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

Fortune Logo



Chinese Construction Company Eyes Coffee Exports

Aug 12 , 2023

China Civil Engineering Construction Corporation (CCECC) plans to enter the coffee processing business at Jimma Industrial Park. Located 360Km from Addis Abeba, the Industrial Park houses several agro-processing investment projects on 5,500sqm land. The Company plans to process coffee beans and export them to international markets. Ethiopian coffee exports have quivered around a billion dollars reaching an all-time high last year at 1.4 billion dollars from 300,000tn. Last week, representatives of the company inked an agreement with Daniel Teresa, deputy head of the Ethiopian Investment Commission and Shiferaw Solomon, deputy CEO of the Industrial Parks Development Corporation (IPDC). The signing event was attended by Commissioner Lelise Neme from the Ethiopian Investment Commission and IPDC CEO Aklilu Tadesse.

Radar

New Unit to Oversee City Tax Audits

The Addis Abeba City Administration Revenues Bureau has launched a new work unit to ensure the quality of tax audit decisions through a re[1]auditing procedure. According to Adane Sule, the head of the bureau's office, the new audit quality assurance unit will seek to address gaps and malpractices that previously existed due to the absence of a similar body to verify tax audit decisions. He asserts that the unit's main goal is to re-audit decisions, verify their quality and relevance, and correc...

Read more >>

Radar

Shipping Behemoth Beats Profit Target Despite Cargo Dip

Ethiopian Shipping & Logistics (ESL) announced its six-month performance report for the fiscal year, revealing a mixed outcome. While it achieved 95pc of its operational service target, handling 2,880,187tn of cargo, this represents a slight decrease compared to the same period in the previous fiscal year. The ESL attributed this dip primarily to global difficulties, notably Red Sea shipping disruptions. Despite these hurdles, the company reported exceeding its profit targets. Projecting...

Read more >>

Radar

Customs Hits Revenue Target, Cracks Down on Smuggling

The Ethiopian Customs Commission announced that it has exceeded its revenue collection target for the first six months of the fiscal year. The Commission collected 203.75 billion Br, surpassing the planned 190.9 billion birr by 106.73pc, representing a 106.7 billion Br increase compared to the same period in the previous fiscal year. Commissioner Debele Kabeta noted that coordinated efforts with other institutions to prevent contraband contributed to the successful outcome, resulting in the seiz...

Read more >>