FORTUNE+ VIDEO SPONSORED CONTENTS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo



Chinese Companies to Source Ethiopian Coffee

Jan 9 , 2021

Two Chinese Companies signed an agreement to purchase Ethiopian coffee beans earlier this week. The companies pledged to buy 2,000tn of coffee annually between 2021 and 2023, according to the agreement. The Strategic Cooperation Framework Agreement, signed at the Ethiopian embassy in Beijing, was attended by representatives of the two companies: Jinyi Guo, (PhD), chairperson and CEO of Luckin Coffee; Jerrity Chen, Regional CEO of Louis Dreyfus Company for North Asia; and Teshome Toga, Ethiopian ambassador to China. Luckin, a Chinese coffee company and coffeehouse chain, was founded in Beijing in 2017, while Louis Dreyfus Company (LDC) is a global merchant and processor of agricultural goods established in 1851. Just last month, Luckin had agreed to a 180-million-dollar settlement after defrauding investors by the United States Securities & Exchange Commission. Its stock was subsequently delisted from the Nasdaq Stock Market.

Radar

ARCANE MARKERS

Hamere Berhan' at the old post office prints books using ancient paper made from animal skin called 'Birana'.  It is part of the Ethiopian Orthodox Tewahdo Church which has had scribes for close to two millennia. The shortage of paper is evident with close to 10 companies operating in the paper conversion industry and a single paper mill in the country. Local players have seen their market share drop over the years and are looking to regain it. ...

Read more >>

Radar

GREEN SHIFT

A palm tree is moved to a new location for replanting around Meskel square. The global effort to battle man-made climate change has gained steam over the last few years. African countries have shifted gears in trying to unlock climate financing from the global north. With debt-to-GDP ratios averaging around 62pc continent-wide, many countries are utilizing the climate narrative to get debt structuring. This was one of the appeals of the Prime Minister of Ethiopia when he addressed the AU summit...

Read more >>

Radar

STRUCTURAL MAKEOVER

The area around Ambassador, famous for its souvenir shops, is getting demolished for real estate development. The Addis Abeba City Administration has ramped up efforts to remodel the city's architecture over the last few months. The capital was established by Emperor Menelik 137 years ago. He also introduced the first telephone, car, hotel, and hospital to the country. A construction project headed by the mega projects office to commemorate his victory over the Italians at Adwa is 70pc complete...

Read more >>