ECX Introduces Digital Trade System

Jan 28 , 2023


Exporters are to trade digitally with overseas buyers through an online Integrated Commodity Exchange Trading System. The electronics exchange centre is currently found in the capital, Sidama, Amhara, Oromia and Southern Nations regional states. According to Netsanet Tesfaye, corporate communications manager at ECX, exporters have thus far been trading by coming to the Ethiopian Commodity Exchange office or logging into regional electronics trading sites. They can now trade online from their digital accessories from anywhere. The new system will have access to membership, warehouse operation and payment. Ethiopian Commodity Exchange began operation 15 years ago with an Open Outcry Trading forum, but through the years has cooperated with software companies to upgrade itself and has been making way through online trading since 2015. For the past five months, 1.5 billion dollars in revenue had been generated from the export sector. Oil seeds account for 72 million dollars, while crops and khat earned 74.6 million dollars and 116.5 million dollars, respectively. Last week, the CEO of Ethiopian Commodity Exchange (ECX), Wendmagegnehu Negerana, and Ethiopian Artificial Intelligence Insitute director, Worku Gachena, signed a project charter to build the online trading system to be completed in the next six months.


Radar

Geda Special Economic Zone Receives Prospective Tenants

East African Holding and Ethio-Chicken have been shortlisted to invest in the Geda Special Economic Zone(GSEZ), located in the tri-state area shared by Mojo, Adama, and Shashemene cities within the Oromia Regional State. The two companies were selected from 120 investors who showed interest in acquiring space in one of the largest SEZs in Africa. Close to 404hct of land has already been developed in the expansive economic zone, out of a potential 24,000 hectares, with lease prices set between...


Radar

Standard Institute Revamps Fees, Board Restructuring

The Ethiopian Standards Institute (ESI) is set to introduce fees for standards sticker, establish a new governing board, and address collaboration with other regulatory bodies. The Institute plans to strengthen its financial standing by charging fees for standards and product certification services to support its operations and annual budget. A key change involves replacing the current Council of Standards with an 11-member Board of Directors. The Minister of Trade & Regional Integration...


Radar

Safaricom Ethiopia Rolls Out its Network to Tigray

With 125 self-built towers, Safaricom Ethiopia has launched its operations in the Tigray Regional State. Executives disclosed plans to invest in an additional 166 towers and expand their reach to the remaining towns. "This is the most exciting milestone in Tigray since the return of social services," said Getachew Reda, president of the Interim Regional State Administration. In July 2021, the consortium-backed telecom giant entered Ethiopia's market, historically dominated by state-owned E...


Back
WhatsApp
Telegram
Email