Industrial Park Garners $10m from Free Trade Zone

Oct 2 , 2023


[ssba-buttons]

A report from the Industrial Parks Development Corporation (IPDC) has revealed that over 10.7 million dollars (half a billion Birr) has been gained from the Dire Dewa Free Trade Zone in the last fiscal year. The development of FTZs is one of the major economic initiatives set as part of Ethiopia’s 10-year perspective development plan. Officials disclosed that efforts to bring logistics and trade sectors into the free trade zone are in the pipeline. Located 445Km east of the capital, Dire Dewa city was selected due to its proximity to ports, market potential, and huge cargo gravity along with suitable multimodal transport and logistics operation a year ago. Since then, the Zone has opened doors to international and domestic manufacturers with 15 factory sheds housing textile and apparel manufacturers from China, Italy, and Sri Lanka, employing over 1,000 people in the year. While forex shortages and power fluctuations undermine the possible export earnings, the government is engaged in a gradual process of economic reform and liberalisation, and the state remains heavily involved in most economic sectors.


Radar

New Directive Tightens Rules for Foreign Employment Agencies

The Ministry of Labour & Skills has issued a directive under the Ethiopian foreign employment framework, setting clear standards for agency size, capital, and operations. Depending on their level, newly established agencies can serve between 10 and over 100 workers a day. Office space requirements range from 100sqm to 700sqm, tied to operational scale. Level-one agencies must hold a paid-up capital of 20 million Br and place a security deposit of 250,000 dollars or its birr equivalent...


Radar

Audit Findings Expose Deepening Gaps in Accountability

A new study reveals that audit irregularities in Ethiopia have continued to rise year after year, driven by weak enforcement and unresolved legacy problems. The finding, commissioned by the Office of the Federal Auditor General (OFAG) and conducted by independent researchers from Addis Abeba University, examined audit reports covering 2009–2023. The study attributes the persistent irregularities to limited accountability, poor follow-up, and reduced audit coverage during political transitio...


Radar

Africa Maritime Conference Sets Sights on Seafaring Innovation

The Ministry of Transport & Logistics has launched the first-ever Africa Maritime Conference, marking a bold move to position landlocked Ethiopia as a continental hub for seafaring innovation at a time of global talent shortages. At a pre-conference briefing, Frans Joubert, CEO of YCF Manning Ltd, underscored Africa's untapped potential in the maritime sector. Of the 1.9 million seafarers worldwide, only four percent are African—despite the continent hosting around 150 maritime academie...