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.


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...


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...


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...