Chinese Firm Set to Double Investment

Sep 14 , 2019


Sunshine Ethiopia Wool Textile Plc, a Chinese textile manufacturer, is set to increase its investment portfolio to 980 million dollars. The textile firm, which has been operating in Adama Industry Park, has a registered investment capital of 350 million dollars. In its phase two expansion project, the company plans to boost its current export revenue from 10 million dollars to 100 million dollars, according to Chen Min, general manager of Sunshine Ethiopia Wool. The firm has an annual production capacity of 10 million tonnes of wool fabrics and 600,000 sets of suits. Sunshine Ethiopia is a company under Jiangsu Sunshine Group Co. Ltd, which was established in 1993 and is based in Jiangyin, China.


Radar

Coffee Exports Bring in $1.5B in Third Quarter

Ethiopia has earned 1.5 billion dollars from coffee exports over the nine months of the fiscal year. The country had set a target to earn a little over a billion dollars by exporting 201,959tns of coffee during the same period. According to Adugna Debella (PhD), director general of the Ethiopian Coffee & Tea Authority, the export strategy continues to focus on major international markets, with the top 10 destinations, including Saudi Arabia, Germany, and the United States (SU), accounting...


Radar

Central Bank Holds Fourth Exchange Auction

The National Bank of Ethiopia(NBE) sold one dollar for 131.4961 birr in its recent auction. It was reported that 26 banks participated in this auction, which took place last week on Thursday. In a statement issued by the National Bank  following the auction, it was indicated that 70 million dollars was offered for the event. Subsequently, it was reported that 96 pc of the foreign exchange needs of the participating banks were met. In the previous auction, held 15 days ago, the bank had of...


Radar

City Registers 64,075 Births in Fiscal Year

The city has exceeded its birth registration target for the first nine months of the fiscal year, registering 64,075 children—71.15pc more than the set goal of 58,342. This success, with a registration coverage rate of 109.63pc, is largely attributed to the efficiency of the one-centre birth registration service system, which has been rolled out across health centres and courts. The total number of vital events registered, including births, adoptions, marriages, divorces, and deaths, reache...