PMO to Lead Conciliation, Imposes 10pc Penalty on Late Evidence

The Prime Minister's Office will appoint independent tax conciliators while taxpayers face a 10pc penalty for late evidence under the Federal Tax Administration Amendment ratified by Parliament last week. By shifting the selection of “conciliators” from the tax authority to the PMO, authorities aim to establish a neutral dispute-resolution system to speed up out-of-court settlements. Experts describe the move as a high-stakes reform with notable institutional risks. The legislation, pa...


Radar

ZamZam Bank Registers Shares, Eyes Capital Market Debut

ZamZam Bank has secured approval from the Ethiopian Capital Market Authority (ECMA) to register its shares, becoming the first fully interest-free bank to complete the regulatory process for public trading. The approval covers five million existing shares worth five billion Br and one million bonus shares valued at one billion Br, paving the way for the Bank's future participation in Ethiopia's capital market. ZamZam plans to raise its capital to 15 billion Br and introduce Sharia-compliant i...